41–50 of 198 posts
They cite environmental and transparency concerns, but somehow I believe it's more about control and ensuring the continuation of the debt based fiat systems. I have a litmus test I use when discussing global financial politics with friends - "What were the main factors you think lead to Ghaddafi's killing?"
Will the big banks, institutions and governments make a move against DeFi soon? Seems like it.
Of course, they don't want to lose their part of the pie.
The world bank responding to such a request shows how big of a thing Bitcoin has become. It also appears that the concerns are not strong, more wishy-washy comments that could be disputed or clarified eventually. Wonder what they say if/when more countries do inquiries and adopt Bitcoin.
My local bank would also respond to a request for $1 billion dollars to buy Bitcoin.
>"While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings," they added. Environmental as the #1 concern? Bitcoin's enegery:market-cap ratio - a proxy for energy vs. value to humans - is >300x better than an airline & 60x better than JP Morgan & 20x better than google's. https://twitter.com/Okcoin/status/1403…
The absolute figures are bitcoin uses about the equivalent of Sweden’s energy consumption every year. Renewable energy isn’t free and should be replacing legacy sources, not being used to do pretend work. Environmental is a huge factor.
The world bank responding to such a request shows how big of a thing Bitcoin has become. It also appears that the concerns are not strong, more wishy-washy comments that could be disputed or clarified eventually. Wonder what they say if/when more countries do inquiries and adopt Bitcoin.
> The world bank responding to such a request shows how big of a thing Bitcoin has become. Does the World Bank get to choose which member requests it responds to? I would think they have an obligation to give every request at least a cursory evaluation.
We keep talking about how tech should be used to make a net positive change yet we allow this glorified linked list that has 0 real world benefits after a decade to get a pass because some man children run around promising it's the future.
Earlier quoted context omitted.
Why are you comparing energy:market-cap ratio instead of something like energy:transaction-volume ratio for example? I'm sure if you compare Bitcoin to Visa on that metric instead, it'd look pretty bad for Bitcoin.
The value Bitcoin provides to humans is about more than the transactions. The value is primarily about security as a store of wealth. This is why I use market cap.
They cite environmental and transparency concerns, but somehow I believe it's more about control and ensuring the continuation of the debt based fiat systems. I have a litmus test I use when discussing global financial politics with friends - "What were the main factors you think lead to Ghaddafi's killing?"
In fact, the fact that bitcoin has no on-chain notion of credit is a major limitation that relegates it to being digital gold, not a digital dollar.
I'm very ignorant about Bitcoin, but given El Salvador's big problem with crime, doesn't adopting Bitcoin give the cartels an extremely easy way to launder their money?
Depends on how tech savvy they are. Bitcoin has a public ledger, so once you know who the owner is of a particular address, you can view all of their past transactions and all the addresses of those transactions, potentially exposing a lot of metadata of their activities
Earlier quoted context omitted.
I disagree with your transparency point. I see that a lot of Layer 2 solutions like Lighting started which basically can make it nontransparent like Monero.
Lightning is anything but transparent. It requires trusted nodes to operate.