This thread has been great for identifying and blocking cryptobros.
this post was submitted on 09 Mar 2024
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At least tulips exist...
And don't waste ridiculous amounts of electricity.
How much electricity does the world banking system use? (Answer: a whole lot more)
How much of that electricity could be used to simultaneously run the banking system AND turn incredibly ambitious renewable energy project ideas from absurd pipe dreams into economic no brainers? (Answer: none)
It's also the world banking system for several billion people, and not a few hundred thousand gamblers.
But this parallel financial system can also serve a tangible social good, offering an onramp to the financial system for people who would otherwise be left out. ...
Bitcoin could eliminate all these intermediaries, allowing citizens to send digital payments directly to one another, without relying on credit and without incurring multiple settlement fees along the way.
https://www.cnbc.com/2023/03/26/bitcoin-is-poised-to-blow-up-africas-86-billion-banking-system.html
Bitcoin is for everybody.
Don't worry, we only have to deal with the true believers as long as the price is high. Just wait.
How much electricity does the world banking system use? (Answer: a whole lot more)
Per capita or in total?
Apples to apples. One global banking system to one global Bitcoin network.
So does that mean that it won’t use appreciably more electricity if it quintuples in size and volume unlike the world banking system?
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That is the opposite of apples to apples.
Per capita measurements exist for a reason.
Per what capita? There's only one global banking system on Earth. That's what makes it global. There's only one Bitcoin blockchain, and it's globally accessible. Trying to subdivide either into arbitrary regions based on geographic or geopolitical borders is meaningless.
How about per 'people who are actually going to use this shit for day-to-day spending'?
I just got my mom using a password manager and still have to remote in to help her from time to time. And you wanna get her to move to digital cash that, once stolen, is unrecoverable?
Get real.
That's a strong argument against password managers. We probably shouldn't allow them, since some people are going to find them difficult to use.
ETA: Doubling the number of people using Bitcoin (especially on layer 2 protocols), is not going to remotely double it's energy usage.
You'd have a point if managing passwords was as central to existing in modern society as being able to use money.
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a whole lot more
You have a source on that? Proof of work is notoriously energy hungry... That's the "work" part.
https://docsend.com/view/adwmdeeyfvqwecj2#
The direct answer to your question starts on page 6, but I recommend starting at the beginning to get the full context.
A crypto mining company is your source for claims that crypto mining companies operate ethically?
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This is institutional investors driving up price and then pulling out. Bitcoin is propped up by absolutely nothing other than betting. It has no use outside holding a value. Someone will be a bag holder. It’s just a matter of time.
Its propped up by gambling AND drugs
That's a paraphrase of what they said in 2010 mate.
Thanks to people like you I'm not a bitcoin millionaire.
So you were saved from being a colossal asshole? You should be thanking them.
Yes, imagine if I had lots of money for little effort. It would have been such a shame!
I didn't know you were a bad person just by the virtue of having money!
I guess it's too late.
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It's estimated that Bitcoin uses the same amount of energy as the entire Internet. Just to put that in perspective that's roughly 2% of all the energy generated by America every year.
America produces roughly 14,000,000,000,000 pounds of greenhouse gases in a year and 2% of that is 280,000,000,000 pounds...
It’s estimated that Bitcoin uses the same amount of energy as the entire Internet.
I checked out of the bitcoin hype years ago but is there a source for this? On it's face, it sounds outlandish.
It's not outlandish if you know that mining Bitcoin basically means to waste electricity. The more electricity you use, the more Bitcoin you mine.
Bitcoin mining consists one brute forcing the inverse of a function that doesn't have an inverse. You just try every number and if you're lucky you get paid.
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Isn't crypto dead yet?
Fiat is
Weird, my landlord only takes fiat. So does my grocer. And in a funny coincidence I had to pay fiat to my government this year or face legal consequences. But at no point has anything I’ve wanted required me to use a highly volatile or deflationary cryptocurrency such as bitcoin. Oh well I guess I might get in trouble tonight when I go out with my wife and get told they don’t take fiat because it’s dead.
Your landlord doesn't accept Pesos so I guess that's not real money either
Bitcoin briefly rises to record high over $70,000
In my country they aren’t. They’re foreign currency. I get mad if someone slips me them instead of using our currency.
And yes it’s irrelevant how much a bitcoin is worth to its use as a currency. Currency and investment vehicles are actually conflicting concepts. I don’t want to use my mutual fund to pay taxes. It’s supposed to get added to consistently for a long time then removed from. Currency is for transactions. Bitcoin is bad at transactions.
I agree that bitcoin is currently not good for transactions. There is the lightning network and other cryptos, but Bitcoin is more of a staple name than seemingly the real solution.
So what is blowing up the bubble this time?
The halving soon.
People not selling since before the crash. There will be a fall of about 10% from people wanting to get out after being scared by the last crash, then it will rebound and climb as FOMO sets in with the confidence climb after the dip.
I bought $276 on the cash app for fun. It's now worth $1200. Should i cash it out or wait? I really have no idea. I feel bad that I'm part of a super weird system of fake money, but I'm also happy to see an extra $k.
Ask yourself this: has Bitcoin had - or is it trending towards - a net positive impact on our world? In other words, is it worth investing in long term? If it isn't you should treat it as a short term investment and get out as soon as you've made a profit - and you've literally 4x'd your investment. The fact that we're talking about the price in c/News is already a bad bubble sign and reminiscent of all the other times we've had crypto bubbles.
You have made back your investment plus some. Also you don't actually own any Bitcoin through CashApp, they sell fictitious potential value based on nothing. Take the cash minus the tax and invest your initial investment via actual ownership via a private wallet if you want to see what Bitcoin can be. Then, you are in profit and the worst case you lose money that doesn't matter.
Crypto is no different than stock investment, only invest what you are willing to lose and cash out when you are satisfied.
I can't give you legal financial advice, but my personal opinion is that Bitcoin still has value to gain and investing money of no consequence has a potential to be worthwhile beyond what investment in the S&P offers, and likey what realestate offers.
There’s a sucker born every minute
And some of them got rich!
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