Speculators might make money on it, but the arguments for its usefulness fail completely.

  • Esoteir [he/him]
    ·
    3 years ago

    is it really more stupid than the global financial system already is?

    it's about to surpass the global financial system in power consumption and keep soaring past it with no end in sight so that's gonna be really epic at least

    • protochud [comrade/them]
      ·
      3 years ago

      got any links? i know that it's pretty wasteful, but crypto people always deflect by pointing to how wasteful the current financial system is

      • Esoteir [he/him]
        ·
        3 years ago

        www.forbes.com/sites/lawrencewintermeyer/2021/03/10/bitcoins-energy-consumption-is-a-highly-charged-debate--whos-right

        crypto is currently at 120 TWh and rising, global banking is currently at 140 TWh

        gold mining is currently at 132 TWh, but at least you can use gold to wipe your ass

        • CylonZebra [he/him,comrade/them]
          ·
          3 years ago

          at least you can use gold to wipe your ass

          There's legitimate uses for gold like electrical connectors and reflecting electromagnetic radiation.

        • Cherufe [he/him]
          ·
          3 years ago

          Also practically nobody uses crypto if you compared to global banking yet they have similar energy usage wtf