[randomsearch]

Ok I’ve been reading about BTC and I’m finally falling into the “it’s a terrible idea” camp.

Here are the problems I’m concerned about. If Bitcoin supporters want to defend it, please could you explain why:

1. A scaling proof of work is not environmentally disastrous. The “renewable energy” argument doesn’t make sense, I think, and existing financial systems seem to be more energy efficient, but open to other counter arguments.

2. A decentralised ledger which concentrates initial supply amongst a tiny fraction of the world’s population would be a good idea and somehow preferable to the current situation.

Finally, please explain whether Bitcoin is a currency (like the dollar) or a store of value (like gold). If it’s a currency, please explain how it can be used as such when transactions are slow and expensive. If it’s a store of value, please explain why the fact that gold is physically useful and in strictly finite supply (on earth) compared to crypto currencies (in general), does not matter.