this post was submitted on 02 Feb 2024
2 points (100.0% liked)
Technology
20 readers
4 users here now
This magazine is dedicated to discussions on the latest developments, trends, and innovations in the world of technology. Whether you are a tech enthusiast, a developer, or simply curious about the latest gadgets and software, this is the place for you. Here you can share your knowledge, ask questions, and engage in discussions on topics such as artificial intelligence, robotics, cloud computing, cybersecurity, and more. From the impact of technology on society to the ethical considerations of new technologies, this category covers a wide range of topics related to technology. Join the conversation and let's explore the ever-evolving world of technology together!
founded 2 years ago
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Its sole purpose is to be a global currency you can send from A to B effortlessly and without relying on trusted intermediaries. It has done that for 15 years, every day, every hour, without a single hour of downtime or hack.
Even if these statistics are perfect, it's nonsense framing to not put them in context. How does that electrical compare to the electrical burden caused by SWIFT? Western Union? etc. https://endthefud.org has a number of great sources for that
Perhaps that was the design goal, but it seems that speculation is also a significant (perhaps the larger) use case. I agree that crypto has been great for international money transfer, but it is far more expensive than traditional banks for domestic transfers. It seems that
I checked a few of those links, and wasn't completely convinced. It was full of peoples blogs comparing the costs of running all the brick and mortar banks to crypto. Of course, banks provide more services than saving and transferring money. Perhaps a better comparison would be to the energy use per dollar of the EFT system, or to a proof of stake crypto.
On its face, spending a measurable amount of energy guessing random numbers to satisfy an algorithm is wasteful. This is especially problematic since society subsidizes energy costs with the assumption that people will use it to create value.
As far as I can tell, (please let me know if I'm mistaken) mining Bitcoin does not create very much value since marginal increases in mining does not have a commiserate increase in Bitcoin trade efficiency or security. Marginal increases in mining does put money into the pocket of people doing the mining.
It’s intrinsically designed to be wasteful of energy. A foundational requirement is ‘proof of waste’