 Re: $8k - great entry point for BTC
Quote:
Originally Posted by Play  You're right! 
But then, I read an article which went into detail about the costs of running a centralised banking system.
It doesn't seem so bad then.  | Source?
If you compare the amount of electricity used by the Visa card processing network to that used by BTC, Visa's use won't even show up on the chart. 
Considering that nearly the entire planet runs off of the debt-based central banking system I would expect it to consume a fair amount of energy. Bitcoin is a novelty which can barely be used for anything, yet the Bitcoin system consumes more electricity daily than over 200 different countries. No way the central banking system comes close, plus Fiat currency is a commodity and is far from useless.
EDIT: I think it's also worth noting that all crypto's revolve around the central Fiat currency system they claim to be disrupting. The central banking system gives us the only thing we know as real currency. Real currency has to be spent regardless of how you initially get into crypto.
Anyway, going back to how BTC is depleting natural resources at an unprecedented rate. Say a Bitcoin buyer chooses to purchase 1 BTC. The Visa network uses maybe a total of 10 Watts to complete their side of the transaction. After that the BTC network consumes hundreds of megawatts to complete their side of the transaction. There's no comparison in terms of efficiency.
A lot of the people who were crying about the damage we're doing to the environment ten years ago are now some of BTC's strongest supporters. It's like everyone is willing to turn a blind eye to the negative aspects of crypto in order to hopefully get rich quick. I have a decent crypto portfolio - I'm far from a "no-coiner" - but at the same time I don't put blind faith into anything.
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Last edited by phaz0rz; 01-18-2018 at 12:04 PM.
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