China powers nearly 80% of the global cryptocurrencies trade, but the energy required could jeopardise its pledge to peak carbon emissions by 2030
Insanity...and gross irresponsibility. I wish you hadn't posted that - that's started my day badly.China powers nearly 80% of the global cryptocurrencies trade, but the energy required could jeopardise its pledge to peak carbon emissions by 2030www.theguardian.com
It's worth doing a bit of maths here just for context...Just another confirmation that Humankind is serious on achieving human extinction. There are obviously many other steps taken but this one is quite singular in its contribution without any identified benefit whatsoever for humanity....except money laundering...
I have a 7 yo and that generation have no idea of the concept of cash and counting money. They teach it at school but never see in practice. I wonder what percentage of transactions are digital?Has anyone seen comparisons of the overall costs (energy and otherwise) of different forms of currency transactions and investments? Creating coins and notes, transporting them, and creating the retail and banking infrastructure to handle them is hardly cost free either. And the overall cost (sorry - I meant of course contribution to our economy) and environmental impact of the financial sector must be huge
(I had never thought of this until one small cycle repair shop surprised me by saying they preferred payment by credit card rsther than cash - as they had to make fewer trips to the bank, overall they felt the money was more secure, and even with cash they had to pay fees to the bank.)
Of course it is, Richard. I'm repeatedly agreeing that its energy usage is a really unpleasant factor of its existence.
The vast majority of our customers are 25-40, and we are under 3% cash, the rest credit card. Though in France credit cards are really debit cards. Mostly.I have a 7 yo and that generation have no idea of the concept of cash and counting money. They teach it at school but never see in practice. I wonder what percentage of transactions are digital?
I understand your points better now, Julian.Of course it is, Richard. I'm repeatedly agreeing that its energy usage is a really unpleasant factor of its existence.
But surely it rather clearly proves that plenty of people do feel they need it though? One of the more easily justified uses is in Venezuela - scores of people are using Bitcoin to avoid the hyperinflation issues of the Bolivar as citizens feel it's a more stable store of value.
Could you therefore not make the same argument against fast fashion for example, its impact on the environment is horrific amongst a whole host of other awful things from slave labour to inundating the third world with discarded clothes - I don't really feel the world needs it - is the solution just "getting rid of it" for something that clearly has a lot of demand? Surely not. It's so much more complex than that, in the same way that distilling Bitcoin down to its energy consumption is equally not as simple as a non-contextualised headline makes it sound.
I don't know why my posts seem to be perceived as having a relaxed opinion on Bitcoin's impact - I'm saying let's have a rational conversation about the issues it has, the potential solutions, without being clouded by grand statements in headlines that don't communicate reality all that well. As another example of why the electricity figure should be queried is we have no idea what percentage of that electricity is generated renewably - solar bitcoin mines are a thing, and actually there's quite a lot of justification to pursue renewable energy as a source of power for it as the price continues falling below the cost of fossil fuel derived electricity.
So, like Formula 1 being responsible for most of the huge leaps in more efficient driving, Bitcoin mining could be a catalyst in pursuing electricty generation that's better for the globe. There is so much to learn from this particular crisis that merely "shutting it down" (which isn't possible anyway) feels more like a waste of incomplete progress to me.
That is a huge issue Max with big implications. Personally, I hope that we don't lose cash alongside the zeros and ones.Would I be correct in thinking that in a few years or decades most nations will use a digital currency and dispose of coins and notes so called dirty money. More clarity on transactions and no more money under the mattress?
Max that is the current situation. Only 5% or thereabouts is physical notes and coins. The rest just ledger entries.Would I be correct in thinking that in a few years or decades most nations will use a digital currency and dispose of coins and notes so called dirty money. More clarity on transactions and no more money under the mattress?
The ability to avoid financial repression. Governments were thinking of just taking your money away when it is deposited digitally by removing a few per cent to encourage you to spend it and not save it. All done at the stroke of a few keys. And why should the government be able to track every transaction you make down to the very last detail? That's a huge loss of privacy. Governments have always destroyed the value of money and making it digital makes that even easier.What other reasons are there other than nostalgia and a lack of card payment facilities?