Re:Long Island Iced Tea Soars 500% After Changing Its Name t...
by eeZah7Ux on Thursday December 21, 2017 @05:03PM
(#15983235)
> It uses an insane amount of power. Wars are fought over the resources to generate that power all the time
There has been a lot of exaggeration around the amount of power used for mining. It's less that the energy used to run Google, Facebook, and many industrial applications and certainly not remotely comparable to the bulk of oil consumption in 1st world countries.
(Don't get me wrong: I'm not a fan of Bitcoin and I don't use cryptocurrencies.)
> You could argue that the governments of the world are indirectly subsidizing crypto by using war to maintain a stable source of energy.
> Sorry. Bitcoin, nor any blockchain, cannot function without the all mighty government.
This is a complete strawman. You just conflated the efforts being spent by countries to protect their entire wealth including stocks, gold, fiat money, derivatives with the efforts to access energy sources.
There has been a lot of exaggeration around the amount of power used for mining. It's less that the energy used to run Google, Facebook, and many industrial applications and certainly not remotely comparable to the bulk of oil consumption in 1st world countries.
(Don't get me wrong: I'm not a fan of Bitcoin and I don't use cryptocurrencies.)
> You could argue that the governments of the world are indirectly subsidizing crypto by using war to maintain a stable source of energy. > Sorry. Bitcoin, nor any blockchain, cannot function without the all mighty government.
This is a complete strawman. You just conflated the efforts being spent by countries to protect their entire wealth including stocks, gold, fiat money, derivatives with the efforts to access energy sources.