Dick Smiths Fair Go SupportersIf bitcoin was a nation and that nation was using 40-70% #renewables, you'd be impressed.
How then have the arbiters of culture, and the #mainstreamPress and #socialMedia been able to poison your mind against it?
Meditate on that.
MWibral@dsfgs
As much as I like decentralized ways of payment, I think the argument is flawed. What has to be compared IMHO is electricity production&consumption with and w/o bitcoin. In both scenarios all renewables would be used up, thus the difference made by bitcoin mining leads to additional demand that is ultimately covered by other sources (e.g. coal in China). Things would be different if miners actually had built their own renewable power plants. But I think that has rarely happened.
As much as I like decentralized ways of payment, I think the argument is flawed. What has to be compared IMHO is electricity production&consumption with and w/o bitcoin. In both scenarios all renewables would be used up, thus the difference made by bitcoin mining leads to additional demand that is ultimately covered by other sources (e.g. coal in China). Things would be different if miners actually had built their own renewable power plants. But I think that has rarely happened.
@mwibral
How does your argument change when we swap 'bitcoin' and 'bitcoin miners' for 'legacy banking (and extraction) system, though.
The fact is these bitcoiners have breathed more life into renewable energy projects than the legacy system. Especially if 30-70% is renewable.
Sadly though all banking now goes through #CloudflareBank so, #theOccupation starts soon.
Good questions, let me try to give answers:
as far as gold (and similar 'valuables') extraction is concerned I think I'm with you - we just shouldn't mine for these things. Yet, the modern monetary systems have largely decoupled from gold etc., and the efficiency of modern payments systems is IMHO good. That argument of course leaves out all the other advantages of decentralized money. So I think the way forward would be a different, more energy efficient decentralization scheme.
@mwibral
The alleged "efficiency of modern payments system" suggested is where we differ. Its efficient at creating extreme debts for most people and stripping them. Inequality grows fueling division and the need for more consumption.
We believe the last 50 years of fiat since 1971 has been a massive #confidenceTrick.
@mwibral
Put another way we would much rather see a payment system that is slightly less efficient than #fiat, but that also doesn't have a billion side-effects that fuel #overconsumption.
Put another way we would much rather see a payment system that is slightly less efficient than #fiat, but that also doesn't have a billion side-effects that fuel #overconsumption.
I should've been more specific: I meant the energy efficiency in booking transactions; I did not mean the "efficiency" of our current monetary/capitalist system in making the rich even richer and in fostering social injustice and destruction of our environment. I do think that the organization of capital into organizations (Inc.s) that have 'making money' as their sole legally enshrined purpose, and that can own each other is a serious problem of diffusion of responisbility.