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In comparison to everything else, it is tiny. All of banking could be significantly automated to the point that we don't need to build physical buildings all ov

In comparison to everything else, it is tiny. All of banking could be significantly automated to the point that we don't need to build physical buildings all over the planet and stuff them full of humans who drive their cars to work every day to take your money and write it down on a ledger. Talk about absurd. Remember also, this equipment is being turned off because ethereum has grown to be more efficient. It is now proof of stake instead of proof of work and it has been a relatively huge success. Over night, this single change wiped out every single GPU mined network out there by removing all the profitability. That was the plan from day one and I'm glad it worked!

dools 4y ago
The financial system has put a lot of effort into automation obliviously because it means they make more money. So to the extent that they could be automated, they are automated and will continue to increase the level of automation. It’s also not a reasonable comparison because banks do something useful (even if I think they could be much better regulated and are too profitable and shouldn’t be running the payment system). Crypto does nothing useful, it’s like an online casino, or an online game. Do you know any online games that consume anywhere near as much hardware and electricity?
- latchkey 4y ago
  > So to the extent that they could be automated, they are automated It still isn't enough and is a huge waste of energy and resources. > Crypto does nothing useful, it’s like an online casino, or an online game. For me, it is extremely useful on a daily basis. > Do you know any online games that consume anywhere near as much hardware and electricity? All of them. ETH has switched to PoS and no longer consumes so much energy. It also had the side effect of destroying profitability for the majority of the other GPU mined coins, and thus the hashrate on those networks have dropped off considerably (or been replaced with ASICs).
kjs3 4y ago
In other words "It's okay that I'm wildly wasteful, because someone else is wildly wasteful too".

dools 4y ago

The financial system has put a lot of effort into automation obliviously because it means they make more money. So to the extent that they could be automated, they are automated and will continue to increase the level of automation. It’s also not a reasonable comparison because banks do something useful (even if I think they could be much better regulated and are too profitable and shouldn’t be running the payment system). Crypto does nothing useful, it’s like an online casino, or an online game. Do you know any online games that consume anywhere near as much hardware and electricity?

latchkey 4y ago
> So to the extent that they could be automated, they are automated It still isn't enough and is a huge waste of energy and resources. > Crypto does nothing useful, it’s like an online casino, or an online game. For me, it is extremely useful on a daily basis. > Do you know any online games that consume anywhere near as much hardware and electricity? All of them. ETH has switched to PoS and no longer consumes so much energy. It also had the side effect of destroying profitability for the majority of the other GPU mined coins, and thus the hashrate on those networks have dropped off considerably (or been replaced with ASICs).

kjs3 4y ago

In other words "It's okay that I'm wildly wasteful, because someone else is wildly wasteful too".