[exabyte]

Imagine trying to quantify the amount of energy that goes into the current financial system with all its inefficiencies and manpower, time and energy that it takes.

I would love to see this number compared to the amount of energy PoW consumes.

[hahaxdxd123]

Come on man, this is a bad faith argument.

Show me a smart contract that can issue an undercollateralized loan. Turns out that takes manpower, time, and energy to underwrite this stuff.

[Waterluvian]

Banks are also far more competent at being financially efficient. It’s kind of their thing.

This sounds like the typical, “other industry is run by dumb people. They need us tech devs to come civilize them.”

[losermode]

coming soon https://blog.chain.link/undercollateralized-lending-teller-d...

[TGIF]

Flash loans happen all day every day for millions of dolllars with zero collateral

[tomhallett]

While I can’t compare “manpower” energy, someone did the math comparing ethereum to ec2 - ethereum was 1 million times less efficient in processing power, network costs, and storage.

Those numbers were obviously from the POW network, so unknown how they will change post merge, but arguing that current systems waste energy too seems a bit biased.

[sMarsIntruder]

You got downvoted because “PoW is bad for the environment” is a strong mainstream argument. PoS is pure oligarchy but people loves it because “it saves the planet!!1” Eventually, people will understand differences.

[exo762]

PoW is worse w.r.t power concentration. PoW is just PoS with additional steps. Such as having connections with energy providers, being able to buy newest bitmain ASICs early, etc.