I have no idea why I am being censored so much in this bitcoin group. Why can’t there be a healthy discussion on the possible downside of supporting an anonymous cryptocurrency which clearly will not benefit the masses?
I start off by saying there is a massive cost to maintaining the system, there is a cost for transactions and also the fact that the coins can be hacked, stolen, code changed, a plethora of faults that clearly new investors high on the dreams of making massive profits do not see. Ask all the investors of old who spent money on bitcoin what has happened to so much of their coin.
A funny comment on one of the treads here….
Here is roughly how much energy bitcoin mining consumes, not only ultimately is this not sustainable, but also it is a horrible waste of our resources.
Now this has to be done regardless and will continue to increase because after all mining is a competition. I think POW will eventually fizzle out.
There needs to be a better system but there is also a problem with the lack of transparency.
For all we know there could be governments who are actively working to undermine the US economy by manipulating BTC price wither through payment processing, performing large scale transactions and holding like big companies like tesla are doing. The big guys always make profits. It is always the little guy who loses.