Ryan Grim
@ryangrim
The problem I have tearing crypto apart is that I don’t really understand it technically at all detailed level. My objections are all philosophical. It uses up a ton of energy so people can speculate and do arbitrage. How is that worth it? I’ve used it to pay journalists in Afghanistan and appreciate that but I’d rather all this energy be spent ending sanctions. What am I missing?
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kenny 🎩
@kenny
the point is that your traditional money is backed by energy too, you just don't see it a dollar is worth a dollar because if someone tries to counterfeit a dollar they get thrown in a prison by guys with guns that's a gigantic energy overhead, what is the cost of having to monitor and stop all counterfeiting of all fiat money everywhere in the world at all times? mining covers that overhead in Bitcoin that's why people will often refer to it as "non-violent" money as well you replace guys with guns with clever cryptography + provable power expenditure to have a system of reliable money seems like a fair trade off, no?
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