Cambridge Bitcoin Electricity Consumption Index

Re:Cambridge Bitcoin Electricity Consumption Index by xtracto on Wednesday February 10, 2021 @10:30AM (#26090458)

All of those are the same problems money has. Refunds capability is something built on top of cash. It will be built on top of cryptocurrencies. Money can be stolen and locked and hidden and whatnot.

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Re:Cambridge Bitcoin Electricity Consumption Index by UncleMeat on Wednesday February 10, 2021 @10:35AM (#26090524)

But if it is built on top of cryptocurrencies then you don't have the trustlessness that makes it different from cash and banking. Why would banks and businesses choose to transact primarily in btc?

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Re:Cambridge Bitcoin Electricity Consumption Index by DownGoat on Wednesday February 10, 2021 @10:43AM (#26090652)

Because the markets wants to trade on it. Going with the assumption that crypto will "succeed" in the future, any business or bank not trading on it would be loosing out to businesses that are capable to do both.

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Re:Cambridge Bitcoin Electricity Consumption Index by UncleMeat on Wednesday February 10, 2021 @10:56AM (#26090853)

That is circular. BTC will succeed as an investment because it will supplant other systems for banking. BTC will supplant other systems for banking because it succeeds as an investment.

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Re:Cambridge Bitcoin Electricity Consumption Index by xtracto on Wednesday February 10, 2021 @11:52AM (#26091614)

I think that's the same issue that every new technology related to network effects has had. Like Napster, Myspace, facebook, etc

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Re:Cambridge Bitcoin Electricity Consumption Index by nelsonenzo on Wednesday February 10, 2021 @02:23PM (#26093510)

Yes, and we have built safety measures to protect individuals in these cases, none of which work in a trustless key-based storage world.

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