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What like a policy that bans extremely energy intensive things that offer no value other than to construct Ponzi schemes at rapid clip? Yeah we need that policy

What like a policy that bans extremely energy intensive things that offer no value other than to construct Ponzi schemes at rapid clip? Yeah we need that policy. (Happy to hear what value crypto offers that can’t be done with more energy efficient mechanisms.)

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doomroot 4y ago
Sorry to break this too you but bitcoin would need to be banned by a serious amount of governments to have any real effect on energy consumption. This is by design. The wiser policy choice is to incentivize the large mining farms in your country to mine on renewables and let a digital gold exist. The point of (good) cryptocurrencies is that they require real energy to coerce. Because of this I’ve felt safe keeping savings & transacting in bitcoin for years, I’m sorry that you don’t see that as valuable. Good luck with your ban, it isn’t smart.
- polygamous_bat 4y ago
  > bitcoin would need to be banned by a serious amount of governments to have any real effect on energy consumption What's your reason behind believing that? From what I know , Bitcoin mining fell 50% when China banned it [1]. How would that not be similar if the US + EU just bans it tomorrow? [1] https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-...
  - cableshaft 4y ago
    Temporarily dropped 50%, then the miners moved to new countries and it's almost completely back to its hash rate from before the China ban now (probably has by now, the article below is from Dec 2021). https://www.coindesk.com/tech/2021/12/09/bitcoin-hashrate-approaches-full-recovery-from-china-crackdown/ https://www.coindesk.com/tech/2021/12/09/bitcoin-hashrate-ap...
- abalone 4y ago
  So the question was “what value crypto offers that can’t be done with more energy efficient mechanisms,” and your answer is.. you can transact in crypto. This is trivially circular reasoning.

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doomroot 4y ago

Sorry to break this too you but bitcoin would need to be banned by a serious amount of governments to have any real effect on energy consumption. This is by design. The wiser policy choice is to incentivize the large mining farms in your country to mine on renewables and let a digital gold exist. The point of (good) cryptocurrencies is that they require real energy to coerce. Because of this I’ve felt safe keeping savings & transacting in bitcoin for years, I’m sorry that you don’t see that as valuable. Good luck with your ban, it isn’t smart.

polygamous_bat 4y ago
> bitcoin would need to be banned by a serious amount of governments to have any real effect on energy consumption What's your reason behind believing that? From what I know , Bitcoin mining fell 50% when China banned it [1]. How would that not be similar if the US + EU just bans it tomorrow? [1] https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-...
- cableshaft 4y ago
  Temporarily dropped 50%, then the miners moved to new countries and it's almost completely back to its hash rate from before the China ban now (probably has by now, the article below is from Dec 2021). https://www.coindesk.com/tech/2021/12/09/bitcoin-hashrate-approaches-full-recovery-from-china-crackdown/ https://www.coindesk.com/tech/2021/12/09/bitcoin-hashrate-ap...
abalone 4y ago
So the question was “what value crypto offers that can’t be done with more energy efficient mechanisms,” and your answer is.. you can transact in crypto. This is trivially circular reasoning.