Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin

• TypicalHog@lemm.ee ⁨9⁩ ⁨months⁩ ago

  What about capitalism but ADA instead of USD? Cardano uses like 10k times less energy than Bitcoin.

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  • Sanyanov@lemmy.world ⁨9⁩ ⁨months⁩ ago

    Crypto capitalism is super bad idea exactly because it’s uncontrollable, i.e. all the bad stuff of capitalist economy, uncaged.

    It encourages money hoarding, which cripples the capitalist economy, it does not allow to control emission, which is actually bad because it’s essential to driving economy out of crises, it does not allow to block criminals’ access to money and transactions, it severely complicates taxation and other important economic actions.

    Crypto capitalism has the potential to exacerbate inequality, and cause a giant slew of problems sending modern economy into chaos. But yes, your 500 ADA salary will be truly yours.

    I’m pro-crypto, by the way. While posing new risks, crypto can be super helpful as means of unsanctioned money transfer, breaching artificial limitations, keeping governments in check by always being able to support protesters, etc. But making it the world go-to currency is a bad idea.

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    • TypicalHog@lemm.ee ⁨9⁩ ⁨months⁩ ago

      Ok, but thinking crypto won’t be widely adopted is just wishful thinking. Do you honestly see a reality in the future where it’s not widely adopted?
      If so, I would be curious to hear how that would work and what would people use instead?

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      • Sanyanov@lemmy.world ⁨9⁩ ⁨months⁩ ago

        Uhm…people would use traditional finances? Banking system ain’t going nowhere, and CBDCs make their turn - as dystopian as they are, it’s super easy to force them upon people.

        What would be wishful thinking is assuming most countries will happily adopt crypto. And besides - that’s even more of a dystopian scenario.

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