Just to put this into perspective:

The average value of a Bitcoin transaction is currently $119 and requires energy worth roughly $100 (the world average price is $0.14 per kWh).

👏👏👏

More perspective?

The global energy consumption in 2017 was 22.3 terawatt hours.

If we moved all financial transactions over to Bitcoin, we'd require over 1000 terawatt hours... each day(!) for Bitcoin transactions alone(!).

That doesn't even factor in that Bitcoin's energy consumption will be exponential to the amount of transactions.

Still believe that Bitcoin is the future of financial transactions?

I'm sorry, but no, that's laughable.

Bitcoin and the blockchain are amazing technologies, but they don't scale for what we are currently using them for.

Yes, there are enough clueless people in the market so that you can still make a quick buck (with a bit of luck anyway), but it's just one big bubble waiting to burst - by design.

Does that mean all crypto currencies suck? No, we're working on better alternatives.

Apparently some more clarification is needed here. I don't even mean to bash on Bitcoin. As I've said in this thread and many times before: it's an amazing and successful technology. By all means, go ahead and use it for whatever you like! It's great.

But please, just don't pretend and keep pushing it as the revolution that will be replacing our entire finance system. It just won't.

@fribbledom I don’t think the tech is good or redeemable in its current form. Blockchain is a really bad name for consensus algorithms on top of a merkle *tree*. Proof of Work is about the worst possible consensus algorithm you could possibly imagine, and as implemented is a scary distributed preimage attack on hash algorithms. I’m personally tired of all the “Bitcoin is bad but blockchain is redeemable” narratives. Blockchain is bad and we need to stop throwing good money at it.

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@fribbledom while the idea behind bitcoin seems nice, it is still a problem for the environment, like all technologies whose primary goal is to somehow generate money. Bitcoin doesn't really solve any problem that couldn't be solved otherwise and it does it in a way that is so much unsustainable that it borders on suicide to keep using it.

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