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This is an easily solvable problem. Make crypto-bros subsidize the electric generation they consume. Levy a tax on bitcoin mining and use that to build more pow
by stuff4ben 3y ago
This is an easily solvable problem. Make crypto-bros subsidize the electric generation they consume. Levy a tax on bitcoin mining and use that to build more power stations.
- infecto 3y agoI don't think cryptos serve any use at the current moment but this comment is out of touch with reality.
- pavlov 3y agoWhy not levy a tax on Bitcoin transactions in general, including the new ETFs? All Bitcoin was generated through energy waste. Taxing it over its lifetime will reduce incentives to continue producing it.
- spacewrangler 3y agoWho determines what is "waste" ?
- falserum 3y agoI guess dictionary is a good start. > noun 1. an act or instance of using or expending something carelessly, extravagantly, or to no purpose.
- quirk 3y agoPeople who live in glass houses, and black kettles.
- pavlov 3y agoThe same people who determine what actions are “crime”, who gets to be “married”, what’s “pollution”, and so on. (See? The scare quotes apply to literally everything in society.) In a typical democracy, those people are legislators, courts, and government agencies tasked with oversight.
- staringback 3y agoBitcoin already reduces incentives to continue producing it over its lifetime by design.
- wyager 3y ago> Why not levy a tax on Bitcoin transactions in general Do you have an idea of what this would entail at a legal, accounting, or technical level? This is sort of a bizarre suggestion from any of those perspectives
- pavlov 3y agoIt would be a financial transaction tax, a well researched topic: https://en.wikipedia.org/wiki/Financial_transaction_tax https://en.wikipedia.org/wiki/Financial_transaction_tax
- wyager 3y agoJust because it has "transaction" in the name doesn't mean it is applicable to bitcoin transactions. Proposing a bitcoin transaction tax is more akin to imposing a tax on intrabank account transfers, which is facially absurd, because it's essentially a no-op from an accounting standpoint.
- wyager 3y agoBitcoin mining does subsidize electricity generation. It creates an extremely reliable floor price market for power, stabilizing demand and making power generation a more predictable business. There's a reason large renewable facilities are happy to contract with nearby bitcoin mines.
- anankaie 3y agoYou're right. We should make it so they have to pay for the energy they consume. Maybe price it by kilowatt-hour or something.