Bitcoin and other PoW coins are an ESG nightmare

Re:Bitcoin and other PoW coins are an ESG nightmare by ForHackernews on Monday February 15, 2021 @08:43AM (#26142651)

This is a completely bogus analogy. Even if I accepted that bitcoin was analogous to gold (hint: it's not), the government secures Ft. Knox to whatever level of security it feels appropriate, and then it's done/maintained at that level.

It's not like Russia adds one more guard to their gold vault, the US has to keep pace or else if Russia has 51% more guards outside their vault, then by magic they can suddenly steal/double-spend gold.

Do bitcoin folks really not understand this, or are they all just pretending to be blind because they hope it will make them rich?

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Re:Bitcoin and other PoW coins are an ESG nightmare by fvdessen on Monday February 15, 2021 @08:50AM (#26142702)

A country cannot hold a significant amount of cash/gold/value without spending the appropriate amount on military defence to deter other countries from seizing the value. The armed guards at Ft. Knox is a small amount of the total expense, the aircraft carriers also participate at least in part.

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Re:Bitcoin and other PoW coins are an ESG nightmare by lottin on Monday February 15, 2021 @01:20PM (#26145433)

The army isn't just protecting the gold. It's protecting the country and everything that's in it, including the gold of course.

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