Comment on Just 137 crypto miners use 2.3% of total U.S. power — government now requiring commercial miners to report energy consumption

• FaceDeer@kbin.social ⁨7⁩ ⁨months⁩ ago

  Is that a problem?

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  • General_Effort@lemmy.world ⁨7⁩ ⁨months⁩ ago

    Yes, the price fluctuations created by speculation make it hard to use for payment. How do you agree on a fair price when you don’t know what the “money” will be worth in a few weeks.

    The deflationary effect caused by hoarding currency, as is done with bitcoin, would bring about a Great Depression scenario in a real economy.

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    • FaceDeer@kbin.social ⁨7⁩ ⁨months⁩ ago

      If you need the token's price to be stable then there are stabletokens specifically designed for that.

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      • General_Effort@lemmy.world ⁨7⁩ ⁨months⁩ ago

        And how do they manage that?

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