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> what matters is how much do all the banking and credit card systems in the world consume by comparison. I would bet it's less than that. Thing is, with bitco
by tasuki 5y ago
> what matters is how much do all the banking and credit card systems in the world consume by comparison. I would bet it's less than that.
Thing is, with bitcoin the energy consumption is easily quantifiable and it's a single number. The banking system also uses a lot of energy to heat/cool the employees, builds lots of office buildings, and does many things which could be considered wasteful. It really is a little tricky to compare.
The banking system employs a lot of people. Depending on your point of view, this can be a bad thing (they could be doing something more productive instead!) or a good thing (the people are getting jobs, employment is good!).
- FabHK 5y agoThis is a good point, and the banking system is certainly bloated - just before the GFC more than a third of US GDP went to the financial sector, WTF. However, the traditional banking system also performs way more functions than crypto and DeFi, and I very much doubt that DeFi can provide them. Lastly, disrupting banking with good old Fintech would be great, as it is vastly more efficient than blockchain.