Just to put this into perspective:

The average value of a Bitcoin transaction is currently $119 and requires energy worth roughly $100 (the world average price is $0.14 per kWh).

👏👏👏

Show thread

More perspective?

The global energy consumption in 2017 was 22.3 terawatt hours.

If we moved all financial transactions over to Bitcoin, we'd require over 1000 terawatt hours... each day(!) for Bitcoin transactions alone(!).

That doesn't even factor in that Bitcoin's energy consumption will be exponential to the amount of transactions.

Show thread

Still believe that Bitcoin is the future of financial transactions?

I'm sorry, but no, that's laughable.

Bitcoin and the blockchain are amazing technologies, but they don't scale for what we are currently using them for.

Yes, there are enough clueless people in the market so that you can still make a quick buck (with a bit of luck anyway), but it's just one big bubble waiting to burst - by design.

Does that mean all crypto currencies suck? No, we're working on better alternatives.

Show thread

@lucifargundam

I absolutely agree and I don't consider it a failure at all. On the contrary, it's a huge success, without a doubt. But its design is incredibly flawed for its current use-case, and eventually it'll just be remembered as the first iteration of crypto currencies.

Follow

@fribbledom
My only recent use of BC is via robinhood where I can make a few bucks each day buying/selling due to its volatility.

@lucifargundam
This sounds like the tired #DeVries tropes from 2017, repackaged.

Pretty sure they said we'd all be dead by 2019 if we still used BTC.

Their talking points… ugh.

#CambridgeUniversity debunked the bitcoin-is-a killer trope. They weren't even trying to, spun the result so it'd sound as bad as possible. Was yawn.

Yes, #bitcoin is designed to use a tiny fraction of the energy found on the planet.

The #fiatWars, now there's a real horror story, #backedByMenWithGuns.
@fribbledom

@dsfgs @fribbledom
People who spout things about economics and currency exchange, etc should know fully what they're talking about. Unfortunately this isn't the case.

Understandably (though regrettably) most bitcoin enthusiasts don't know the full details/spectrum of its implications. So such a report is obtusely (largely) false. This is because this requires extensive technical knowledge on bitcoin and crypto in general.

Thank goodness we don't all bank on the the words of strangers.

@lucifargundam
If you are aware of fundamental problems with the technology, feel free to point them out.

It's also libreSoftware so can be soft or hardFork, if people are convinced by an assessment and improvementProposal.
@fribbledom

Sign in to participate in the conversation
Qoto Mastodon

QOTO: Question Others to Teach Ourselves. A STEM-oriented instance.

An inclusive free speech instance.
All cultures and opinions welcome.
Explicit hate speech and harassment strictly forbidden.
We federate with all servers: we don't block any servers.