[shawnz]

> Nic doesn't say that Bitcoin consumes less power than you think on a per-transaction basis.

Sure he does:

> Second, metrics like the “per-transaction energy cost” are misleading because transactions themselves do not cost energy; nor does bitcoin’s CO2 footprint scale with transactional count.

The point is that transactions per second isn't the unit of value by which Bitcoin is priced. Bitcoin is not competing with other monetary systems simply on the basis of transactions per second, but also network trustworthiness/security

[arcticbull]

You stopped reading half way through my sentence. He’s not disputing Bitcoin energy usage he’s disputing visa. That’s what I wrote.

[shawnz]

I did read it but I cut out the irrelevant part.

He's not disputing the per-transaction cost of Bitcoin OR Visa, and is explicitly pointing out how looking at it on a per-transaction basis is misleading.

He is disputing the overall total network costs, not considered on a per-transaction basis but in terms of the total value provided by the network to all its users.

Transactions per second is just one of the factors that could add value to a monetary system, but it isn't the only one.

[arcticbull]

I think you’re being intentionally disingenuous like Nic, but at least he was clear: “ Any energy comparison must take the above into account – including the externalities from the extraction of oil, which implicitly backs the dollar.”

I factored it in with my calculus and you and nic are wrong. If you believe otherwise please show your work like I did not gut feelings.

TPS is a means to an end re disproving the thesis not a talking point about utility.

I am not looking at value in terms of TPS. TPS an intermediate step in my calculation. I am looking at total system usage. Sorry bud, your system is the digital equivalent of rolling coal and no amount of mental gymnastics will change that.

But by all means show your work and let’s talk about it, don’t just say “nope try again” haha that’s what people who have no leg to stand on do.

[shawnz]

Right, he is comparing the total usage of the network including externalities. But not on a per-transaction basis, since that would be meaningless, as the transactions per second can be scaled arbitrarily with almost no change in energy consumption.

The problem here is not about including the externalities (although that is an important thing to consider). The problem here is that it is a mistake to look at the value only in terms of transactions per second when transaction rate is just one factor by which you can judge a monetary system. It's not necessary for Bitcoin to compete with other monetary systems in terms of transaction rate for it to be useful.

[arcticbull]

Show your work!