You’d think with all of the money they’re pulling in, they’d invest in solar panels or something to lower their overhead.
Or am I making the mistake of approaching the situation with common sense?
Solar panels give about 100 watts per square meters best case, practically you’ll be on half of that… With the amounts of electricity they use, they’ll need to cover entire nature reserves with solar panels to feed their miners. It’s simply not practical
Wind turbines? Solar thermal? Nuclear in exchange for all of those Bitcoins, perhaps?
Vs. Banks. That have offices, branches, atms, data centers… banking does use more energy yearly. So why not both invest in renewables
Sure, but how much of the global financial market does crypto represent?
I susptect that the energy consomption per transaction is considerably higher for crypto than for a normal financial transaction.
no, it is exorbitantly higher for a single crypto transaction
That’s why I prefer Cardano, it has a good PoS (unlike Ethereum) and uses thousands of time less energy than Bitcoin.
Elon Musk’s private jet uses energy equivalent to 980 average American households a year. What’s your point?
Whoever Satoshi was, I wonder how he’s responding to the thought that he’s personally contributed more to global warming than the average billionaire.
Probably not thinking about it on his yacht that he doesn’t pilot or maintain, having built the most successful grifter scheme of all time
I feel like calling bitcoin a grifter scheme is kind of like calling fiat currency (edit: in general) a grifter scheme. Which I guess isn’t entirely untrue…
Oh not this again.
Crypto is also fiat. It’s backed by nothing except the trust that it exists, therefore it’s fiat.
It’s a drop in the ocean compared to how much energy the banking industry uses.
Banks use negligible electricity lmao
Yeah. 600k Branches, 1 million atms, data centers…
yup, tho they also serve more people than crypto bros, about 100,000 times as many
Including everything, about a million times less energy per transaction than crypto.
The banking industry uses at least 50x more, right?
Lets talk about the bank branchs, data centers, and energy consumption vs crypto.
"Research has found that bitcoin miners alone consume approximately between 60 to 125 TWh of energy annually, which is equivalent to around 0.6% of global electricity
“Traditional banks’ total annual energy consumption of traditional banks is around 26 TWh on running servers, 26 TWh on ATMs, and 87 TWh from an estimate of 600k+ branches worldwide. Totaling 139 TWh.”
Not to mention banks impact on people’s lives. Limited purchasing power of the poor and soon to join them middle class… to purchase disposable products. Like the old tale of buying a expensive boot vs a cheap one.
I’m all for less power usage … but seems like a witch hunt compared to what banking gets away w. It’s the the first time banks can point the finger at someone other then themselves.
https://www.iyops.org/post/energy-consumption-cryptocurrency-vs-traditional-banks
A system used by everybody, and a system still used by a tiny fraction of the population are using a comparable amount of energy?
Electricity is too cheap for these uses.
Why is commercial power so cheap and residential so expensive? We could fix two problems by balancing that back.
Because companies > people in the eyes of the state.
Something something job creators….something something trickle down
It depends on which state, which is even more sad.
It’s more like companies = jobs in the eyes of voters.
ETA: What’s with the downvotes? You guys think this is wrong?
I have never once gave a flying fuck about a nebulous concept of “jobs.”
Sounds like you are in a very good position to appreciate how the average voter feels about this.
ETA: I think we’d all be better off if people had a more realistic and practical attitude to jobs.
My understanding is tha some commercial/industrial users will get a highly variable tariff. This may be cheaper much of the time, but can get ridiculously expensive at times of high demand.
The difference is that a bitcoin farmer can shut down at those expensive times, but a home user still needs to heat/cool their house, run their fridge etc, so the savings cancel out. Because of this, averaging the costs works out easier/better for most home consumers
You can get time of use billing at home with many power companies. Only makes sense if you have solar panels or storage batteries or some such.
They don’t produce anything except some numbers. A total waste of energy. I had to laugh when this guy I know who is very “progressive” and environmentally concerned got pissy when I pointed out how much energy was wasted on bitcoin mining just because he was into it.
You should check out the impact of gold production also.
My comment here is a much better use of energy
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Even if you upload it as an 8k video
My lower-down comment is an even better use of energy
Right this is the fundamental problem. There needs to be some value to the Blockchain application which the crypto tokens support beyond just token speculation.
no. it just needs to end, as does pretty much our entire economic system, worldwide. and the social systems that support wasteful, destructive living. transform or die. that’s the point we’re at. is humanity up to it? well know within our own lifetimes.
Money is how you get people to do things they wouldn’t otherwise do. Farmers don’t like farming they do it for the money, truck drivers do it for the money, factory workers do it for the money.
So if we get rid of economics then who’s going to farm the food, who’s going to pick the food, who’s going to transport the food to the stores (although at that point I guess they are just public distribution centers), who’s going to run the stores?
They only solution to all of these problems is automation but we’re not there yet. So what is your solution for today?
you understand there’s more than one way to have an economy right? that there’s more than one way for labor to be rewarded for its output?
saying “our economic system needs to end” has nothing to do with what you wrote
Do you have a proposal or are you just theorizing? Obviously there are more economic models, but all of them center on allocation of finite resources. As stated above, automation isn’t there yet to even approach post-scarcity.
So, what you got?
seeing as everyone starved before the advent of capital… oh wait
The reason we don’t have famines isn’t because of money, it’s because of one Jew’s patriotism to what he saw as his German fatherland.
The reason we have the internet is due to an organization need in warfare, not a profit motive.
The reason we have modern medicine was because people wanted to help other, even if they went broke to do it, sometimes even being outcast from society.
The reason the Nazis were stopped was not because it made a lot of profit, but in spite of it.
do not conflate the achievements of modernity with the inherent economic system you ascribe to.
So many words shoved in my mouth. At no point did I say that people can’t do good things with minimal incentive. Though it’s either naive or disingenuous to pretend that some form of bartering didn’t exist before capital or would be suitable solution the modern problems.
Could that one person feed a city on his own? Or keep it clean? Or supply it power? Water? Maintain the infrastructure?
I wasn’t talking about individual achievements and technological leaps. I’m talking about the day to day necessities that a functioning society requires. A city like New York is not some simple thing. To make it possible for all those people to coexist, the effort and man power is staggering.
And a bunch of it sucks.
Garbage, sewage, paperwork. You name it, there’s some poor bastard that has to deal with it and doesn’t want to. In fact, there’s a shortage of power lineman (I may be out of date) that can stand as my example. Difficult job, risk of death, need a bunch of them. And you’re not going to find enough people passionate about power lines to fill the roster and that job is essential for modern lives.
Now, I’m not rushing to defend capitalism. Holy shit the crimes committed for the unholy dollar. No. I’m generally for socialist practices in any industry that should be a public work (education, utilities, healthcare, etc) and leave capitalism to the luxuries. But I’m getting off track.
I wasn’t defending capitalisms many crimes. I’m calling you out for being a child about what can be done about it. Ideals don’t pave roads, specific plans and actions do. So what are yours? This system sucks? I fucking know. What changes should be made short of a violent revolution that would almost certainly leave everyone in a worse place? We don’t have the luxury of sci-fi tech that can provide for our needs with trivial cost.
Example: taxing the fuck out of the rich, single player health care, investment in green energy, walkable cities, forbidding Congress from owning individual stocks. These things push the world in a better direction.
Next time you advocate for burning it all, try to remember that we live in the most peaceful time in all of human history.
Crypto is the digital coal of our times.
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With the disadvantage of large stakeholders dominating the network and undermining the decentralization.
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It’s actually more true for proof-of-work mining than it is for proof-of-stake. PoW mining has strong economies of scale, a professional miner with a warehouse full of mining rigs and a special deal with an industrial electricity supplier can churn out hashes more cheaply than a home miner can. Whereas the hardware needed for PoS is negligible so there’s nowhere near that disparity between small and large miners.
Also, under Ethereum at least (the largest proof-of-stake chain and the one I’m most familiar with the workings of), stakers don’t “dominate” the network. They have no decision-making power over what the consensus rules are. If the users decide to upgrade to a new version and the stakers refuse to go along with that or try to push an upgrade that the users don’t want then those stakers lose their stake after the resulting fork.
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I went Googling for sources, and what I found says the opposite. Ethereum was becoming increasingly centralized under PoW but after the switch to PoS it became significantly more decentralized.
in order to stake to a pool, you need to lock your tokens away, making them impossible to spend for a specified time period.
This is exactly the point of proof-of-stake. You can’t prove you’ve staked some coins if you don’t actually stake them. If you’ve retained control over your tokens then they’re not staked. I’m not sure how you think it could work otherwise.
most of the criticisms I have of ETH are more damming of the way they went about the transition between two radically different consensus algorithms than about Proof of Stake itself.
The transition from proof-of-work to proof-of-stake has been on Ethereum’s roadmap since the beginning. It was rolled out in stages over the course of years. What was “damning” about the transition?
This is exactly the point of proof-of-stake. You can’t prove you’ve staked some coins if you don’t actually stake them. If you’ve retained control over your tokens then they’re not staked. I’m not sure how you think it could work otherwise.
WOW. Straight up wrong.
I’m guessing you have a YUGE bag of ETH staked. 🤣
Since you’re so wrong, it’s clear that you are absolutely guessing here while anon is spitting facts, being intellectually honest about which drawbacks actually exist in the world for proof of stake. Take the L, dude. haha
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There is no good reason why this isn’t illegal.
Not a good reason, but money.
Not even real money, tech bro phantom bullshit.
The tech bros are convincing stupid people it is real money though. Just like they always have, whether it’s this or something else.
Destroying the environment and not even for real money
What makes it less real than other fiat currencies, if I may ask? If a currency is agreed upon being valid by multiple parties, I’d argue it is “real money”.
It’s a speculative asset, based on the bigger fool theory. You need to sell it for real money to pay your taxes.
Misleading title - the problem is not “crypto”, it’s pretty much all Bitcoin and the people against the change in the consensus mechanism. Out of the top
109 coins in market cap, Bitcoin is the only one using proof of work, which demands such high energy requirements.dogecoin is top10
ah yes the 10th place - still, Doge is estimated to use ~1% of the energy Bitcoin uses and it’s been in steady decline since the meme blew up.
the entire Bitcoin block chain could be run on the phone I’m using to write this. there is nothing inherent to the protocol that dictates such massive power use.
and dogecoin merge mines with all the other script coins so how can you even calculate its independent usage?
there is nothing inherent to the protocol that dictates such massive power use.
Yes there is, massive power use is the entire point of proof-of-work. If Bitcoin blocks could be produced without massive power use then the blockchain’s system of validation would fail and 51% attacks would be trivial.
the hash rate for the first blocks was achievable with a pentium 3. the protocol functioned then. there is nothing inherent to the protocol that dictates more hashpower is used. a 51% attack is the protocol functioning properly.
That’s because there were just a handful of people mining the first blocks and there was no demand, so the price was basically zero.
The protocol is meant to promote decentralization, so I have no idea how a 51% attack would be an example of the protocol functioning properly. A 51% attack is a demonstration that the protocol is controlled by a single entity.
a 51% attack means that 51% of the hashpower has agreed on a certain chain. this happens every 10 minutes.
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can always just pump up more oil out of the ground.
No, this is actually exactly the fucking problem
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“Research has found that bitcoin miners alone consume approximately between 60 to 125 TWh of energy annually, which is equivalent to around 0.6% of global electricity”
“Traditional banks’ total annual energy consumption of traditional banks is around 26 TWh on running servers, 26 TWh on ATMs, and 87 TWh from an estimate of 600k+ branches worldwide. Totaling 139 TWh.”
Not to mention banks impact on people’s lives. Limited purchasing power of the poor and soon to join them middle class… to purchase disposable products
https://www.iyops.org/post/energy-consumption-cryptocurrency-vs-traditional-banks
Ok fine lets look closer at those numbers, I don’t think they mean what you think they mean…
On their own these numbers are completely useless, we need to compare something that exists in both crypto and in traditional banking.
I found this page: https://buybitcoinworldwide.com/bitcoin-mining-statistics/
- One Bitcoin transaction can spend up to 1,200 kWh of energy, which is equivalent to almost 100,000 VISA transactions.
I suspect that is on the extreme end of the scale, so let’s be kind and slash 50% off of it, even then the energy consumption would be 600kWh per bitcoint transaction, and if we use the same data for VISA transactions, this is the equivalent of 50 000 VISA transactions, if these numbers are correct, crypto is insanely energy inefficient.
So I kept looking and found this page:
https://www.statista.com/statistics/881541/bitcoin-energy-consumption-transaction-comparison-visa/
This page claims that one Bitcoin transaction used about 700kWh in 2023, and 100 000 VISA transactions used about 150kWh in total at the same time.
So we have two sources showing that Bitcoin is an absolute disaster for energy use and therefore the environment.
So I kept looking, and found some data about Etherium, which claims that one etherium transaction consumes 0 kWh, which I naturally doubt…
https://www.statista.com/statistics/881541/bitcoin-energy-consumption-transaction-comparison-visa/
I will make no secret that I dislike crypto, but I did try and find objective data and summarize it objectively, I will also note that while I dislike crypto, I am not blind to the issues with traditional banking, they absolutely needs to clean up their act, environmentally and otherwise.
I’ve always found this argument against crypto to be a bad one. The headline will say something like “Crypto mining uses XYZ total energy” and we’re supposed to infer that this means crypto is polluting a lot. But it doesn’t say how much pollution there actually was. For economic reasons, these miners often use cheap excess energy that would have been produced anyway or green tech. Not all of it obviously, but that level of nuance is missing.
Also, we don’t make the same moral arguments against other energy uses. Air conditioners use more energy than Bitcoin mining does, but we don’t go around saying the government should ban people from using AC.
There are legitimate problems with crypto, but this one never convinced me
Air conditioning literally saves lives, especially medically vulnerable people, the hell are you on about?
As others have pointed out, ~2% of the entire US’s energy output is absolutely insane. According to the eia.gov, the US produced around 100 quadrillion BTUs worth of energy in 2022 (I don’t fully know why they chose BTUs to measure the total energy output, they explain on the website, but that’s besides the point). 2% of that is 2 quadrillion BTUs. According to psu.edu (I googled these sites on my laptop so don’t have exact urls on my phone at the moment), the entirety of US households in 2017 used 4.58 quadrillion BTUs.
Think about that. Bitcoin/PoW coin miners are using enough electricity to power around half of all homes in the US. According to statista.com, in 2022 there were 144 million homes. These miners consume 72 million homes worth of energy. And for what? To solve math problems that benefits no one but Bitcoin/PoW coin investors?
We’re literally seeing our weather patterns become more and more extreme every year due to climate change, which is also killing our oceans which is causing a severely negative chain reaction in the rest of our ecosystems… But, you know, fuck all that, I need to use an extremely inefficient method of generating currency that no one but enthusiasts/speculators/investors asked for. I’m not inherently against cryptocurrency; however, fuck Bitcoin and other extremely wasteful PoW coins.
And yes, printing dollar bills/other fiat currencies creates pollution, too. I agree that process should be modernized as well. And in some ways, it already has been undergoing modernization as more and more people use electronic payments vs cash, thus decreasing the need to print more bills.
It’s a lot of energy for a global (!) maximum of around 7 transactions per second.
Unless you want to use the replica of traditional finance called Lightning Network. Then you have more transactions per second and a whole new set of drawbacks.Holy shit. 7 transactions a second is horrible and pretty much definitively proves (to me) that it’s not currently used as a currency
By chance, do you have a source for that or know where I would go looking?
Because the max blocksize of BTC is heavily crippled, max transactions per block is around 3,500ish. That puts us at about 500k transactions max per day (1 block every 10 min). So divide 500k by how many seconds are in a day (86,400) and you get slightly under 6 TPS. Whoever came up with 7 TPS probably did more accurate math than me.
Different transactions use different amounts of space so it’s always going to be a rough estimate.
fuck crypto shit ffs
More like fuck crypto mining. There are cryptos that dont need mining.
If there’s no demand for a particular crypto then people mining it can’t sell it and go out of business. People mine this stuff because other people will pay them for it.
Good job, totally missed my point.
You can buy/sell ones that arent dependend on mining. Not every crypto is the same.
Ah, you’re referring to non-proof-of-work chains. There’s no need to be snarky, your comment could be interpreted in multiple ways.
You’re right, sorry, wrong destination
No problem.
This is as useless as saying “fuck currency shit ffs”.
Except it’s not really a currency is it? Nobody actually uses this stuff for buying goods and services, they treat it as a stock. Usually short-term trading that’s essentially just gambling.
Normal currency also doesn’t use more than 2% of the power generation of a massive country.
Yes, cryptocurrencies, aka “currencies”, are used for buying goods and services.
Energy consumption is a great point if you ignore the material resource acquisition cost, worker cost, production cost, sundry cost, hardware cost, conventional debit and credit fees, service personnel cost, data centers, servers, and telecommunication network costs of conventional currency infrastructure.
Yeah, if we ignore all of that, then the resource consumption of a single energy intensive cryptocurrency seems high.
Yes, cryptocurrencies, aka “currencies”, are used for buying goods and services.
No no no. Cryptocurrencies aren’t used for buying goods and services outside of extremely fringe scenarios.
People trade them like they do stocks. You can pretend that’s not the case all you want, but you know it to be true.
I can’t go to Aldi and pay for my shopping with bitcoin or whatever shitcoin you hold. I can’t pay my bills with it. I can’t go get a haircut with it.
All I can do is treat it like a stock.
Energy consumption is a great point if you ignore the material resource acquisition cost, worker cost, production cost, sundry cost, hardware cost, conventional debit and credit fees, service personnel cost, data centers, servers, and telecommunication network costs of conventional currency infrastructure
I’m not ignoring any of that. Crypto still uses far more, and to top it all off, can’t really be used as a currency.
You cryptobros have been saying crypto will replace real currency any day now for years. It’s not happening. Sorry to burst your bubble.
Yes, you can buy groceries or a haircut with cryptocurrency.
Because most of them are less than a decade old, it isn’t as widespread as many more established currencies, but you can absolutely buy groceries, buy a haircut, eat at restaurants, buy a house, buy a car, pay utility bills, obviously pay for various forms of entertainment like twitch, hardware at newegg, there’s tons of stores that you can use cryptocurrency.
You can also buy gift cards with cryptocurrency that you can use for literally anything.
It’s fine if you don’t like it, but people are using it as a currency to purchase any type of material good you would purchase with conventional currency.
You keep throwing your tantrum about how cryptocurrency is going nowhere while it grows by 100 million per year and many of the world’s governments are developing and purchasing cryptocurrencies.
They’re probably developing those cryptocurrencies for fun, right?
It’s probably like that dumb digital debit and credit card system they came up within the '70s.
Total bullshit, credit and debit cards.
Good thing that credit rating system never caught on, huh?
Where? Where do you see that? I’ve literally never been to a grocery store or hairdresser that accepts ANYTHING other than cash or card (maaybe checks)
Haha, checks! Yeah, we live in different areas.
Whole Foods(this little supermarket chain) accepts crypto, coffee shops, bars, hair stylists, there’s a bunch of places.
Might want to open those peepers.
Cool. I’ll explain this to the person at the till next time I’m buying some milk, then I’m sure they’ll accept my dickbutt coin.
People are developing crypto as a gamble/investment. Not as a real currency.
And lol at you saying crypto is like debit/credit cards. It isn’t.
They probably won’t take such a disused currency.
But you can use more popular crypto to buy groceries, yes.
Look at you, confident that digital currency is fundamentally different than…digital currency.
People speculate on the price of “normal currency” too.
I’m well aware.
But far, far, far, far more people use it as currency. Exchanging it for goods and services is clearly the main use for it.
Crypto is used like a stock.
There are people who ride the bike as a means of transport. Then there are people who build their entire identity around riding a bike. That doesn’t mean one or the other rides it wrong.
A token of value can have multiple different usecases at the same time.
Bikes are used as a mode of transport. That’s what everybody uses them for.
Crypto isn’t really used as a currency. It is used like a stock. That’s what everybody uses them for, if we’re being honest.
In addition to using it as a currency, sure. But as I asked rigatti, is that a problem? At worst one might perhaps argue that the name “cryptocurrency” is misleading, but I’ve never cared much about semantics like that.
You’re saying “in addition to using it as a currency” as if that’s actually what people do with crypto. They don’t.
And yeah, it is a problem. It renders it useless outside of as a bit of gambling on the side.
Alright, so let’s call them cryptotokens instead. I’ve always preferred that myself, it’s a much more general description of what they do. It doesn’t change what they are but if that term makes you happier we can go with that.
It renders it useless outside of as a bit of gambling on the side.
Hardly, there are lots of things you can do with these things. A ledger is more than just for tracking money, it’s a database. You really can’t think of useful things that could be done with a completely decentralized and permissionless database?
Crypto isn’t a currency, it’s a commodity for trading. One that doesn’t physically exist. No inherent use and no inherent value.
You literally just defined the attributes of a currency.
The only difference is that crypto isn’t backed by a government.Edited. See below. Apparently some crypto is government backed. There is no functional difference between traditional currency and (at least some) crypto.
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There is no reason for CBDC to use blockchain.
CBDC is blockchain based, i.e cryptocurrency.
A CBDC can be blockchain based, but almost none actually will be. China’s isn’t. Japan’s CBDC is not. In the US, the Federal Reserve is still in early stages but I’m confident it won’t use blockchain either.
I stand corrected. There is literally no functional difference between “currency” and (at least some) crypto.
How much energy is required for use of each?
The big difference is that crypto is “decentralized”. Traditional currency is, to some extent, controlled by a central bank. The CB seeks to ensure price stability.
Digital cash schemes are much older than bitcoin/crypto. It’s not “crypto” just because it’s digital money.
Sure, it’s like if you printed ink on paper and pretended it was equivalent in cost to material goods.
Or if you pretended that material goods had an inherent value.
Indeed. All “value” is ultimately something that is collectively decided upon by society. A chunk of rock could be worthless or worth billions depending on how much people want it.
The vast majority of “real” currencies are fiat currencies and don’t have inherent value or use either.
US dollar hasn’t been backed by gold since 1971, for example.
The only reason money has any perceived value at all, is because it’s collectively agreed to have some value. Just like crypto currencies.But this is actually why crypto isn’t a real currency: we haven’t collectively agreed to value it, or at least not in any way that makes it useful as a medium for exchange. Ironically it can’t possibly become a proper currency while speculators are making its price so volatile. The very act of investing in it is making it worthless.
Anything can be a currency, if you use it as a currency. A currency is not defined by its ability to be exchanged for gas or used to pay taxes.
If children in some school start to exchange pogs for junk food or video game cartridges, the pogs become a currency. By definition. The fact that the use is clearly limited and the value is a subject to rapid change or speculation is irrelevant.
There isn’t a single currency in the world the value of which is set in stone. There isn’t a single currency in the world which is universally accepted. Just because there exist currencies linked to some of the strongest economies in the world, which are relatively stable and incredibly hard to affect the value of via speculation, doesn’t mean they’re immune to speculation, nor does it mean that any smaller currencies, be it currencies or small countries, crypto or pogs, are “not real”.
I mean sure. Anything someone is using like currency can be called currency. But we’re talking practical terms here. Things we “collectively agree to value.” My WoW gold might be useful for buying potions, but it’s not generally accepted anywhere outside that narrow context. The fewer people who are willing to accept the currency, the less useful, and arguably less “real” it becomes, in so far as currency is defined by its value to others. I could print “me bucks” that I value at $1B USD, but that doesn’t mean much if nobody will give me a sandwich for it.
If you’re in the US, it’s not very practical to try to pay for things using Turkish liras either, for example. But it’s not any less “real” because of it. There is still a market for that currency, even if you might need to look around for a bit to actually use it or exchange it for a different one. Same for WoW gold or crypto.
But there’s so few uses of actually buying things with crypto. People don’t use it as a medium of exchange outside of illicit goods and money laundering. We’re more than a decade into this and using crypto to buy a pizza is still a novelty.
A major proof of this is that FTX collapsed and took a chunk of the crypto market out with it. The market at large shrugged this off. If it were actually linked in to the broader economy, then it would have had similar ripple effects to a major US bank failing.
I, personally, use crypto to do art commissions (I’m an artist) and to pay my VPS’s rent. Neither is an illicit good or related to money laundering.
And, honesty, it’s pretty great, compared to alternatives.
Last time I’ve used PayPal, it decided to withhold the funds for a month, for whatever reason. Plus, the transaction fee was about a dollar.
Transferring the same amount of money via Monero is guaranteed take only about a minute or two to process, since a transaction in that system would never get withhold, plus the processing fee would be about a hundred times smaller.In the EU they’re getting a digital euro which allows them to avoid bowing down to Paypal, Payoneer, and all the services interlinked with them (e.g. Patreon) - the ancillary services can even offer digital euro payouts instead, too. So as long as what you’re doing is legal, you can break the Paypal/Payoneer terms of service as much as you want and avoid their privately enforced authoritarianism that goes beyond the scope of the law for whatever reason. So those problems are being solved as we speak, depending on where you live.
The “Criticism and risks of the digital euro” section on Wikipedia outlines my concerns about such a system pretty well.
Unless they are going to implement a cryptocurrency with centralized minting (essentially giving themselves both as much and as little control over the digital currency as they have over physically printed money), it doesn’t seem that much different from what we have already. Just because it’s going to be a new system, doesn’t really mean it not going to have issues with false-positives suspending regular transactions or fees that are higher than they need to be.
One failed bank NOT causing an international disaster is a good thing imho.
LOL wake me up when you’re circulating currency instead of just speculating against the bag holders.
Cryptocurrencies have uses beyond just currency.
Found a bag-holder.
You think that there are only two possible uses for these things, and if I’m not interested in one of them I must therefore be using it for the other? Pretty weak logic.
You keep saying there are lots of uses, but you haven’t listed a single one
I don’t want you to feel bad for being a fan of crypto, but passionately (and incorrectly) defending it just makes you seem like a shill (or worse, a fool)
Heh. I bet if I had been suggesting particular uses you’d be calling me a shill for those particular uses. “Shill” is such a lazy accusation to throw about, you can sling it at anyone who’s interested in anything.
How about ENS? It’s a decentralized version of the Domain Name System.
🤣
