this post was submitted on 04 Dec 2023
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Microblog Memes

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Cryptoflation (lemmy.world)
submitted 11 months ago by rnjesus to c/microblogmemes
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[–] TootSweet 3 points 11 months ago (2 children)

What problem exactly does it solve?

[–] Gigan 0 points 11 months ago (2 children)

It's secure and it's decentralized. No other currency offers both. If you don't mind trusting banks and governments to manage the money system its not a big deal. But when they fuck it up, it's the average person that suffers. Taking that power away from them is good for humanity in my opinion.

[–] FlyingSquid 1 points 11 months ago

Now let's talk about how good for humanity its carbon footprint is.

Bitcoin—the world’s oldest and most popular form of cryptocurrency, with a total market value that topped $1.3 trillion—now eats up half a percentage point of all the electricity consumed in the world. That puts it on par with the usage of the entire country of Sweden. In fact, Google could power all of its global operations on that amount of energy, seven times over. In comparison with more traditional online banking, a single bitcoin has the same carbon footprint as 330,000 credit card transactions.

https://www.nrdc.org/stories/crypto-has-climate-problem

Note, that's from February of 2022. The problem has only grown since then.

[–] [email protected] 0 points 11 months ago* (last edited 11 months ago)

It isn't secure: web3isgoingreat.com

And decentralisation is not something you want from a currency. All money used to be decentralised. Now we are encountering the same issues with crypto as we have had in the past with real money.

It is basically reinventing the wheel while claiming wood is the better material for the spokes.