[arcticbull]

Bitcoin doesn't solve that problem. 600kWh of electricity are consumed for each transaction. Venezuelans would be mad to trade 2 weeks wages for a single BTC transaction. And that's when transaction fees are socialized by block rewards. If they actually had to pay the electricity consumed for their transactions it would be 10X higher.

Their problems are societal and need to be solved by societal means. Pretending magic beans in your computer will solve the Venezuelan objective nightmare is just ignoring objective reality. But don't just listen to me -- they all have access to Bitcoin. They know what it is. If it could solve their problems they would have started using it already. Bitcoin has no extrinsic barriers to adoption -- only intrinsic. People just don't want it, and why on earth would they?

The Bank of Canada study by real economists showed a BTC economy would have as much drain on the economy as a 48% inflation rate haha.

[TheSpiceIsLife]

> Bitcoin ... 600kWh of electricity are consumed for each transaction

That’s jaw dropping.

Where can I read more about this?

Found this:

https://digiconomist.net/bitcoin-energy-consumption

Which appears to support your claim.

[arcticbull]

Yeah, that's where I realized the magnitude of the number. They've got a bunch of extra reading articles at the bottom. The CBECI data from Cambridge University lines up with it (and I think is referenced from the Digiconomist writeup). Its methodology section explains how they got where they did [1].

[1] https://www.cbeci.org/methodology/

[TheSpiceIsLife]

I think I need to have a lay down