"The average energy consumption for one single Bitcoin transaction in 2020 was 741 kilowatt-hours."
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.
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.
Apparently some more clarification is needed here. I don't even mean to bash on Bitcoin. As I've said in this thread and many times before: it's an amazing and successful technology. By all means, go ahead and use it for whatever you like! It's great.
But please, just don't pretend and keep pushing it as the revolution that will be replacing our entire finance system. It just won't.
Did you know RE is manipulated by spruikers of #housePrices (see #RupertMurdoch #mediaEmpire, largely predicated on it, perverting news and the cost of housing for the younger generation, that's not good right?).
Have you heard of #GameTheory as it relates to Bitcoin?
@dsfgs @fribbledom This is true, however the extent of the pump and dump in bitcoin is an order of magnitude worse. Not to mention it's typically considered illegal to do pump and dumps. Due to cross border issues it makes it much hard to police with bitcoin. I will several authorities are getting better at it but I still say it's unlikely to be an easily solved issue
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