@yogthos what's so bad about bitcoin though? aside from some technical flaws, I fail to see why cryptocurrency is regarded as such a bad thing.
@yogthos So do things like youtube, google, and twitter, but the criticism mainly falls on bitcoin because it poses a threat to the dominance of currencies like the dollar and the yuan.
@yogthos what's more, there are platforms like cardano which use way less energy because they don't rely on proof-of-work--but if something like cardano becomes really popular, I'm sure it would be regulated in the same way that bitcoin is being regulated, because lawmakers are primarily concerned about the economic threat of cryptocurrencies, rather than the environmental threat

@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

@yogthos @genmaicha

Proof of stake recreates the existing flawed system were a handful of elites control the monetary policy and receive newly created coins, it solves nothing except for making coin creators wealthy.

removes the power from governments to steal from their citizens through inflation to fund harmful activities such as the pointless 20 year war in Afghanistan.


@yogthos @genmaicha

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.

@lizard @genmaicha there are so many better ways to help less privileged than bitcoin, and this "certain amount" of energy amounts to an insane amount of energy in practice.

@yogthos @genmaicha

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.

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.

@yogthos @genmaicha

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. 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.

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