Re:Cambridge Bitcoin Electricity Consumption Index
by Grustaf on Wednesday February 10, 2021 @09:32AM
(#26089609)
Now I'm confused. Bitcoin is not lighter weight than existing digital cash. It's not really lighter weight than anything. Well, possibly the large hadron collider consumes more, I don't know.
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Re:Cambridge Bitcoin Electricity Consumption Index
by jcbrand on Wednesday February 10, 2021 @09:50AM
(#26089847)
There is no such thing as digital cash outside of cryptocurrencies.
The money in your bank account is a liability of the bank, it's not cash.
Re:Cambridge Bitcoin Electricity Consumption Index
by Grustaf on Wednesday February 10, 2021 @10:44AM
(#26090676)
You can go through life without ever using physical cash. You get paid digitally, you buy groceries digitally. You even borrow money for a house digitally.
The thing you transact with is digital, liquid and fungible. In what sense is it not cash?
Re:Cambridge Bitcoin Electricity Consumption Index
by mj4m1n on Wednesday February 10, 2021 @01:27PM
(#26092934)
All those transactions are reversible at any point with a flip of a bit (or two).
If you receive physical cash, it's in your control.
Now if only that cash could not be inflated as much as it can.
Re:Cambridge Bitcoin Electricity Consumption Index
by Grustaf on Wednesday February 10, 2021 @01:35PM
(#26093029)
I don’t think any common definition of cash includes the idea that payments are “irreversible”. I don’t even see why this is so important. If someone pays me physical cash by mistake they have legal recourse to get it back. It’s not finder’s keepers.