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It needs to be banned. The environment is orders of magnitude more important than the dollar.
by htatche 3y ago
It needs to be banned. The environment is orders of magnitude more important than the dollar.
- johndevor 3y agoDo you rail against fiat as well?
- audunw 3y agoFiat as opposed to crypto currency? Crypto is the most fiat currency imaginable. I know crypto bros tries to redefine reality to trick people into thinking crypto is somehow tied to real tangible value, but it’s just not. Non-fiat currency is physically tied to the creation of real-world value, like say mining gold which has thousands of real-world applications. Traditional fiat currencies are fundamentally designed to be a proxy for real world value. In a well designed system it’s most of its creation is tied to debt issues to, say a gold mine or an oil well or solar farm. Cryptocurrency is - in its utter insanity - fundamentally tied to the destruction of physical value. That is, burning electricity while creating nothing useful. So: more fiat than fiat. Another huge step removed from the creation of real physical valuables. Traditional currencies are far more efficient and a basic necessity for the economy to function at all. Cryptocurrency is fundamentally unsuited to become a real currency by its very design. Every one I’ve seen so far has been made by people who seem to lack even the most basic understanding of what the main origin of currency is. (Hint: it’s not metal coins..)
- johndevor 3y ago> Traditional fiat currencies are fundamentally designed to be a proxy for real world value. The US went off the gold standard in 1971. It's all just bullshit paper now. I'm not sure why you're talking about something that doesn't even exist today. I'd love it if "traditional fiat" currencies existed as you describe, but they don't.
- yashg 3y agoIt is such a tired argument now. Firs of all, the magical internet gambling tokens are not an alternative to "fiat" or world financial system. The global financial system consumes far less energy per transaction considering that billions of transactions take place around the world per second. I really fail to understand the fetish of the crypto crowd with the word fiat and whatever they think it means. I get it, people just want to gamble and want to be ultra rich without doing anything, I am sure there are ways of doing that (gambling) without wasting a ton of energy.
- winter-day 3y agoI honestly cannot understand why crypto exists - and i'm repulsed by everyone I know in that field who works at companies like solano, etc.
- tmn 3y agoWould you like to understand?
- whalesalad 3y agocrypto in and of itself is a really cool and valuable tool. the hype bubble around it and subsequent power/environmental consequences are not good - but the tech is cool and should be appreciated. blockchain is also a great tool for the right usecases (distributed ledger)
- danbruc 3y agothe hype bubble around it and subsequent power/environmental consequences [...] The energy consumption is not the result of anything, it is a fundamental design element. [1] To reach a meaningful consensus, you have to give all participating users equal or at least similar voting power. But Bitcoin does not want a central database of users which opens the door for Sybil attacks - you can just invent an essentially unlimited number of users out of thin air and have them vote the way you want. The solution to this problem in case of Bitcoin is to tie votes to computing resources for calculating hashes. While you can invent users out of thin, you can not invent computing power out of thin air. This gives each user voting power in proportion to the amount of money they are willing to invest in computing resources. Not really equal voting power for all users but close enough in practice. If miners would not burn enormous amounts of energy, anyone could come along and influence or alter the transaction history or just mine empty blocks and with that block all transactions. [1] For Bitcoin and similar proof of work systems, there are alternatives.
- xcv123 3y ago> I honestly cannot understand why crypto exists https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe https://www.usinflationcalculator.com https://www.usinflationcalculator.com
- tmn 3y agoWhat would you specifically propose?
- makotech221 3y agoHe's specifically proposing a ban lol
- tmn 3y agoClever. Should it be on all proof of work? Is it applied only if the computing is being done within the country doing the ban?
- pgsandstrom 3y agoI love this argument. "Can you define EXACTLY what you want to ban"? I'd say a significant part of all criminalized activities can't be EXACTLY defined. Somehow we still manage.