I cannot understand why people (certainly not just you) are so relentlessly obtuse about the destructive effect of Bitcoin mining and how it differs from other currencies.
Say I trade a barrel of oil for $65. That barrel of oil is going to get burnt, (because otherwise it wouldn't have value to the recipient) but the process of burning it can produce something useful, like transportation.
If I burn a barrel of oil to create electricity to mine 0.0084 bitcoin (about $65), I've "traded" the same amount of oil for the same currency value, but I've used the energy up by hashing. Nothing is left over to transport people or make plastic or whatever.
There is a clear difference between a currency where it costs maybe 10 cents to create a token that circulates at $100, and one where it costs $100 which nobody gains to circulate at $100. It doesn't balance out - it is an unambiguous terrible waste. And as I think of it, isn't it really just the same waste as a 100% gold standard?
It continues to bother me that simply by having a problem with this particular argument against bitcoin, people assume I'm pro-bitcoin mining. Isn't it enough to have a problem with fallacious arguments?
Oh I think bitcoin is plenty destructive, but it's a simple fact that we never critique ANY other technology or field in terms of energy consumption this way. We don't break down the industry-at-large in terms of energy consumption, and evaluate whether that's a valuable ROI. We don't do that because doing so is reductive.
Power isn't fungible.
You know what I think is a waste? All the brain power and human resource time spent on solving problems with bitcoin when we could be putting that time toward going to Mars.
"it's a simple fact that we never critique ANY other technology or field in terms of energy consumption this way"
We do, though. I just did. I pointed out that a $100 bill costs about 10 cents to make, whereas mining $100 worth of BTC requires $100 in electricity be used.
Say I trade a barrel of oil for $65. That barrel of oil is going to get burnt, (because otherwise it wouldn't have value to the recipient) but the process of burning it can produce something useful, like transportation.
If I burn a barrel of oil to create electricity to mine 0.0084 bitcoin (about $65), I've "traded" the same amount of oil for the same currency value, but I've used the energy up by hashing. Nothing is left over to transport people or make plastic or whatever.
There is a clear difference between a currency where it costs maybe 10 cents to create a token that circulates at $100, and one where it costs $100 which nobody gains to circulate at $100. It doesn't balance out - it is an unambiguous terrible waste. And as I think of it, isn't it really just the same waste as a 100% gold standard?