If you can't squander resources, how do you ever know if you have enough?
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Indeed; what was I thinking? ;)
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The bitcoin as religion types believe that cryptocurrency is a black hole and fiat currency has slipped over the event horizon. It is just a matter of time before bitcoin becomes the dominant global currency.
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The very idea that bitcoin mining attracts so much interest demonstrates its failure. The idea that “mining” provides value for performing no work is theft - theft from the planet and from her people.
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Did I mention theft? This is just stupid.https://twitter.com/arazth/status/997125329222123522 …
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No, it’s actually fuck the banks.
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Granted, if it would be done with renewable sources, it would probably not be as bad, no? Once we have reached full renewable energy, it will be a full paradigm shift.
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Not really... it unnecessarily drives up total energy consumption, meaning that it becomes harder to achieve full renewable energy.
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+ bitcoin lightning network won’t make buying coffee energy hungry. You can even use bitcoin offline now. Other innovations will emerge. It may ultimately not be a good thing tho’ - this remains to be seen. But the current toxic fin system seems to get a free pass from critics.
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You are quite right to have concerns/doubts about new models. But concerns (grave ones esp) ought to begin with the current system. It is ruinous.
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Global debt cannot be repaid. The fractional reserve central banking model is a scam.
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Plus there are sustainable electrical energy production systems available today and going forward that will never, ever, be able to deliver against existing monetary systems. We have unsustainability baked into the financial status quo. This is a key reason why bitcoin has grown.
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Not necessarily. Fiat currency - with fractional reserve lending combined with usury - consumes far, far, *far* more energy than bitcoin. Consider global debt levels and then factor in interest and the ability for banks to create new money from nothing and then apply interest.
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This is an interesting point.
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The whole thing could run on a single laptop. Energy projections don't take into account the energy expense limiting mining profitability.
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