Quote:
Originally Posted by Dave Schwartz
It is all well and good that the currency is supposed to be fraud proof, but my experience in the world is that there is always a way.
Although I will participate in the cryptocurrency frenzy, I think the one big issue is that since there is no regulation, if someone does figure out a way to scam the system, then there is nobody to prosecute.
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It's supposed to be secure, and was touted as being outside .GOV tracking - neither is probably true.
As for "no regulation" concerns, that can be said for the financial industry as a whole, IMHO. Very few people fitted for orange jumpsuits coming out of the debacle of 2007/2008.
Here's another blurb of electricity usage for the cryptos. While I think the extrapolations of growth are suspect (since there's theoretical limits to the number of each brand of coin), the underlying issue is the same - it's not a very green technology.
https://powercompare.co.uk/bitcoin/
Quote:
According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh.
That’s the equivalent of 0.13% of total global electricity consumption. While that may not sound like a lot, it means Bitcoin mining is now using more electricity than 159 individual countries (as you can see from the map above). More than Ireland or Nigeria.
If Bitcoin miners were a country they’d rank 61st in the world in terms of electricity consumption.
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I would not be surprised to see .GOV use this data to justify nationalizing the cryptos, freezing mining operations, and mandating the use of their controlled current coin levels for their own uses.
