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Re:Bill aims to halt Bitcoin mining until its environmental ... by maxharris on Wednesday May 05, 2021 @01:25AM (#27046516)
Are they going to halt activity at the legacy financial institutions such as banks, credit unions, brokerages, hedge funds, credit card companies and the like? Those things have an environmental impact many times greater than Bitcoin does.
Re:Bill aims to halt Bitcoin mining until its environmental ... by djdjdjdjdj on Wednesday May 05, 2021 @02:58AM (#27046977)
2000 btc transactions are processed by btc every 10 minutes and the miners get the btc equivalent of 300.000$ for that.

That is enormous.

All other things you mentioned deliver real value for much much less.

And btc is not yet even used practically in any real world scenario in any relevant scale

Re:Bill aims to halt Bitcoin mining until its environmental ... by salawat on Wednesday May 05, 2021 @02:24AM (#27046803)
No it doesn't actually. The a banks electronic clearinghouse and transaction processing system can handle potentially billions of transaction per second. No cryptoshenanigans required aside from that required to secure data at rest.

You're making a claim that something predicated on everyone wasting tons of power to do hashing that just gets thrown away when the first person nails it and starts propagating, and all of that per 100 or so transactions, with at max maybe two to three dozen servers per bank, with full capability to reverse, adjust, reconcile, chargeback, so on, and so forth.

So no.

No, they won't shut down traditional financial processing. They don't need to.

Re:Bill aims to halt Bitcoin mining until its environmental ... by asd4232 on Wednesday May 05, 2021 @02:37AM (#27046861)
Your argument is like claiming that a private jet is more economical than a 747 jumbo jet, because it burns less fuel. Energy consumption per transaction is what really matters, and Bitcoin really sucks there.
Re:Bill aims to halt Bitcoin mining until its environmental ... by spaced-out on Wednesday May 05, 2021 @03:00AM (#27046986)
Yes, private jets are also wasteful And unnecessary. Yet there's no talk of banning them...
Re:Bill aims to halt Bitcoin mining until its environmental ... by w0de0 on Wednesday May 05, 2021 @10:40AM (#27050426)
Good point. They are used by extremely powerful people. We better ban Bitcoin before it’s users and environmental impact are similarly socially entrenched!
Re:Bill aims to halt Bitcoin mining until its environmental ... by valdiorn on Wednesday May 05, 2021 @04:43AM (#27047597)
yet they're trying to ban cars just about everywhere (if you've lived in urban areas for the last decade).
Re:Bill aims to halt Bitcoin mining until its environmental ... by moistbar on Wednesday May 05, 2021 @12:40PM (#27052201)
HN is particularly rabid about banning cars for some reason. I got absolutely mobbed by cyclists the other day when I said that there are legitimate reasons to use a car in a city, with someone even going as far as claiming my car is too big. When I pointed out that the cars he suggested as smaller alternatives were actually bigger than what I drive...nothing.

The anti-car movement is truly insufferable, because, at least online, it seems it's mostly spearheaded by people from Europe who have never seen how spread-out America is. I'm not about to bike 30 miles each way to work every day, rain or shine, and yet I get looked at as the villain for suggesting people stop going outside when the weather sucks.

Rant over. I hate people.

Re:Bill aims to halt Bitcoin mining until its environmental ... by dnautics on Wednesday May 05, 2021 @02:20AM (#27046787)
I would find it hilarious if someone proposed a bill to halt transactions in dollars until its geopolitical impacts are assessed.
Re:Bill aims to halt Bitcoin mining until its environmental ... by ffggvv on Wednesday May 05, 2021 @02:20AM (#27046789)
actually they don’t
Re:Bill aims to halt Bitcoin mining until its environmental ... by jobigoud on Wednesday May 05, 2021 @02:44AM (#27046904)
They do, unless you are talking about efficiency and 'per transaction' cost, but environmental impact is measured with absolute numbers.