i should be smarter than to argue with bitcoin maximalists about the energy intensity of bitcoin, but seriously, technologists, the industry has a problem with energy usage *even at this scale*. if it 'actually' scaled to replace everything it would be catastrophic.
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increasing scale -> increasing fee competition -> increasing incentives to mine -> increasing energy usage. the hiccups in this argument are that (a) the incentives are currently dominated by block rewards and so scale with bitcoin price, (b) transactions might be moved to L2pic.twitter.com/wXGHhVphUf
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i will admit i am having a hard time justifying any simple scaling law for fees institutions outbidding each other in order to get their transactions completed ultimately fees pay for energy, how does it scale with demand? demand goes up, supply fixed: price goes up with L2?
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great point. it’s still within a factor of 2, but, do you happen to know how far it actually can scale?
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