235
Is Crypto Finally Dead?
(beehaw.org)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 19 Jun 2023
235 points (100.0% liked)
Technology
37208 readers
298 users here now
Rumors, happenings, and innovations in the technology sphere. If it's technological news or discussion of technology, it probably belongs here.
Subcommunities on Beehaw:
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 2 years ago
MODERATORS
Some of these points are not inherent properties of cryptos, like the environmental impact and the transaction overhead.
it's not even just that. if you count the number of transactions across all cryptocurrencies that are confirmed by mining, they are absolutely dwarfed by the number of transactions that are not confirmed by mining. same thing with volume of money moved. the environmental complaint applies to a minority of the total activity.
And shouldn't the environmental cost of "real" currencies be compared as well? It's not like printing and minting all those bills and coins is zero energy. Even treating it virtually (direct deposit, etc - we rarely handle cash) has some overhead.
I don't have a horse in this race, but comments that are obviously trying to grind an ace are suspicious to me.
On the tech side of things, the environmental impact of running traditional, centralized services is inherently lower than running any cryptocurrency off of a blockchain. To overcome the technical limitations would be to create another centralized service.
But yeah, there are almost certainly ways that traditional currency can reduce their environmental impact, too.