Bitmain, the largest mining hardware company, made around $4B last year

Re:Bitmain, the largest mining hardware company, made around... by snitko on Friday February 23, 2018 @07:12PM (#16450756)

Have a sense of proportion. Think about how much electricity, paper, waste and money is spent to keep up the banking industry, anti-fraud departments, AML/KYC compliance teams, clerks and all that show. Bitcoin is actually an improvement.

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Re:Bitmain, the largest mining hardware company, made around... by wmf on Friday February 23, 2018 @07:46PM (#16450904)

It's funny you mention anti-fraud departments and AML/KYC compliance teams since Bitcoin does not provide those and thus their cost exists in addition to the cost of mining.

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Re:Bitmain, the largest mining hardware company, made around... by umanwizard on Friday February 23, 2018 @07:55PM (#16450958)

But Bitcoin doesn’t provide the services that the banking industry does. Bitcoin is more comparable to physical gold than to a modern bank account. Banking was built on top of gold (and later fiat) because it provides valuable services. If bitcoin becomes a widely-used currency then the same banking system will be built on top of Bitcoin.

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Re:Bitmain, the largest mining hardware company, made around... by drngdds on Friday February 23, 2018 @07:20PM (#16450793)

I feel like preventing fraud and money laundering (incidentally, two things you can't prevent when using cryptocurrency) is actually not wasteful

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Re:Bitmain, the largest mining hardware company, made around... by Nursie on Saturday February 24, 2018 @04:19AM (#16452471)

Nope, Bitcoin is much worse than that.

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