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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?
It won't and even BTC enthusiasts have given up on that. They narrative is now that BTC is a "store of value".
And as Bitcoins get more scarce and get adopted by more and more banks and companies as reserves, the value of mining rewards is only going to continue rising, until Bitcoin will consume more electricity than the rest of the world combined. (Around the time it is worth $1.2 Million a coin.) Change my mind. Bitcoin rewards miners in Bitcoin, which is the ultimate deflationary “store of value”, and has the world mindsh…
How does it scale when a block can only contain about 3,000 transactions?
Yes it was called a cash system in the original whitepaper - but somewhere around 2013 the narrative shifted from Peer to Peer Cash to Store of Value. And it has stuck. This is a copout but it works! Bitcoin has all the features to be a great store of value and nothing more...
Bitcoin is now a store of value and you dont need it to scale if once in a while someone wants to move $50K from their savings account to their checking account to actually use. They can also have Nexo, BitPay etc as debit cards backed by BTC reserves.
So why do you need Bitcoin to be a good currency too?
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?
I don't think these are widely used in practice yet, but I might be wrong.
Earlier quoted context omitted.
Yes. Holding gold in the US was illegal due to executive order 6102. There's no need for mental gymnastics of blaming energy. Just one powerful guy says "no" and poof, its illegal. Now laws or logic required. There was an exception for collector coins and jewelry
It's not mental gymnastics to have a legitimate concern about energy usage.
I'm tired of this BS about Bitcoin and pollution. So tired that yesterday I wrote this [0]. Of course you might be in complete disagreement with me, but please read it and let me know what you think. Be kind. I am trying to have a good conversation about it, not to impose my view. [0]: https://simon.medium.com/bitcoin-and-pollution-the-definitiv...
I would suggest that is not an effective way of starting a conversation.
How much green house gases would be generated to keep our economic engines going and also who would be genrating this money?
What would the economic outlook of the world look like during covid if it happened in a world where all currency was bitcoin?
(Idea stolen from guy on reddit who actually did this)
Criticism a about bitcoin power consumption betrays an understand of even elementary economics. Replace bitcoin with beanie baby, and one could have made a similar argument in the late 90s about beanie babies causing a fabric shortage or fabric being wasted on toys that could instead be used for better purposes. When the beanie baby market crashed, the problem effectively fixed itself, as there was this sudden glut o…
Question that came to mind after reading the headline: could this become a future reason for governments to criminalise the trading / use of Bitcoin because of negative environmental effects? On the surface it seems the value of Bitcoin is directly tied to its energy consumption and thus environmental harm. I get that Bitcoin itself is decentralised and cannot be banned outright. But could it be neutered in such a wa…
After all the Bitcoin is mined, it will be the greenest crypto currency, yes?. What if we just accelerated the mining, or made them all available at once. Problem solved? Truth be told, I really don't know what I'm talking about. It just sounded good in my head.
I'm tired of this BS about Bitcoin and pollution. So tired that yesterday I wrote this [0]. Of course you might be in complete disagreement with me, but please read it and let me know what you think. Be kind. I am trying to have a good conversation about it, not to impose my view. [0]: https://simon.medium.com/bitcoin-and-pollution-the-definitiv...
As is your reference on that article - "Most bitcoin mining is using energy at the source that was uneconomical to use for other purposes, because of the loss experienced in transporting the energy to economic centers", which just links to one of your own comments on HN!
The rest appears to be handwaving - "Gold is worse!" or "It'll move to proof of stake!"
(edit: the link to the comment is not the OPs own, but it is an HN comment which just contains an assertion about green energy use)