Bitcoin

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?

the "bitcoin uses a lot of energy" critique is so misinformed

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

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?

intersubjective mechanism design @ poidh.xyz - come chill /poidh + follow @poidhbot

Also the banking industry uses a ton of energy but no one complaining about that 🤷‍♂️

that’s an interesting take you don’t hear often

is there any research laying this argument out with real sources and numbers? would make for a great resource to have

And a currency like the dollar gets value of the oil industry!