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Over 2 percent of the US’s electricity generation now goes to bitcoin
(arstechnica.com)
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this post was submitted on 03 Feb 2024
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It's such a great idea that a good use case for it hasn't been invented in over a decade.
Its the same use case as cash.
If all money goes digital, you lose the ability to make unsupervised purchases.
Harr harr, yes drugs. But also condoms or plan b pills, which magically became a political target recently. Or any other previously innocuous thing that could someday shift into a political target.
That tracking also means anyone who buys that data can profile you. Card charges at the same store every work day? Someone who cares knows where you go for lunch. Maybe its a stalker, maybe just an advertiser trying to get you specific ads. Do you want either having that info? Buying the same specific goods for meals, or hobbies, on a regular basis? Ad companies love that, they can up prices on things your data says is a dependant purchase.
You dont want your entire purchase history trackable. Its not about having things to hide, its about not wanting someone to be able to pick you apart like a lab rat. Cash helps this, but lots of groups and people want a cashless society.
If cashless ever becomes a reality, you want a digital cash replacement to already be in place, if not underway. Better that the concept gets worked out now while we still have cash, than scrambling to set it up in a future where cash retires.
We already have cash, so as it stands, Bitcoin is far more complicated and energy intensive for no meaningful alternative reason. You're effectively arguing the wrong point, and only skirt over the real concern: a lot of people and groups want a cashless society.
Is it worth it to use Bitcoin over cash, and generate emissions, to have that digital alternative to cash? What are the reasons that these people and groups want a totally cashless society, where it would be an onerous burden to just cash for drugs, condoms, plan B, etc?
Until there's a compelling reason that is worth the energy draw and required technology, it's going to continue to be derided.
You can't use cash on the Internet. Has to be an account of some kind
"Governments and businesses are starting to push for retiring physical, gov backed money. Having a digital currency that cant be retired by a government is a good fallback plan to prevent getting stuck in a digital only system that doesnt have untraced currency."
"Uh, but we already have cash? Why would I use that over cash, which I have right now? My cash buys me drugs now, why should I swap?"
I literally cannot help you if you cant address what I say.
If, if, if! But it hasn't. So there's still no real reason to use Bitcoin today. I'm glad the concept and ecosystem exists, it might come in handy, but there's a shit ton of resources going to it, today so what is its social benefit today? Again I'm fine with Bitcoin existing, but if the only use case it's being used for right now is illegal goods and market speculation, how does it warrant the insane amount of resources it sucks up today? If we end up needing it in the future we can ramp it up, but right now I think there's way too much resources being sucked up by it for not enough societal benefit.
"Sure Ill be glad to vaccinate if I get covid. If, if, if! But I dont have it now! Theres no real reason to vaccinate now, I dont need it!"
The point of a precaution is to do it before the concerned event happens. And when multiple countries have politicians discussing cashless, and with actual businesses beginning to stop taking cash in favor of card, the advent of the retiring of physical money is an actual event that is visible on the horizon.
You will need the existence of fully finished infrastructure for digital cash before you can safely use it. We. Do. Not. Have. That. Infrastructure. If cash is killed next year? Youre fucked. We need to figure that out before we need it to be online and usable.
And while no, bitcoin specifically is likely not the answer, it is the reason why people are hunting for a better solution.
The production of Bitcoin right now is like creating billions of vaccines that have a 1 year expiration date, or getting 10 vaccines now when you're only supposed to have one. You can develop software without doing it so inefficiently that we're spending a ridiculous amount of energy in the interim. Having more mining now doesn't make the protocol better for later. I don't see how the resources going to it now are not ridiculously inefficiently used.
You just think that because you don't use it lol
For a technology sub I swear most of y'all are tech illiterate
This is a news community lol. But I agree even over on the tech community the idiocy is pretty rampant.
Someone's never bought drugs off the internet...
Just because you can buy drugs with bitcoin doesn't mean that those two things work the same.
Did I say Bitcoin?
No, but some people don't know Monero and can't grasp the possibilities that are available now, but haven't been thought of before 🤷♂
What a great reason to create carbon emissions.
Monero is ASIC resistant and therefore uses orders of magnitude less power than Bitcoin.