US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • Khanzarate@lemmy.worldEnglish
    0·
    9 months ago

    Yeah the out is that you can buy goods and services with it. I could’ve paid for my VPN (Private Internet Access) with Bitcoin, Overstock takes Bitcoin, those ATMs exist.

    If everyone suddenly wanted to cash out, it would crash and very few people would get money for it, but that’s also what separates it from a Ponzi scheme, the fact that I don’t need to transform it to USD to spend it. There was a hard push by Bitcoin enthusiasts to get some places to accept it directly for exactly that reason.

    • makeasnek@lemmy.mlEnglish
      0·
      9 months ago

      If everybody suddenly sold all their USD, EUR, or other currency, that currency’s value relative to other currencies would also crash. That’s not unique to Bitcoin.

    • General_Effort@lemmy.worldEnglish
      0·
      9 months ago

      Yes, just like in a Ponzi, you can cash out as long as new money comes in.

      Whether one exits the scheme by taking goods or money is a distinction without a difference. Involving goods may make MLMs legal but they are still pyramid schemes.