Bitcoin Has No Value: People Bank's Of China Official Announces Further Crackdown 👏
@genmaicha we're in a middle of a climate crisis and bitcoin mining uses more energy than most countries in the world
@genmaicha criticism falls on bitcoin because it's hideously inefficient technology, and you're right that proof-of-stake technologies are a huge improvement, however bitcoin is the the currency being discussed here
#Bitcoin also provides a means for citizens with no access to banking or only access to a corrupt banking system to opt out and transact and store wealth in an open and inclusive monetary system, see this article on Cuba:
A certain amount of energy usage, largely coming from renewable sources, is certainly worth it to help those less privileged than yourself and to take away the power of governments to fund wars.
Name one better way. The government theft of their citizen's purchasing power is truly insidious. Historians will look back on the fiat age as a dark time in history.
#Bitcoin mining is good for the environment. Miners are profit minded so they use unutilized hydroelectric and flare gas. Energy use by itself is irrelevant, consider the source of the energy being used.
@lizard @genmaicha your whole narrative of government theft of citizen's purchasing power is sheer nonsense, historians will look at this as a dark time in history but not for the reasons you seem to think they will.
Simply doing mutual aid or sending people the necessities they need would do far more good than bitcoin ever could.
Bitcoin mining is not good for the environment, and it's absolutely insanity to claim that it is. It's a gigantic waste of energy that could be spent productively.
My grocery bill is up 25% between 2019 and 2020 with minimal salary increase. Other expenses are higher as well. I'm quickly losing spending power while the government is benefitting from money printing. How is this not theft?
Aid has been a great way to enrich dictators with short term or no benefit to citizens. #Bitcoin will take power away from corrupt governments and give the individual the opportunity to improve their situation.
@lizard @genmaicha the wealth transfer you're seeing isn't going to the government but to the capitalist oligarchy in your country, I'm assuming you live in US here. Bitcoin isn't going to fundamentally change this problem.
Bitcoin is certainly not going to take power away from dictators, because a dictatorship can simply ban its use. Bitcoin is also not available to most vulnerable people in the society who may not even have access to computers or electricity.
This server was setup as a means to decentralize the Bitcoin social networking community in a small way. I came from bitcoinhackers.org. The administrator there felt that the users should create their own Mastodon instances to keep the community decentralized so I created this instance.