can we compare it to a real world currency and see how efficient it really is.
how much climate change does the $ make? will elon stop accepting it?
Tesla will no longer accept Bitcoin over climate concerns, says Musk
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how much climate change does the $ make? will elon stop accepting it?
I agree!
We've had a lot of folks at work all start to play in the Crypto field having never heard of most of it until a month or so ago (all low end <£1k) and, having been into crypto myself for 10+ years, my advice has always been the same - "if you can afford to watch all the money you want to invest being burned up infront of you Dark Night style instead, then feel free to invest in crypto because there is absolutely nothing backing these coins at all to prevent their complete collapse" - only most have been sucked in by the Doge craze.
One guy went £200 into shiba-inu and is bitching he's lost 50% in 1 day and that crypto is a scam etc having not taken my advice
Yes you can compare it to anything, fairly.can we compare it to a real world currency and see how efficient it really is.
how much climate change does the $ make? will elon stop accepting it?
The $ and other fiat currencies are used by everybody on Earth to fulfil all their daily financial needs.
There have been projections that if everybody in the world switched to Bitcoin, we'd need to double our global energy production, just for Bitcoin.
Maybe crypto has a place, but Bitcoin and its PoW ilk certainly doesn't.
Let's not forget that Bitcoin isn't even a usable currency. Its advocates now simply refer to it as a "store of value". It's a speculative asset that takes criminal amounts of energy just to exist/maintain.
It's not the future we're looking for. If we keep using crypto, it can't exist in that form. It's ecological suicide for those with no environmental conscience to make "easy money".
Fiat currencies are devalued all the time with inflation and political events, look at Zimbabwe or Germany for past examples of what happens with currencies that can be printed out on a whim.
Volatility doesn't matter all that much though, a currency doesn't need to hold its value, it isn't an investment vehicle, it just needs to be something that people will accept as payment. The problem is failing to diversify your store of wealth, like putting all your earnings into crypto or fiat savings and not utilising commodities or other investment vehicles.
For example Monero fluctuates significantly, but that has no impact on its use as a currency. You buy Monero, buy the product straight away, then the seller converts that back to fiat or a commodity. Despite it's fluctuations, its use as a currency is massively increasing over time, darknet markets won't even accept fiat currency.
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The more you look at it, the more you realise how just insane it all is. It is a gross waste of resources and power. Computers probably many millions of times more powerful than they need to be to just run accounting software. Only humans are stupid enough to devise a system so wasteful. This is akin to "buffalo" hunting in America ( and many other examples worldwide ). Driven by greed without the slightest concern for the long-term ramifications.
Soldato
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You should see the electricity bill for the data centre I work in, or even just one of the halls.
Only humans are stupid enough to turn down nuclear in favour of fossil fuels, the human race deserves what it gets for giving into the anti-nuclear crowd.
But all renewable energy that wouldn't be used otherwise. So helping environment as the profits made on selling that electricity is reinvested in more renewable energy generation.
show us the bill then?
A normal data centre is at least doing something vaguely useful usually
(and the operators of them tend to have a very strong incentive for keeping the cost of running the hardware down).
https://www.techpowerup.com/282228/...nge-reportedly-under-investigation-by-doj-irs
Eventually it will be National governments that will deal a crippling blow to Crypto currencies. They can not afford not to.
Soldato
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This is just the US now protecting an American competitor in Coinbase.
There's not really anything they can do, they can try go after exchanges on the clearnet sure, but a lot of darknet currency is bought and sold p2p rather than through exchanges. The government is basically a collection of people trying to exploit the country and the thought of a currency they can't regulate effectively terrifies them as it hits their bottom line.
I think if the US or Chinese Government made the effort they could block or disrupt the calculations blockchain uses on the internet making a currency useless.
My understanding is they would have to control the Chinese mining pools to do a 51 percnnt attack, any messing with a block effects the hash of the attached block as all blocks contain the hash of the previous block, obviously when you crunch a 265 hash, one bit of info will give a totally diferant outcome so a vast amount of people would have to agree that the latest mined block or blocks is valid.
Dunno how likely this is?
Dunno how likely this is?
I don't see a practical way of achieving this.
https://www.statista.com/statistics/1200477/bitcoin-mining-by-country/
It's very simple, they just take control of the mining power. They will absolutely already have explored ways to weaponise various blockchains, if it ever becomes useful and not just a way for people to try and flip tokens for profit.
It's a glaring security issue. There's nothing to stop China saying nope, we're not using BTC. But we're going to control the network. Enjoy!