@aral @dsfgs @actualsteerpike No, Bitcoin is not a "net positive for the globe".
Bitcoin set out to disintermediate the banking system, but it failed.
What it produced was a horrendously inefficient energy-guzzling monstrosity, which only really empowers people who already had a lot of money in the economy prior to Bitcoin's invention. The usual suspects got richer out of Bitcoin and the banking system wasn't obsoleted by it.
its also got a whole load of well educated, middle class kids into not just using but dealing hard drugs, from a demographic that rarely got that deep into these substances and tend to have well off and articulate parents.
3 lads from a forum I help moderate fatally overdosed this way, others fed more addictions and the backlash from this will only reinforce drugs prohbition and trust in conventional authority to "sort things out"
many of the drugs are diverted pharms produced by legit companies in USA and Europe; they are safe used in moderation but the whole culture associated with capitalism and cryptocurrency doesn't encourage that!
Selling drugs online does course predate cryptocurrency by about 8-10 years - /but/ the extra anonymity provided by it makes it harder to trace the dealers so it became a more attractive "career prospect" for those who might not have considered it. >>
there's a mixture of cryptocurrency and normal cash used on the drugs scene depending on the resources and social class of the dealers and users, but there's a whole new drugs culture now including techbro types that I never saw before in the 1980s and 1990s (in the end, it became dysfunctional enough to make me decide to quit the lot and get sober, which neither my parents, religion nor the cops had succeeded in doing over 30 years 😆 )
@dsfgs @bob @aral @actualsteerpike If I look at the metric of "is the banking system gone yet?" I notice that indeed, no, Bitcoin has not made even a ding in the banking system. The same crooks are running the same old international scams, politicians are still stuffing their ill-gotten cash in offshore accounts, and Bitcoin has made no difference.
I can also look at the independent variable of "are people spending bitcoins on stuff they actually need?", and indeed again no, nobody around here uses bitcoins, or accepts bitcoins as payment for goods or services.
So really on every measurable indicator, Bitcoin has been a failure.
Bitcoin is the '#geekproblem solution to the worship of money.
The smile, trust, a helping hand is the currency of life. The fundamentalist money worship of the last 40 years is going to kill billions of us #XR
We need to start to shovelling this shit, not worship it.
Compost, the #OMN is a shovel.
Pick your machine that will work for you.
People have used machines for hundreds of years. We need to decide what technology is for us and what is for them…
And we better not take too long about it.
@bob Thank you for pointing out that the environmental footprint isn't the only problem with Bitcoin.
Crypto currencies benefiting rich people at the expense of the rest of the world is not an accident, it is an unavoidable trait of a system designed to sidestep oversight from governments that are, with all their flaws, more democratic than the unregulated power relationship between someone with a lot of disposable money and someone with negative net wealth.
Bitcoin is widely adopted in oppressed countries, and has helped their people maintain purchasing power.
Was *is* rich people in the west pretending that bitcoin is for wealthy people. Nope. Bitcoin is for people who need to preserve what little they can. Bitcoin has made a few people rich that saw its importance early. Good for them.
These people weren't the banking elite.
It has helped people in oppressed countries.
@aral I would discuss this too «The amount of electricity consumed every year by always-on but inactive home devices in the USA alone could power the Bitcoin network for
2.0 years» (from your source).
@dsfgs I literally just linked to the University of Cambridge web site for the stat.
1. Scroll to the original toot
2. Click the link
3. Look at the header
Oh, my! 🙃
@aral For anyone else who's getting server errors (Hug of Death? DDOS?):
@aral I like the thried so much i turned it into a blog post http://hamishcampbell.com/index.php/2021/01/23/on-every-measurable-indicator-bitcoin-has-been-a-failure/ message me if you wont create for your work othersie its from the god of the #openweb :)
Energy consumption is not equal to energy production. Energy production has a carbon footprint. And a very large part of the energy that we produce is wasted (numbers vary, but I'd say electrically at least some 20-30%). Using energy that would otherwise be wasted has no carbon footprint. Zero.
I wrote a tootstorm about it recently:
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