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8/22/2021 08:42:00 AM
Hopefully Bitcoin does get phased out, but sadly it is still the most popular by a long shot. I can't find the stat, but I just rederived it like this: Bitcoin is less than 0.1% of transactions today so being generous you would need 1000x Bitcoin transactions to replace all of finance. Bitcoin currently uses minimum 100 TWh per year today so 1000 x 100 TWh = 100,000 TWh per year. Meanwhile the total world electricity usage in 2018 was 22315 TWh so you'd need 4x the 2018 global electricity supply even with conservative estimates. As for proof of stake crypto in general, I don't have too much trouble with it as long as it can be regulated by laws and such. The biggest drawback is just that I think money should just be one tool that society uses to ensure people are better off, but the ethos of crypto bros (the libertarian-types who advocate for it most strongly) seems to be that money is the truly valuable thing and people are all just mechanisms for moving money around. Turning finance into an algorithm that tries to work separate from human betterment feels like a step in the wrong direction to me, but my feelings on that shouldn't preclude the cryptocurrency experiment from moving forward.