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Like harvesting trees for paper and running printing presses to print bills or mining gold or drilling for oil or electronically transferring funds doesn't consume energy. Money is backed by nothing. Its worth is only what people think its value is. So bitcoin is exactly like the US dollar. Except they don't keep increasing the bitcoin reserve which the Fed does to the dollar.
Like harvesting trees for paper and running printing presses to print bills or mining gold or drilling for oil or electronically transferring funds doesn't consume energy. Money is backed by nothing. Its worth is only what people think its value is. So bitcoin is exactly like the US dollar. Except they don't keep increasing the bitcoin reserve which the Fed does to the dollar.
Bitcoin is arguably the least efficient system out there.
Creating paper out of trees has a practical use and companies have an incentive to make paper more efficiently and not waste as much.
Single bitcoin Transaction footprints:
1 single bitcoin transaction has the Carbon Footprint of 1093.62 kgCO2, which is equal to 2,423,837 VISA transactions or 182,270 hours of watching youtube for a single bitcoin transaction.
That is a single bitcoin transaction creates 2,411 pounds of CO2.
Bitcoin is insanely inefficient.
Also, they can change the protocol to create more bitcoin and they are making more cryptocurrencies all the time. There are 16,614 cryptocurrencies and counting.
Bitcoin is so expensive to maintain and authenticate transactions on the blockchain that they will either have to create more bitcoin to pay for it or charge massive fees. If bitcoin doesn't implode first or get hacked by a quantum computer, the end game is it must inflate or die by massive fees.
So now that I've established that the oceans and rivers that you care so deeply about, is so negatively impacted by electricity production, is it wise to have a bitcoin system that currently uses as much electricity as Thailand, a country of 66 million people?
Every single bitcoin transaction uses as much electricity as the average US household does in 78.91 days. That is massive damage to the oceans and rivers the more and more people transact in bitcoin.
Chump change compared to the massive amount of energy spent by our banking system daily.
Would it not be wise to compare efficiencies?
1 Bitcoin transaction has the same carbon footprint as 2,376,304 VISA transactions.
Let me repeat. A single bitcoin transaction will pollute as much as nearly 2.4 MILLION VISA transactions.
If I did 100 VISA transactions every single day for 66 years straight, that would cause as much pollution as you doing 1 bitcoin transaction in your entire lifetime. Efficiency doesn't matter? Really?
You care about pollution, but also don't think we should do efficiency comparisons? I don't see the wisdom in ignoring the efficiency.
The only reason the current banking system causes more pollution, is because it is bigger. If society goes to solely a bitcoin or bitcoinesque system, because bitcoin is the height of inefficiency, pollution will be massive.
Bitcoin needs to be stopped. It's singular purpose is to provide another playground for the rich who have amassed so much of the world's wealth that they have no idea what to do with it all.
Bitcoin is just another tool for bartering. If the seller accepts bitcoin as payment it's voluntary not mandatory. Crypto currency is voluntary. The bitcoin user actually limits themselves in certain markets but again it's voluntary and has grown in use and acceptance.
The FTX scandal if from crime and a criminal. It's not the thing that caused FTX to collapse it's crime.
Fiat currency has no value besides the faith in the government who prints it. It’s backed by nothing.
Right now 1 BTC is $16K, which means there’s enough people in the world who believe it has value up to the point of $16K.
what happened to the people who believed it was worth $60K a year ago? The people who believed it was worth $45K 8 months ago? $30K 5 months ago? $24K 3 months ago? $20K 2 weeks ago?
Bitcoin wont be stopped lol...even if someone dumped a billion in bitcoin it would barely move the price. It is becoming more and more manipulated though.
The same cronies that control the stock market want to control the crypto market. They will get congress to pass laws of regulation, then it will tank and all the rich will buy it up.
Crypto has been far better to me than any stocks and will continue to grow. Less then 10% of the world is invested in it.
Imagine when that reaches 20-30-40..... just buy and hold at this point and most will do fine.
Those that dollar cost averaged bitcoin have a fortune. Now if you first invested and bought at the top, you're down 60%. If you bought 10 years ago, you're up 16,000%!
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