this post was submitted on 24 Jul 2024
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Think about all the power we generate to mine bitcoin. That could power HVAC for a small country. So, bitcoin exists to create a decentralized currency to prevent government from regulating the currency so the advent of a financial clapse bit coin holders will be able to keep the power on. The very power being spent to generate bitcoin. Add on the extra carbon emissions from running the power plants and you have an equation for certain clapse.
Wait till you hear about traditional banking using 50x more energy.
Well..... Yeah. 70% of the global population utilizes some sort of traditional banking system compared to the 2.74% of the global population that utilizes crypto.
It's not a brag to consume 4 times less power than traditional banks when you only serve a tiny fraction of the population.
What is the comparison of how many people it's serving? Either way you don't have to convince me that Banks are a drain on society.
Edit:
Did some looking into this. Claims that traditional markets use 50x more electricity than bitcoin are coming from bitcoin analysts. Did not find any university funded studies. The figure they are giving is annual and looking at a global perspective.
Honestly, this would be a really hard thing to know because financial industries don't track this data. Either way the estimates are superfluous and do not account for scale.
If you estimate current wallets with bitcoin the number might be 60-100 million. As we all know, the number of people participating in some form of traditional currency around the globe is everyone (8 billion). If you are thinking of ignoring the people who don't have any money to speak that would be a disservice because those people are the most effected by the banking industry.
Wait until you hear about other cryptocurrencies that use a ton less power then Bitcoin. I seriously don't understand why Bitcoin isn't obsolete now
If markets were rational, I wouldn't be a socialist.