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Energy isn't fungible. That financial system uses many more magnitudes of energy. This is like blaming dollars for the existence of bank robbers.
by tossl568 4y ago
Energy isn't fungible.
That financial system uses many more magnitudes of energy.
This is like blaming dollars for the existence of bank robbers.
- woodruffw 4y agoI don’t understand what energy’s fungibility has to do with anything I’ve said. Most economic uses of energy involve exchanging it for productive capacity or consumer demand. Bitcoin definitely is an economic use of energy, just not a good or desirable one. I don’t think the directly comparable elements of the financial system (i.e., storage and settlement) use anywhere near as much power as Bitcoin does. Unless you’re doing that thing where you’re comparing the entire traditional economy to Bitcoin, which is silly: the traditional economy has actually valuable outflows, and Bitcoin does not replace factories and their workers.
- tossl568 4y agoNot a good or desirable one in your opinion. It is absolutely good and desirable in my opinion to have neutral money that can be used by anybody but controlled by nobody. The US dollar is secured by military force which has a staggering energy footprint. Bitcoin finally settled roughly the same amount as Fedwire last year and uses exactly as much energy as it needs to.