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I wonder how many countries-worth of carbon emissions global gold extraction equals?
Gold only has to be dug up once and then can sit in a vault while being used in any number of transactions. The initial cost is increasingly spread across those transactions, in this sense. BTC's cost per transaction, on the other hand, increases constantly.
Or how much electricity is squandered by global banks leaving their lights on over the weekend?
- Again, a tiny cost compared to the total cost of BTC.
- When you spread it across the number of transactions those banks carry out, compared to the relatively tiny number of BTC transactions, it becomes microscopic.
- Fiat currency doesn't depend upon office lights being turned on.
- Banks actually do a lot more than create and store fiat currency. Despite what the more delusional members of the cryptocurrency community think, if the world switched to cryptocurrencies tomorrow, there would still be banks.
All feels a little besides the point, on a macro scale...
BTC's energy costs are on a bloody macro scale.
- Again, a tiny cost compared to the total cost of BTC.
itsbruce-
Gold only has to be dug up once and then can sit in a vault while being used in any number of transactions. The initial cost is increasingly spread across those transactions, in this sense.
What transactions are these? I hope you don't mean gold-backed currency transactions, because that's not a thing anymore...
georgert
This is worth a look, presuming you've not seen it already:
https://squareup.com/us/en/press/bcei-white-paper
I find the 'Bitcoin-energy-usage-equals-X-country' argument pretty tiring. I wonder how many countries-worth of carbon emissions global gold extraction equals? Or how much electricity is squandered by global banks leaving their lights on over the weekend? All feels a little besides the point, on a macro scale...