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  1. #1
    GCG
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    Default WARNING : BitCoin destroys the environment when on large scale

    FAKT :


    Source :

    https://www.nu.nl/geldzaken/5081915/...nederland.html

    no1 news site in NL

    bitCoin uses more electricity than the whole country : The NEtherlands

    1 BTC "costs" to create

    WTF ARE WE DOING PEOPLE

  2. #2
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    This worries me
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  3. #3
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    The source of this story comes from... Analyst from the American bank Morgan Stanley. I'm sure the amount of "power" consumed by BitCoin Mining, compared to the Global power consumption of 'banks' worldwide, would be akin to a drop-in-the-ocean for BitCoin.

    Seems banks are getting a little worried about Crypto, stepping onto their turf per se.

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    Double whammy, seem to have posted this twice

  5. #5
    Sherlock's Avatar
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    Quote Originally Posted by happyfeet View Post
    The source of this story comes from... Analyst from the American bank Morgan Stanley. I'm sure the amount of "power" consumed by BitCoin Mining, compared to the Global power consumption of 'banks' worldwide, would be akin to a drop-in-the-ocean for BitCoin.

    Seems banks are getting a little worried about Crypto, stepping onto their turf per se.
    It is not coming from JP Morgan analyst. It is just a simple arithmetic. Known for years. It surprises me that anyone is surprised.

    Sadly the costs of banks and employees who go to banks by cars and servers and many other such things can not be counted by that simple arithmetic. Also the unit of water energy in China or volcanoes in Iceland is much cheaper and feasible than unit of energy let's say in Japan. There is a lot of energy "wasted" or "used" anywhere. It is just life and human beings.

    Time and market will tell. Some cryptos consume less energy per tx, some even more. Some by orders of magnitude less (POS, POI coins). Energy consumption is one of the reasons why ETH switches to POS.

    Nothing is black and white. The electricity consumed by bitcoin is also the reason, why the price of bitcoin is at least a relatively stable and bitcoin is a reserve currency of all other coins, which are at least a bit stable as well. Miners have much less incentive to sell cheaply, because they can not afford to sell under the production costs.

    But if BTC forks into POS coin, I would hold that fork for sure.

    Either way bitcoin does not destroy anything. It is humans and their needs.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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