muesliMar 30, 2024
"Cryptocurrencies are everything people don’t know about computers combined with everything they don’t understand about money."
Show threadNicole ParsonsMar 30, 2024

@fribbledom

Slight addition...

"Cryptocurrencies are everything people don’t know about computers combined with everything they don’t understand about money, with national security implications. "

The intent of cryptocurrency is to supplant the US dollar as the global reserve currency, and add profligate & wasteful energy usage with national security implications.

The fossil fuel industry funds these initiatives to continue frying the planet & sabotage democracy.

https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product

UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product

Global Bitcoin mining is highly dependent on fossil fuels, with worrying impacts on water and land in addition to a significant carbon footprint.

United Nations University
Show threaderrorbody

@Npars01 @fribbledom

The Bitcoin network uses PoW (Proof of Work), but most other blockchains use other consensus mechanisms such as PoS (Proof of Stake) which only use a small fraction of energy. That's an important distinction to make.

Mar 31, 2024 at 7:02amMastodon for Android
Show threadTröglödÿtMar 31, 2024

@errorbody @Npars01 @fribbledom

not really

Show threaderrorbodyMar 31, 2024

@troglodyt @Npars01 @fribbledom

Do you mind to explain? It's a huge difference in energy consumption. That has to be pointed out. People outside of crypto most often only hear about Bitcoin. They hear about the coal or fossil fuels being burnt for mining, etc. Bitcoin is big but other chains are already more important and they work differently.

Show threadTröglödÿtApr 6, 2024

@errorbody @Npars01 @fribbledom

it's mlm:s for vulnerable dudes, with a side of tax evasion, doesn't become tolerable just because one mlm doesn't burn through terawatthours of slightly randomised towers of saigon but instead has some other scheme to pull people in

Show threaderrorbodyApr 7, 2024

@troglodyt @Npars01 @fribbledom

If you're worried about tax evasion you should point your arrows to the rich, the multimillionaires and the billionaires who by the grace of politicians don't have to worry about taxes at all. This has been the case for decades and they're free to do what they want. That's the true scandal.

You're describing a single segment of the people who use blockchain which isn't representative for the entire community which is very diverse.