How much does the current monetary policy skulduggery cost the world?
Including printing costs and physical materials and transportation costs and every ATM in the world and cash register etc etc and much more?
Seriously. With the SAFE Network, there is certainly a bit more utility with the energy use that just mining, but what is the cost of energy needed by the spare resources? Plus, those resources are going to be prohibited from efficiencies to make storage profitable, maintaining decentralization, since a slight loss and price by each individual is a great gain for everyone. The benefits of efficiency outweigh the costs of war and other criminal activity. I’ll consider legitimate climate arguments after the coming purge and when Al Gore is in prison. Lest not forget, he did invent this horrible internet we have now.
Good point DarkHorse.
They testing this function since beginning of this year ?
Easier to censor the world’s content creators on a political basis if the content that drives the national conversation is controlled by your platform.
First time that I see it today.
Thunder thunder Thundercats rooarrhhhh
Well, at least they’re being honest…
First time for me too
Never imagined to to say that aliens are so tasty with lemon or even grilled
It’s very hard to match like with like and even to pick a decent metric for comparison, but on the basis of a (very) rough back-of-an-envelope calculation bitcoin is far less energy efficient than the existing financial system.
The market cap of crypto is around $400 billion according to Coinmarketcap while the value of the total money supply is $84 trillion, so crypto is about 0.5% of the total.
https://howmuch.net/articles/worlds-money-in-perspective (the bitcoin figure in this link is out of date)
Unwilling to fork out 3 grand for a McKinsey report I can’t seem to find a good figure for energy consumption by the financial sector, but “commercial” seems to use 7% - 20% of global energy https://en.wikipedia.org/wiki/World_energy_consumption#By_sector, and the financial sector is presumably part of that. So even if we take the high figure of 20% and assume that Commercial is entirely banking / money supply / trading (which it isn’t), then $83.6tn of value is only using up a fifth of the energy supply. That money supply basically powers the whole global economy.
Crypto contributes $400 bn and uses up (or soon will) 0.5% of global energy. Arguably crypto has very little utility as yet apart from for speculation and as an alternative store of value.
In terms of market cap that would make the financial system five times more energy efficient than crypto. I reality it will be orders of magnitude more than that as I have assumed that crypto does everything that all finance does, and that finance is 100% of the commercial sector, and I picked the biggest estimate for commercial energy consumption I could find, and assumed that bitcoin is all crypto.
I realise there are massive flaws in this calculation so don’t beat me up , it’s more of a thought experiment really. I’m sure crypto’s utility will increase but I have a real problem with PoW being wasteful by design. It seems to fly in the face of all good engineering principles and it’s patently obvious it can’t scale. It’s the equivalent of the first cars which had no lubricant circulation system - you just poured oil in at the top and let it drain out all over the road. Proof of Resource just makes so much more sense. Now we just need to see the Proof of the Pudding.
Nothing against consultants, but I expect that McKinsey, and others, are headed for some new regulations…if not criminal referrals.
That aside, even a blind squirrel finds an acorn every once in a while. I just find it hard to think that most tight-buttoned types have spent much time outside of meeting rooms to go to where the emerging ideas at the frothy cutting edge are being forged. Not comfortable, not cushy, not glamorous, no $/high-risk.
You saved $3000 for sure.
I have to say that alternative store of value in today’s world is a hugely important utility factor. I also think there is a hidden cost of the blood, sweat, and tears of endless wars over oil. Rape, pillage, death, & destruction…not to mention the human/arms/drug trafficking that a sizable section of the relatively unregulated non-profit sector promotes with the aid of rogue corporate and gov’t/3-letter agencies. What is wasted when we measure all the inputs and outputs? What is the measure of human potential stifled by skulduggery? Could that 5% pay itself off in multiples?
As for POR, I’m in total agreement. Blockchain doesn’t hold a candle. I’m just not sure that the true cost of the current economic/gubernatorial/monetary paradigm can really be accounted for by measuring carbon credits…especially when carbon credits are part of the fuckery too. In that sense, the case isn’t necessarily closed on Bitcoin being a better option than fiat.
Overly simple and condescending diagram #253:
With one badly engineered website most of US users’ real-time locations are up for grabs.
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In paper terms, A2…
Genius. Haha. Hope we hear something soon, want to be able to go out and celebrate over a beer with colleagues.
Pre-Dev-Update Thread! Yay! :D
Bigger than iphoneee A3 chip