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this is beyond stupidity. first we waste all that material and brainpower in stupid wars where we destroy what we build, and kill those who remember how. and then comes captchas and passwords which steal so many hours from all the humans alive. and now things like this, it really pisses me off tbh. this should be used to find cures to peoples suffering. like the value should be real.
From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?
IMO it isn't. However, I do see a huge for sending large transactions. In that sense, I don't find it too crazy that Tesla is accepting Bitcoin, because buying a Tesla is a large transaction. IMO a niche use though.
Using electricity is not the same as contributing to carbon emissions. Bitcoin is mostly mined in areas overflowing with excess green energy, and thus contributes negligibly to carbon emissions.
The idea that all electricity generation is bad and therefore all electricity usage is bad is completely ridiculous. Instead of working so hard to figure out how to hate on some technology you feel like you missed out on, maybe try understanding it for a minute, and realize the massive net benefits it offers to society.
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How does it scale when a block can only contain about 3,000 transactions?
It doesn't. Bitcoins themselves will eventually be migrated of the bitcoin network so that they can be used with the rest of the defi ecosystem.
Energy consumption doesn't cause emissions. Energy production causes emissions. Reducing consumption (by shaming it, in this case) means less investment in production, because there's less demand. This could slow the green energy transition.
Uh, less consumption also causes less production, maybe you missed that bit? And historically consumption has not lead to the green energy transition on its own, so it's a bit weird to assume it does it now.
If we're talking about emissions of bitcoin we're already talking about second and third order effects, so let's follow it all the way through.
From what I understand bitcoin currently has a $20+ transaction fee with a transaction time takes 60 minutes+ With these issues in addition to the high power consumption, how will Bitcoin become a usable currency?
Buying US stocks takes 2 days to settle. Sending simple wires in the US takes hours. Last time I tried to send significant funds from France to the UK, it took me a whole week of back and forth with the bank to complete all the AML/KYC paperwork. Let's not even talk about how long it would take to move gold from one part of the world to another cf. https://www.bloomberg.com/news/articles/2020-04-30/iran-is-h... You c…
Joke is on you, though. Even Brazil now has instant wires (zero fees).
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It won't and even BTC enthusiasts have given up on that. They narrative is now that BTC is a "store of value".
For many BTC enthusiasts the store of value narrative has been in place for a very long time. “I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.” - Hal Finney (2010)
Please put on your critical thinking hat for a minute. Using electricity is not the same as contributing to carbon emissions. Bitcoin is mostly mined in areas overflowing with excess green energy, and thus contributes negligibly to carbon emissions. The idea that all electricity generation is bad and therefore all electricity usage is bad is completely ridiculous. Instead of working so hard to figure out how to hate…
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It won't and even BTC enthusiasts have given up on that. They narrative is now that BTC is a "store of value".
It will. Via second and third layers. It'll scale just fine. An example second layer that you can use right now is the lightning network https://lightning.network/