Imagine what would have happened to a country that banned microcomputers in 1976. That's what's going to happen to Turkey.https://www.reuters.com/technology/turkey-bans-use-cryptocurrencies-payments-sends-bitcoin-down-2021-04-16/ …
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Paul, have you shared an opinion on the electrical demands that the Bitcoin industry is requiring?
It's unfortunate, but it's a feature of bitcoin, not cryptocurrency in general.
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Initial feature which has turned into a bug, though. Agreed there are other cryptocurrency options, so the entire industry doesn’t need to be maligned over it, but the world’s trajectory with crypto and Bitcoin as the first rocketship is troubling.
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They may be able to change from pow to po* eventually, even if it's hard to reach to that consensus.
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“electrical demands... a feature of bitcoin” Q What kind of startup would tackle this problem?
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None. It's not a problem, and if it was, it's not something a company is a solution to.
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Bitcoin does not "waste" energy. Bitcoin eats energy waste, as only the cheapest (least demanded) energy can be used to mine profitably. Don't fall victim to FUD. Note that no one even cares to compare bitcoin energy use to say, gold or the dollar.
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I re-shared this earlier too, it compares to Gold. The purported cost of 926 kWh for a single Bitcoin transaction: is that wrong?https://digiconomist.net/bitcoin-energy-consumption/ …
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If the price skyrocketing is entirely driven by artificial scarcity and people’s demand, then what will undo it someday is people demanding something else. Hard to tell when that will be, or how much fortune will change hands in the meantime, but it’s certainly possible.
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