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I do believe there are many better proof systems available at the moment, and I thought its emissions would be higher than 0.2%. Though if fossil fuels account

I do believe there are many better proof systems available at the moment, and I thought its emissions would be higher than 0.2%. Though if fossil fuels account for the majority of global carbon emissions, and banks providing the majority of fossil fuel investments, banks should surely account for a much larger portion of global emissions. There is an argument to be made that Bitcoin could end up producing more carbon emissions if it already produces this much with a much lower transaction capacity than most banking systems. However, systems like the Lightning Network <https://wiki2.org/en/Lightning_Network https://wiki2.org/en/Lightning_Network> build on top of Bitcoin by settling transactions before they ever reach the blockchain, slashing fees and bundling possibly hundreds or thousands of transactions into one, so the number of payments that actually occur could be much greater than it seems.

lowkey 2y ago
Ignoring banks for a moment, consider the US military which some claim protects the value of the dollar. According to The Atlantic, the US military alone counts for 5.5% of global carbon emissions. https://archive.is/DVWZs https://archive.is/DVWZs
- cdchn 2y ago
  Whats the total market cap of the economic value protected by the US military?
kinakomochidayo 2y ago
Lightning Network design is horrible, and it's literally impossible to onboard millions of users without increasing the L1 blocksize to an absurd amount. The world will likely move onto using rollups on other chains like Ethereum instead, which scale better, and pays gas to validators to get included into the blocks. Seems like the Bitcoin community is looking into rollups on Bitcoin, but it'll be impossible to get trustless Bitcoin on them, even with BitVM, without a hardfork.
miohat 2y ago
You are wrong! Okay, the banks might cause more carbon emission than blockchains. But, the banking system serves the whole world, providing services for 8 billion people. But Blockchain is still a niche thing. You might say, no, Bitcoin is not niche, Blockchain is used by a lot of people! Then, you are wrong again. The media is talking about Blockchain all the time, but it is indeed a niche thing. No one is using, say Bitcoin, to buy real physical stuff, cryptocurrency is not taking part in the people's real life. So, my point is, if Blockchain is adopted by the world and replace the banking systems, it will definitely emit much much much more carbon, I am saying orders of magnitudes more.

lowkey 2y ago

Ignoring banks for a moment, consider the US military which some claim protects the value of the dollar. According to The Atlantic, the US military alone counts for 5.5% of global carbon emissions. https://archive.is/DVWZs https://archive.is/DVWZs

cdchn 2y ago
Whats the total market cap of the economic value protected by the US military?

kinakomochidayo 2y ago

Lightning Network design is horrible, and it's literally impossible to onboard millions of users without increasing the L1 blocksize to an absurd amount. The world will likely move onto using rollups on other chains like Ethereum instead, which scale better, and pays gas to validators to get included into the blocks. Seems like the Bitcoin community is looking into rollups on Bitcoin, but it'll be impossible to get trustless Bitcoin on them, even with BitVM, without a hardfork.

miohat 2y ago

You are wrong! Okay, the banks might cause more carbon emission than blockchains. But, the banking system serves the whole world, providing services for 8 billion people. But Blockchain is still a niche thing. You might say, no, Bitcoin is not niche, Blockchain is used by a lot of people! Then, you are wrong again. The media is talking about Blockchain all the time, but it is indeed a niche thing. No one is using, say Bitcoin, to buy real physical stuff, cryptocurrency is not taking part in the people's real life. So, my point is, if Blockchain is adopted by the world and replace the banking systems, it will definitely emit much much much more carbon, I am saying orders of magnitudes more.