Proof-of-work is an abomination. Totally irresponsible.https://twitter.com/bascule/status/1234493080583143424 …
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Absolute nonsense. Nearly 80% of Bitcoin mining uses renewable energy most of which would otherwise be wasted, and (using Merkle trees) a single Bitcoin transaction can represent millions of transactions and secure $Trillions in value.
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Bitcoin also replaces extremely inefficient processes such as mining and transporting gold, armored trucks, building vaults, and employing millions of people.
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In the past 24 hours Bitcoin moved $40,788,682,218 and processed 353,179 on-chain transactions. More than 30% of those transactions were batched or meta transactions representing more transactions off-chain.
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This is both thin gruel and *wildly* inefficient:https://www.reddit.com/r/Ripple/comments/7pl404/swift_handles_5_trillion_per_day/ …
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SWIFT does not settle transactions. Only sends secure orders. Banks then communicate ad-hoc and settlement often takes days (or more, over multiple hops w/variable fees). BTC confirms in minutes and reaches finality within an hour. SWIFT costs orders of magnitude more.
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Bitcoin doesn't fully settle transactions either. It creates an additional Forex problem for all parties.
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Replying to @slightlylate @_ericelliott and
What do you mean with additional Forex problem?
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