Full video from today’s #crypto hearing in the Senate Banking Committee: https://youtu.be/kepYlbFZN9I #cryptocurrency #bitcoin $BTC #blockchain #Ethereum
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Was there any discussion on the energy costs associated with the computation necessary to maintain these blockchains?
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Have you considered the ridiculous amount of energy it requires to keep banks open?
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Think about it. How much energy do you think every bank in the world combined uses on a daily basis?
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That's a great question. What is the right measure to ensure the comparison is valid, since crypto is not close to a dominant currency method?
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Megawatts would be ideal, but hard to tell exact wattage required for any one location, sky scraper, or server owned by banks. But you have to grade it on an ever moving curve since energy requirements of crypto constantly change with technology advancemnts
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I'm not opposed to crypto. I just asked the question, not saying solutions aren't being developed. But I don't think total energy (wattage) is correct unless also account for relative demand in overall tracking of transactions.
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Depends on what we're measuring the energy consumption for in the first place then
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Thankfully we have guys like Mark Warner who are able to go to bat for the young people of this country, so that we can get some forward progress.
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These are really exciting times. Times to lead from the front, by example and settle these seas. I am pumped!
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Bitcoin is the ONLY Blockchain
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The only blockchain with censorship resistance and network effects. So true - bitcoin is blockchain. This is a very concerning misunderstanding among the uninformed.
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Well done
@MarkWarner for having the foresight to back what is inevitably going to change the world. Great to see men like yourself speaking out.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Thank you Senator for having the vision to let this new asset class develop.
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Gaaaaaaaah.
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Seriously, blockchains are basic old crypto technologies wrapped by layers upon layers of hype.
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Seriously, cell phones are basic old radio technologies wrapped by layers upon layers of hype.
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Except, not really. There's significant amounts of new technologies, algorithms etc built to make it a reality.
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The first Nokia phones is where we are today if we compare cellphones to crypto. Doe’s it mather if its old tech? When the whole space will eventually give birth to new ideas, new blockchain technology and other new tech like hashgraph etc.
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It matters because pretty much all the blockchain based technology lacks in their fundamentals. The whole cryptocurrency craze is largely a case study in why regulation exists, and most of the other uses of blockchains aren't using it for more than a cryptographic signature.
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I'm not saying there can't be relevant and even positive outcomes, but saying it'll be as transformational as mobile phones seems to either massively undersell the societal impact of mobile phones, or oversell the potential of blockchains.
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It was difficult for people to understand the world network of information Tesla talked about when he was doing experiments with spark gap generators. Often inventors dream of a world with their invention perfected, but then have to deal with reality of getting from point a to b
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