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Those other endeavors scale significantly more efficiently and are a necessity. Gold is a requirement for industrial purposes, for jewellry, for chemical proce
by kd913 4y ago
Those other endeavors scale significantly more efficiently and are a necessity.
Gold is a requirement for industrial purposes, for jewellry, for chemical processes for medication.
Visa/Mastercard perform many hundred of thousand transactions per second.
BTC is limited to 350k per day, and consumes the equivalent CO2 impact as Austria. It can't and won't ever scale, which leaves it open to market manipulation and centralization as transactions move off-chain.
It's not a small amount of energy wasted, and there are significantly more valuable uses for that energy, such as aluminum production or water desalination.
- gruez 4y ago>Gold is a requirement for industrial purposes, for jewellry, for chemical processes for medication. https://www.statista.com/statistics/299609/gold-demand-by-industry-sector-share/ https://www.statista.com/statistics/299609/gold-demand-by-in... That might be true but 46.64% of gold demand is for "investment", and a further 8.58% is for "central banks". In other words, most gold produced is hoarded and not used for anything productive. If you're against bitcoin because you think it's a non-productive use of energy, you should also be against investment/central bank use of gold.
- dotopotoro 4y agoEven if hoarded at the moment, energy spent mining the gold was not lost. Gold can be sold tomorrow for its practical uses. Energy powering Bitcoin transactions is gone. (Like the the energy powering bank servers)