Quote:
Originally Posted by Wayne 962
I also think that the energy usage for mining Bitcoin is absolutely terrible, and perhaps the worst thing to happen to the planet in decades. Nearly everyone who promotes Bitcoin refuses to admit the scope of this issue.
-Wayne
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So funny how 1000 years of mining gold for investment holdings and jewelry has never seen as much pearl clutching as Bitcoin mining suddenly has... Less than 10 percent of gold mining is used for utility like tech...
If crypto takes over the banking system (a Proof of Stake unlike Bitcoin which is Proof of Work) it will be MORE efficient in the end. Current banking system is still 3 or 4 times bitcoin energy consumption, obviously servicing a lot of people. But a POS like Ethereum (soon) would cut energy consumption by 99%. Technically Bitcoin could move to POS too if consensus is reached to do so.
People saying it has no utility are just unwilling to learn what crypto actually does. Keep your heads in the sand its no skin off my azz but if you want to actually learn and form an opinion on facts then go watch the lecture series MIT has online, Blockchain and Money, taught by Gensler who is now chairman of the SEC.
https://www.youtube.com/watch?v=EH6vE97qIP4
Its very informative if you actually care to put in the time and learn, instead of regurgitate headlines (speaking to all posters here)