Hacker News new | ask | show | jobs
by AndrewSChapman 1950 days ago
Bitcoin is hugely problematic from an energy consumption point of view. Do we actually need it? Is there any mainstream use of it outside of speculation and gambling? Largely it seems to be a tool to make money, exploited by the rich and powerful with machine learning and automatic trades.

If we really need a way to transact without using banks, there's alternatives that have massively lower energy footprints such as Nano. Do we need Bitcoin? Should there be regulations around digital currencies and energy usage given the state of play with global warming?
2 comments
katbyte 1950 days ago
Buying drugs. Figured that was what most Bitcoin transactions were for
link
CyberDildonics 1950 days ago
No one is using bitcoin for transactions since the average transaction fee is $28.
link
katbyte 1949 days ago
are you sure? the first link when i googled this: https://www.researchgate.net/publication/333388187_Sex_Drugs....

"We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs"

link
CyberDildonics 1948 days ago
What you linked is dated June 2017
link
gge 1950 days ago
Why are you shilling Nano? No one uses it, and no one will ever use it.
link
AndrewSChapman 1950 days ago
I'm not shilling Nano. I don't use it. It just happens to be the one cryptocurrency I know that has energy efficiency on its side. Why are you so sensitive to me mentioning it?
link