Cryptocurrency is an energy hungry AI Virus.
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One bitcoin transaction uses 800 kw hours. 100,000 Times more than one standard visa card transaction.
The difference between the two is that one is decentralized and the other isn’t. Your transaction can’t be denied, your money can’t be frozen, you can’t be restricted as to where you send it.
Sure a visa card transaction is cheaper. You just have to give up any form of ownership of your money to use it.
Also Bitcoin is just one cryptocurrency. There are many alternatives that do not use the same level of energy so calling all crypto an “energy hungry virus” is missing the mark.
I'm an early investor. Still do your research. It's easily manipulated and controlled by governments. They can simply ban it. Or tax it. Control the exchanges, etc. And it's a giant pyramid scheme with the first many hundred/thousand Bitcoins unaccounted for (held by an unknown party). The entire crypto market is pinned to Bitcoin even though BTC itself is not the most optimized of them. Each crypto is a type of tech stack that runs on the decentralized "block chain" / "ledger" which is just a giant database spread across many corporate and end-user computers. They use fancy words for database and other stuff, which is intentional for the marketing scam that woos new people into the hype. SEC, Federal Reserve, IMF, World Bank are maneuvering to stay on top of this, you are not paying attention. It is a serious energy hungry thing (virus to say the least) and requires a big government grid to operate. It is consuming microchip supply like crazy, GPUs and CPUs are being first-classed to crypto mining farms with plebs getting the short end of the stick and last gen's hardware, it's fucked. Crypto is not possible without the type of energy grid that BIG government offers. That energy grid can be centralized. It can be controlled down to the single resident living in an apartment with a smart meter; they can disable your power remotely with the flip of the switch...smart grid indeed. Just try thinking it out a bit further.
It’s not a database. A database is a centralized store of data which someone ultimately has the power to change at will.
The blockchain is distributed, and no individual person can rewrite it. (unless they control computing power equivalent to 51% of the total computing power of the entire network, which is not easy to do and gets harder by the day)
The key technical innovation here is having a distributed system of record keeping that does not rely on any individual to be trustworthy. You can read the paper for the technical details because it is written in plain English.
That’s not how it works. Yes they can track your energy usage, yes they can shut it off. No they cannot know what you are doing with that energy. Yes it is easy to mask.
You haven’t done enough research because you seem to believe that Bitcoin represents how all cryptocurrencies work. No, not all of them consume large amounts of energy the way Bitcoin does.
That’s because BTC is the original and most trustworthy one. It’s the same reason people tend to prefer name brands over similar generic drugs.
I’m a computer programmer, I’ve done my research.
Name something that isn’t, other than God lol.
Those things do not logically follow. Many cryptos openly reserve the first X amount to pay for continued development. Do you expect people to do all this hard work for free? It doesn’t hurt the integrity of the crypto if the founder holds some for themselves. The critical thing is that the supply of crypto is fixed and not manipulated, because then nothing would separate it from fiat currency.
So you haven't heard of a distributed database? Server shards?
https://en.wikipedia.org/wiki/Distributed_database
https://en.wikipedia.org/wiki/Shard_(database_architecture)
The easiest way to understand crypto is to understand that it's just a huge database, but instead of being on one server, it's spread across many clients. I said this in my previous comment.
The industry does this all the time. They take existing technology and repackage it into a "new" paradigm. It's marketing. The technology behind crypto has existed for years. Look at Bit Torrent, or distributed databases. Smart contracts existed before Bitcoin. We saw this repackaging/marketing thing a few years ago with the emergence of "the cloud". It's the fucking internet, dude.
Yeah lol. Some of them consume insane amounts of storage space instead of consuming insane amounts of energy.
https://www.tomshardware.com/news/chia-crypto-farming-can-destroy-ssds
Sure, there are some newer cryptos that use less energy. But they ride on top of Bitcoin's price and legacy, which uses a ton of energy. These green cryptos are an extension to Bitcoin, not a replacement (yet).
That was my point. Crypto doesn't offer freedom from tyrannical governments. It gives tyrannical governments more power and ability to control people's lives adhoc, on the microtransaction scale.
God can also be manipulated. Look at what the religious institutes did. Look at what the social engineers and CIA do to control our minds. God is consciousness and for most people in society they are part of the unconscious hive mind, where everyone confirms each other's beliefs and moves in unison like sheep, it is a womb created for them by government for them to feel safe.
I have low expectations of people. Should people do hard work for free? Yes if it can bring prosperity to the world, no if the purpose is to bring prosperity to oneself. Fine line between helping out and selling out. Lots of crypto gurus are going to show their colors soon. For example creator of Litecoin doing a news interview about "the surging crypto market" when he actually sold all his Litecoin already. For many of these crypto gurus, it's a quick path to an exit strategy/retirement plan. They don't care about YOU, man.
That's debatable wouldn't you agree.
Some cryptos supply is not fixed, and that is their main feature.
Don't you think the federal reserve is looking for a compromise? Wouldn't they want something like DOGE, where they can "print more money" when they need to? Elon made a joke about this, but he was kinda serious. The Fed's job is to manipulate the finances to keep things afloat and prevent huge shocks to the market. There is a new crypto out that also injects more (new) supply into the system every so often. Wouldn't the Fed want something like this? I think they would...and I also think they would want physical (printed) fiat with crypto codes on it, backed by a Fed coin. Not sure what they'll do.
Why are you repeating Bill Gates talking points, shill?