Re:Bitcoin and other PoW coins are an ESG nightmare
by shanusmagnus on Monday February 15, 2021 @01:06PM
(#26145277)
People often critique btc by saying that it is slowly re-creating the existing banking system. That's largely true, but what makes it interesting is what this re-creation is built on top of. Or perhaps: what it's _not_ built on top of. Nic Carter does a nice job of discussing this [1].
[1] https://www.coindesk.com/what-bloomberg-gets-wrong-about-bit...
Re:Bitcoin and other PoW coins are an ESG nightmare
by viklove on Monday February 15, 2021 @12:44PM
(#26145019)
> Escrow accounts and merchant layers are in development.
Sorry, this does not make BTC a bank.
As they continue to add more features, we will see what BTC will become and how it may be useful. But comparing it to a bank is silly.
Re:Bitcoin and other PoW coins are an ESG nightmare
by Nursie on Monday February 15, 2021 @12:45PM
(#26145031)
Ergh, sorry, that's a mis-paste from another thread I was talking on, not an assertion of mine.
I agree, Bitcoin is not a bank, that makes comparing its energy footprint to the banking system totally pointless.
Re:Bitcoin and other PoW coins are an ESG nightmare
by viklove on Monday February 15, 2021 @12:48PM
(#26145077)
For the record, I'm not trying to defend BTC's energy footprint. It's a black-eye on the tech and a problem that needs to be solved. Proof-of-stake over proof-of-work is an interesting solution, and part of the reason I hold a lot more ETH than BTC. That's why I'm so interested by cryptos though -- BTC just opened the door and the derivatives are where the real innovation will happen in my opinion.
Re:Bitcoin and other PoW coins are an ESG nightmare
by tor11 on Monday February 15, 2021 @01:12PM
(#26145346)
> The point is when we're looking at comparative energy use, you can't just point at the whole banking system and compare it to Bitcoin, as if it's an apples to apples comparison, because the banking system provides an embarassment of services that Bitcoin does not.
this is true. bitcoin should be compared with everything required to run or "back" USD. which is a lot more energy use than most states on this planet
The point is when we're looking at comparative energy use, you can't just point at the whole banking system and compare it to Bitcoin, as if it's an apples to apples comparison, because the banking system provides an embarassment of services that Bitcoin does not.
> The strawman is disingenuous and shows how little you understand the topic.
There's no strawman here and if anything this shows how little you understood the thread you're replying to.
(Edit: fixed a copy/paste screwup)