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Earlier quoted context omitted.
They'll complain and then we'll show them the energy consumption of the finance industry.
Controlling for transaction volume the energy consumption of bitcoin is orders of magnitude higher than the rest of the finance industry.
It's been clear for a long time that Bitcoin is not suited for small transactions.
Yeah this narrative is played out. Yes bitcoin uses a lot of energy. Almost certainly less than the things it is competing against. And over time it has the potential to decrease that consumption drastically with other protocols, an option traditional banking doesn't possess. Bitcoin is already the greenest form of finance and will get much cleaner in the future.
Bitcoin is the greenest form of finance that gets greener over time? What nonsense is this? Already ONE transaction consumes as much power as an entire American household uses for a week.That is 215 kwh of energy for one transaction. It's using the equivalent of 2.26 million American homes worth of energy for just 330k transactions. A significant chunk of that is wash trading, ie people buying and selling to themselv…
Also, cite your sources
Yeah this narrative is played out. Yes bitcoin uses a lot of energy. Almost certainly less than the things it is competing against. And over time it has the potential to decrease that consumption drastically with other protocols, an option traditional banking doesn't possess. Bitcoin is already the greenest form of finance and will get much cleaner in the future.
Bitcoin is the greenest form of finance that gets greener over time? What nonsense is this? Already ONE transaction consumes as much power as an entire American household uses for a week.That is 215 kwh of energy for one transaction. It's using the equivalent of 2.26 million American homes worth of energy for just 330k transactions. A significant chunk of that is wash trading, ie people buying and selling to themselv…
T.I.L. ransomware wouldn't exist without BTC... ::eyeroll::
Tesla has a market cap of almost a trillion dollars.
Earlier quoted context omitted.
They'll complain and then we'll show them the energy consumption of the finance industry.
Controlling for transaction volume the energy consumption of bitcoin is orders of magnitude higher than the rest of the finance industry.
Genuine question: what's the end game here for Musk? He's been tweeting about dogecoin, and then Tesla invests a non insignificant amount of money in BTC. I smell something fishy.
I have no idea. Maybe it's just a pump-and-dump scheme but he's doing crypto to steer clear of the SEC this time? Maybe he's trolling? Maybe he really is going off the rails?
I always wondered what will happen when the environmentalists find out about the energy consumption requirements of Bitcoin.
Bit of an aside, but it's so wild that we label people as "environmentalists" and that anyone would place themselves NOT in that group. It seems like 100% of people should want air which is non-toxic, water which is non-toxic and food which is non-toxic. But of course, being an "abolitionist" was a political group in the 1800s but now it's just assumed that 100% of people are anti-slavery, so maybe the optimistic tak…
Genuine question: what's the end game here for Musk? He's been tweeting about dogecoin, and then Tesla invests a non insignificant amount of money in BTC. I smell something fishy.
Alternatively this is just a value storage. Musk went on record saying he thinks stock is overvalued at the beginning of 2020 and then it went on 700% rampage. This could be just that Tesla has more cash than they need and they wanted to store it in an asset sheltered from inflation.