| bowserthedog said: I think part of the problem here is I'm not sure if we are having a conversation just about bitcoin or about crypto currency as a whole. A lot of the arguments against Bitcoin are strawman. People love saying bitcoin is volatile therefore its not good to hold your day to day spending money in bitcoin. Correct. But anyone that knows anything about this understands this concept well. Realistically you would hold some cash right now for your day to day living needs. You would hold stablecoins for your emergency fund and make 20% to 40% apr on it. And then you would hold coins like bitcoin and ethereum with additional money that you have that you won't need to access. Similar to the money you might put into mutual funds etc. Mutual funds and s and p 500 are basically a joke when you can make more than 20% apr on stablecoin in crypto. The argument about illicit transactions happening in crypto is also not much of an argument. There are many facets to that discussion. First of all as a matter of privacy does the government have the right to track what you do with every penny you spend? And yeah some illegal activity is done and bitcoin is used for payment. But far more illegal transactions are settled in fiat currency. There's certainly value to physical money right now. But we need a backup plan. Similar to how we need to expand beyond the planet earth. Sure living on Mars might not be everyone's cup of tea but in a situation where the earth is no longer liveable, we could live with a few inconveniences. When you are using volcanic energy for bitcoin mining its not really a waste of energy. Because you can generate income off of it and you can replace someone who was using coal for bitcoin with a renewable resource. Good luck getting energy from a volcano in El Salvador to an area where the energy is needed without losing it all by the time it gets there. We have massive issues with this here in Manitoba where were produce hydro electricity. Every mile the electricity has to travel you lose more and more of it. Over the course of time more and more bitcoin mining will make use of otherwise wasted electricity. |
So basically bitCoin is a stock, good for diversifying your investment portfolio. That doesn't make it a viable currency.
The argument that you might as well use volcanic energy at the source to mine bitcoins instead of transporting the electricity where it can be better used is very weak. Why not farm WoW gold instead, needs a lot less energy and less expensive equipment! There are plenty more productive things you can do at the source with the energy. Heck those data centers could run medical tests / simulations instead of solve useless math problems.
As for a backup plan, what's wrong with the good old rare materials, gold, silver, etc. And why do we need a backup plan? What's coming? And how are cryptocurrencies going to help? I'm curious.
