Bitcoin consumes 4,000,000,000 W of power to process four transactions per second. A single Raspberry Pi with a database can do an order of magnitude more on 5W. Think about that next time you wonder if it's a good design.
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How much power do you think our entire global banking system consumes, conversions of hours and miles and so forth taken into consideration? Yes, as a species we spend enormous energy on transactions. Quantification is great, but doesn't change our nature.
At current Bitcoin energy-guzzling levels, transactions cost $33 worth of electricity with normal electricity pricing (as banks would get). Which they obviously don't with traditional banking. Therefore traditional banking is more efficient than Bitcoin.
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References or it didn't happen :) A few of the currencies don't use mining, or use it in a much more limited fashion. Those could be better options.
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I know math is hard, but you can try it too, it doesn't hurt ;)pic.twitter.com/S4qgDXR1Ia
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Wow that's bull... It's amazing how wrong a person can be. But thanks for illustrating.
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Feel free to actually do the math and show me exactly how I'm wrong.
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The Nazi's were pretty efficient. Efficiency isn't the goal.
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If the Nazis we're *a billion times more efficient* at something then, you know, it'd be worth figuring out what they did to achieve that, because, you know, being evil doesn't explain nine orders of magnitude.
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I heard they can still scale up block size, would that not help in the long run? And why not stop bitcoin and instead of branching just replace it with a scalable program and replace everyone’s funds according to the last ledger? Why is this such a problem not fixable?
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Scaling up the block size won't fix the underlying problem, because it only works to a small extent. You can't make blocks 1TB big and require everyone keep them all stored. Yes, you could fork into a different (better) design, but that's not Bitcoin any more.
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