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I'd really like for this to NOT BE TRUE. But let's say that it is. People running bitcoin miners 24/7 are using electricity, which keeps the electric company

I'd really like for this to NOT BE TRUE. But let's say that it is. People running bitcoin miners 24/7 are using electricity, which keeps the electric company PROFITABLE. Why is that a bad thing? I know that the shampoo manufacturers would just LOVE it if I bought 10 million bottles of shampoo and poured them straight down the drain. Oh, the sales figures are doing great! Number goes up! I know that the Mountain Dew manufacturers would absolutely LOVE it if I bought 20 million 2-liter bottles of Mountain Dew every day. So, BITCOIN is making capitalism PROFITABLE. Discuss why anyone should think this is a bad thing.

beAbU 3y ago
Think of the environmental impact when creating 10M bottles of shampoo, the absolute mess when pouring it down the drain and the resulting plastic waste.
- brewtide 3y ago
  This is all happening anyways, just at a far slower scale.
adlpz 3y ago
It's called externalities. Google it.
everfree 3y ago
In one word, externalities. Bitcoin is helping reveal that externalities have never been properly factored into electricity prices in the USA. In other words if you purchase too much electricity at market price, you're using more than your "fair share", which should be impossible in a properly functioning market. The simple solution of course is to just tax industrial energy use properly, no matter what you're using it for. As you start using so much energy that you're putting real strain on the grid, your energy taxes should go up asymptotically to the point where if you keep paying, the government can afford to meet your energy demands with renewables construction.
knorker 3y ago
A better comparison is that you bought 10 million bottles of forever chemicals, and poured them down the drain. Dupont would be ecstatic, but it would still not be a good thing.
deleted 3y ago
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spywaregorilla 3y ago
The fact that someone thinks its a good thing for them does not make it a good thing for society

beAbU 3y ago

Think of the environmental impact when creating 10M bottles of shampoo, the absolute mess when pouring it down the drain and the resulting plastic waste.

brewtide 3y ago
This is all happening anyways, just at a far slower scale.

adlpz 3y ago

It's called externalities. Google it.

everfree 3y ago

In one word, externalities. Bitcoin is helping reveal that externalities have never been properly factored into electricity prices in the USA. In other words if you purchase too much electricity at market price, you're using more than your "fair share", which should be impossible in a properly functioning market. The simple solution of course is to just tax industrial energy use properly, no matter what you're using it for. As you start using so much energy that you're putting real strain on the grid, your energy taxes should go up asymptotically to the point where if you keep paying, the government can afford to meet your energy demands with renewables construction.

knorker 3y ago

A better comparison is that you bought 10 million bottles of forever chemicals, and poured them down the drain. Dupont would be ecstatic, but it would still not be a good thing.

deleted 3y ago

[deleted]

spywaregorilla 3y ago

The fact that someone thinks its a good thing for them does not make it a good thing for society