Europe must ban Bitcoin mining to hit the 1.5C Paris climate goal, says Sweden

Re:Europe must ban Bitcoin mining to hit the 1.5C Paris clim... by SkittyDog on Tuesday November 23, 2021 @06:37PM (#29325032)

FWIW, I'm a cryptocurrency skeptic, and generally pessimistic about where the world economy is heading for the next decade. I assume crypto's popularity, like the US housing market, is largely an artifact of low interest rates and massive government deficit spending, which I also assume will run into some limits, in the next few years... In other words, I expect crypto to crash hard, and languish for at least a decade. If it does return, it'll be fully co-opted & tamed by governments and Big Finance.

So I believe that the carbon footprint issue will resolve itself, relatively soon.

I really do hope I'm wrong about where the world economy is heading. It's honestly got me feeling pretty terrified.

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Re:Europe must ban Bitcoin mining to hit the 1.5C Paris clim... by imtringued on Wednesday November 24, 2021 @05:15AM (#29328547)

Low interest rates are the result of low inflation and low velocity of money. Housing and crypto are up because land and crypto have no opportunity costs. They are highly speculative even with high interest rates.

Also, modern government deficit spending is just plain tax cuts. The government doesn't actually release additional money into the economy. Republicans and democrats don't want Biden's spending packages.

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