[meheleventyone]

The last sentence is the entire problem. It ignores the externalities of whatever it is you’re doing. Which in turn (amongst other things) makes the claim of efficient distribution questionable.

Huge energy consumption would be much less of an issue if it wasn’t also causing huge long term problems.

[atweiden]

> Huge energy consumption would be much less of an issue if it wasn’t also causing huge long term problems.

Humanity's reliance on fossil fuels and animal products are two far larger, far more pressing issues than Bitcoin's carbon footprint.

I would additionally rank “bullshit jobs” far above Bitcoin's carbon footprint in a ranking of things causing widespread social ills.

If Bitcoin became global reserve currency, all things would decrease in absolute price, disincentivizing consumerism. As the pace of technological innovation increases, and vendor competition increases along with it, absolute prices in BTC terms will go down even assuming everyone already transacts in BTC exclusively. Higher amount of available products/services, same amount of money, equals lower absolute prices. Assuming 1% annual "growth", that's 1% you gain. This isn't outside the bounds of inflation policies today, and keep in mind those inflation targets skim off the top after haircutting GDP growth — a 1% inflation in an economy expanding by 2% equals the central bank skims the 2% growth plus expands by 1%. In a Bitcoin world, that would be 3% gains for simply holding onto your coins.

As such a deflationary global currency could cause a global economic slowdown, which might be completely necessary to save the planet's natural ecosystems.

[imtringued]

Bullshit jobs are a product of low interest rates and low yield government bonds driving capital allocation elsewhere.

If CPI inflation is high that means there are not enough workers to do the most valuable work. Workers reallocate to more productive jobs and earn more money.

Interest rates usually follow CPI inflation. If interest rates are near 0% then you get lots of people starting stupid businesses. That's fine if everyone is unemployed and thus would prefer a bullshit job over a productive job but once the pandemic is over it won't be true anymore.

High interest rates force a company to be profitable enough to at least cover the interest payments. In theory the Fed should raise rates to at least 1% just to match current inflation but the economy is now full of bullshit and that bullshit is going to fail once the cheap money dries up. We can't afford to do that during a pandemic but once it is over it is necessary to cull the useless zombies.

I may or may not have conveyed this in a dramatic way but don't take this as a call to action. If you are invested in the stock market you should always make sure that you don't put too much money into dead companies regardless of how well the economy is doing. Timing crashes or whatever is futile. Your personal goals (risk tolerance aka financial security and when you want to withdraw money) are more important and should be planned well in advance.