[avianlyric]

> If I use some electricity to run PoW on an electronic litecoin transaction from me to my friend in Kenya, that's a hell of a lot lower energy than building and operating a Western Union in Kenya isn't it?

On an aggregated pre transaction basis we know this isn’t true. Crypto is not more energy efficient than existing financial infrastructure. Additionally you’re comparing a small part of a financial transactions (I.e. and database update) to a complete end-to-end transaction, including turning those digital funds into spendable cash.

Unless you friend in Kenya is also capable of spending that crypto, without turning it into fiat, then example is meaningless, because your ignoring all the infrastructure need to do that fiat conversion.

Additionally Kenya has digital banking infrastructure. Send a SEPA payment instead, no need to Western Union.

[quantumBerry]

>including turning those digital funds into spendable cash.

Crypto can be spendable cash. You can buy a coffee or a bar of gold with it, even bullets. Sounds like it can be used as a currency to me. It only takes a willing counterparty.

> Crypto is not more energy efficient than existing financial infrastructure.

That depends on the place and circumstance. I concede that Kenya was a poor example and I should have used someplace like Central African Republic instead.

>Additionally Kenya has digital banking infrastructure. Send a SEPA payment instead, no need to Western Union.

Assuming you are one of the one third of Kenyans who have a bank account. And assuming the one sending the money has a bank account. Both of which involve documentation and KYC, something not necessary in most crypto transactions.

>because your ignoring all the infrastructure need to do that fiat conversion

Not really, crypto to fiat can be done informally. There's several people in my city who buy and sell it and all they need is a cellphone and local currency.

It's only from the perspective of someone that thinks like a loser, always trying to find something wrong, that you can find zero uses where using crypto is more energy efficient than other financial options. And not all cryptos use the same energy or transaction cost as others.

For an example of transaction efficiency, I can buy a bar of gold from some established bullion vendors in litecoin much cheaper than with a visa card due to lower transaction risks for the merchant and lower transaction fees. If you can't wait multiple days for an ACH transaction and have to buy precious metals online, crypto is actually the cheapest way in the US.

[avianlyric]

> Crypto can be spendable cash. You can buy a coffee or a bar of gold with it, even bullets. Sounds like it can be used as a currency to me. It only takes a willing counterparty.

All true, but the same also applies to chickens, screwdrivers, oranges, dogs, cats etc. Just because you can barter with something doesn’t make it a currency.

Currencies are better identified by their fungibility (which crypto has), their value stability (which crypto currently doesn’t), and their wide acceptance for use in everyday transaction (also not true of crypto in the vast majority of the world).

> It's only from the perspective of someone that thinks like a loser, always trying to find something wrong, that you can find zero uses where using crypto is more energy efficient than other financial options. And not all cryptos use the same energy or transaction cost as others.

I’ll remind you of the guidelines, as you’ve clearly forgotten them.

> Be kind. Don't be snarky. Have curious conversation; don't cross-examine. Please don't fulminate. Please don't sneer, including at the rest of the community.

Ad hominem attacks undermine your arguments and suggest that you don’t actually have very strong argument, instead you’re forced to attack the character of the person your discussing with, due to an inability to attack their argument. Try harder.

I used be a fan of crypto, did plenty of trading, bought plenty of pizza etc with it. When to meetups, evangelised crypto to friends and family. Back then it looked realistic that crypto could be a genuine currency, and the concept of DAG was incredibly.

Unfortunately crypto has descended into little more than get rich quick schemes that take advantage of naïve investors, or produce profit by externalising all of the negative consequences of crypto mining (such as CO2 emissions). Forcing the rest of us to bear that long term cost, for a grifters short term profit.

I admit there are coins out there that potential address these issues, and still possibly have a future as a genuinely useful currency. One not manipulated by a small number of extremely large coin holders. But unfortunately that doesn’t change the damage caused by other coins.

> For an example of transaction efficiency, I can buy a bar of gold from some established bullion vendors in litecoin much cheaper than with a visa card due to lower transaction risks for the merchant and lower transaction fees. If you can't wait multiple days for an ACH transaction and have to buy precious metals online, crypto is actually the cheapest way in the US.

This is just an example of how slow and backwards the US financial system is. Most other countries have far quicker and cheaper payment rails. Here in the U.K. I can send an instant Faster Payment for free from my bank account, and the money moves faster than the app UI (I get a push notification from the receiving bank, before the UI in my banks app has had time to display the confirmation). The whole of Europe has similar payment systems that also work cross border.

The money moves so fast that when trading crypto the slowest part of buying or selling was always the confirmations. The fiat part was instant.

[quantumBerry]

>Ad hominem attacks undermine your arguments and suggest that you don’t actually have very strong argument, instead you’re forced to attack the character of the person your discussing with, due to an inability to attack their argument. Try harder.

I did attack your arguments, including many other points and I never called you a loser. Quit being so defensive. I said those who continually look for ways to make something not work, rather than finding the ways they do, think like losers. And I back that 100%! The only of the two of us who had made an ad hominem against the other is you, by saying I have an "inability to attack their (your) argument." Thanks hypocrite!

>Unfortunately crypto has descended into little more than get rich quick schemes that take advantage of naïve investors, or produce profit by externalising all of the negative consequences of crypto mining (such as CO2 emissions). Forcing the rest of us to bear that long term cost, for a grifters short term profit.

I'm not a fan of stable coins, but how many people you reckon are buying DAI or USDT with the idea of striking it rich? I hear this sad sad false diatribe over and over, completely ignoring that crypto-currencies are currencies and not investment, with people getting mad that crypto is not an investment that is going to provide returns for naive "investors." And then they go on to attack crypto for not living up to being an investment!

>I used be a fan of crypto, did plenty of trading, bought plenty of pizza etc with it. When to meetups, evangelised crypto to friends and family. Back then it looked realistic that crypto could be a genuine currency, and the concept of DAG was incredibly.

So you were a dogmatist for, and then apparently now a dogmatist against. Try being a neutral pragmatist that doesn't believe crypto is an investment utility but rather one possible financial engine that allows electronic transactions without KYC or centralized authority.

[avianlyric]

> The only of the two of us who had made an ad hominem against the other is you, by saying I have an "inability to attack their (your) argument." Thanks hypocrite!

Re-read my comment, that’s not what I said. It’s difficult to have a discussion with someone who selectively quotes text, and deliberately ignores the wider context.

> I'm not a fan of stable coins, but how many people you reckon are buying DAI or USDT with the idea of striking it rich?

One of the original stated goals of USDT was to provide an on-ramp to other crypto, and do an end run around KYC and AML laws. People don’t buy these coins to get rich, they buy them to either purchase other coins, or to temporarily insulate themselves from crypto volatility, without having to resort to fiat. Additionally the fundamentals to USDT have been called in to question may times, with plenty of evidence that whole things scam and someone’s stolen the backing fiat.

> Try being a neutral pragmatist that doesn't believe crypto is an investment utility but rather one possible financial engine that allows electronic transactions without KYC or centralized authority.

I’m not sure how you’ve ended up deciding that you think I treat crypto as an investment, not a currency, after I’ve explicitly said the opposite.

As I said I believed that crypto could be a very interesting and useful currency, unfortunately it’s not panned out that way. Saying we should treat crypto like a currency when it doesn’t behave like one, and when most people don’t treat it like one, is hardly pragmatic. A more pragmatic approach is to observe how others are using it, observe how it behaves, and treat it like that. If it looks like an value gaining asset, and people treat it like a value gaining asset, then it’s a value gaining asset. Not a currency.

To cover your eyes and ignore the reality of the situation is just foolish. It certainly does nothing to advance the cause of crypto being a currency.

[quantumBerry]

Why are you wasting so many 'watts' sending this out? Every watt you use for debating on HN is a watt not used for something more productive. [ Personally I prefer units of energy like joule, power is not a measurement of wasted energy. If I wasted 10 kW for 1 minute it's not as bad as wasting 1 W for 11,000 minutes]

>If it looks like an value gaining asset, and people treat it like a value gaining asset, then it’s a value gaining asset. Not a currency.

>I’m not sure how you’ve ended up deciding that you think I treat crypto as an investment, not a currency, after I’ve explicitly said the opposite.

Again you go on contradicting yourself whenever you find it convenient. You are possibly the most disingenuous, contradictory, hypocritical person I've met on HN. Fine to waste 'watts' on social media news sites but not to send a payment to your unbanked cousin in El Salvador. Have fun thinking like a person who only looks for ways to fail, rather than ways to succeed.

Not a biblical person myself, but I'm going to take a note out of the bible on this one : " Answer not a fool according to his folly, lest you be like him yourself."

Have a good one.

[avianlyric]

One bitcoin transaction: 1821.63 kWh

One comment on HN, probably around 100mWh.

One is not like the other. But please continue to pretend otherwise.

> Again you go on contradicting yourself whenever you find it convenient.

Please be explicit and show we’re I’ve contradicted myself. I don’t believe I have, but happy to be proven otherwise.

> Not a biblical person myself, but I'm going to take a note out of the bible on this one : " Answer not a fool according to his folly, lest you be like him yourself."

You make a good point. Why have I bothered to talk to someone who is so clearly disconnected from reality.