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Thursday, May 06, 2021

Bitcoin's record-breaking surge means one man ended up paying £440m for two pizzas

Bitcoin's record-breaking surge means one man ended up paying £440m for two pizzas

Saturday's spike came exactly one year after the volatile cryptocurrency lost 50% of its value in the space of two days.
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James Pierson 52 days ago
If money can be thought of as monetary energy, the bitcoin network consumes $7.9 Bn USD in equivalent electrical energy in one year while the US prints $11 Billion USD in fiat currency every single day....let THAT sink in ......
James Pierson 52 days ago
Bitcoin detractors love to bring up the fact that energy is required to provide security for the bitcoin network. Detractors use meaningless comparative metrics such as the "power consumption of Chile" or " the "power consumption of Norway". In Kilowatt hour absolute terms, the Bitcoin network consumes 0.067% of the electrical energy required by the human race to provide to humans with a trustworthy form of money that cannot be corrupted by government, is almost infinitely divisible and can be communicated around the world within seconds at very low cost all within a network that has never been successfully hacked. A true comparison of cost in absolute terms would include the costs of hundreds of thousands of bank branches, offices, the cost of heating, taxes, maintenance, security as well as the energy cost of millions of bank employees hauling their butts back and forth in the execution of their functions. Further, the equivalent energy cost of all gold mining, refining, distribution and storage facilities can be thrown into the mix as well. The energy spent supporting the bitcoin network currently is trivial in comparison the societal cost of our banking and investment infrastructure alone. With the migration of many blockchains from Proof of Work to Proof of Stake; blockchains become hyper-efficient and can support vastly increased speeds in terms of transactions per second with no loss in security. Soon we will not be worrying about how many fiat dollars are needed to buy one bitcoin, the lord knows we have way too many of those already with an ocean more yet to be printed. How much should bulletproof money that cannot simply be printed into existence be worth to us as the human family?
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