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If Bitcoin is a Ponzi scheme, then gold must be as well.
Can you elaborate on how that's true? Gold has use in making other physical products, such as electronics, which can do things and thus create value. Bitcoin comparatively seems to be a net drain on resources and value.
Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.
The way I see it, it's either "burn" the energy in proof of work (the machines leave behind only heat and bitcoin) or let a closed institution take this energy to provide this trust.
In the end, it's all tradeoffs and incentives decided by politics and made possible by technologies.
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In the winter I ride my bike down streets lined with cars idling because their owners don't want to ride in the cold for a few minutes. In a way I appreciate bitcoin for its absurd and unambiguous wastefulness. It's sort of the perfect expression of consumerism, destroying the precious and irreplaceable earth for something immediately disposed of.
Bitcoin is the most durable money we've had, it can never be disposed of. Lost, perhaps. Energy consumption != energy production. Bitcoin is incentivizing reusable energy and moving energy to cheaper locations, further from cities. I suggest you look into how it's actually quite positive for the Earth.
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Negative yielding debt is literally a waste of time. Money is worth less as you move into the future. Fiat is literally a black hole.
Which is by design, to encourage investments elsewhere. The rise of Bitcoin and the stock market are probably an indication that the policy worked. People indeed are willing to burn their money in crypto rather than keeping them in savings/bonds
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Everything on the planet uses energy. Why are people so obsessed with Bitcoin's energy usage in particular?
Concern trolling. A lot of jealousy hides behind environmental concerns these days. You went on a trip or bought a supercar? But MPG yada-yada-yada...
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All cash is, also any investment below inflation - so most bonds.
This motivates productive use of that capital. Deflationary currencies just guarantee the rich get richer as an axiom.
Nah. It motivates rational beings to spend that capital on anything at all, as fast as possible, because the alternative is a net loss of purchasing power.
Deflationary currencies on the contrary motivate actors to think before spending, because any spending has to be balanced with the future gains that won't come from holding it and seing it accumulate value over time.
Bitcoin is a Ponzi scheme.