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I’m no expert but I feel compelled to address your points: 1) “No comparison to the banking industry made” - sure, but the banking industry serves the entire w
by meetmyalias 3y ago
I’m no expert but I feel compelled to address your points:
1) “No comparison to the banking industry made” - sure, but the banking industry serves the entire world’s financial system, handling billions of transactions a second, while bitcoins transactions take anywhere from 30 minutes to two hours and process, like, 7 transactions a second. There is no reality we live in now where crypto transacts faster, more cheaply, than our current financial infrastructure.
2. Even if the it’s something g much lower, like .5%, point 1 above doesn’t absolve crypto from its share of energy expense for comparatively little work.
3. Again, splitting hairs and taking cover behind technicalities and specific figures doesn’t change the wider picture that crypto is insanely inefficient at what it’s trying to do compared to the financial systems it want to replace. I guess it’s clear I think it IS a waste of energy.
4. Where do you think the lions share of energy generation to feed crypto mining comes from? Even if it was purely renewable energy sources the gross inefficiency of crypto is still notable given its goals. There are better systems to do it.