While I strongly agree with the problems associated with Bitcoin's energy use, at the same time I'm wondering what the numbers are for traditional finance and their downstream effects.

Compare single VISA tx to the whole credit card apparatus, it has a much bigger footprint. https://twitter.com/smdiehl/status/1350881021575757824
The most important features of Bitcoin is the 'self auditing' ability, one always knows how many tokens the system has.

We need to apply this to government and corporate spending so that their accounting / bookkeeping / legal is automatically enforced and transparent.
I strongly believe it would be wrong to dismiss these cryptographic constructions because it consumes too much energy. There are constructions similar to BTC but based on digital bearer tokens that don't need mining and only need consensus for minting coins.

Lets focus on that?
Otherwise really great thread and it makes clear that bitcoin needs to be replaced with something better. And rather sooner than later!
You can follow @wires_wires.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:
Those who think consciousness raising & movement building are disconnected, or even a distraction from electoral politics have not paid attention to the history of social change.In this thread, we
Read more
The 2020s will be known as the Remote Work decadeA few predictions of what is likely to emerge[ a thread ] Third Space: Office and Working from Home will
Read more
1/29: Have you ever had a concept explained to you that helps frame complex issues you’ve been wrestling with and opens your eyes to new possibilities? A concept that I
Read more
By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.