And this is exactly why I commented on this topic. To do my bit in stopping people from believing nonsense articles like the one above me.
As you say use for society is a very subjective metric, how do you assess it or operationalise “use”. You could use the value people assign to things, in that case with BTC you don’t get 0. But again we are all biased in supporting our own opinion.
If you care about the environment you don’t have to measure any ratio. The only measure you need is CO2 emission and certainly the one from the meat industry CANNOT be sustainable.
The sad true in my opinion is that we are exploiting the world to guarantee our standard of living, which are nowhere close to be sustainable. Bitcoin is a scape goat.
The biggest contributor of carbone dioxide emission is the human. Control population growth, readjust standard of living (including our diet), eliminate the consumeristic mindset that drives many companies. Bitcoin is a drop in the ocean. We are the one causing climate change.
If bitcoin uses the same energy as Portugal, then the solution is obvious.
The day I take environmental advice from a huge investment manager is the day I need putting to sleep
Thanks for the early morning laugh
Just in case it’s relevant. The Stock discussion here is about the Invesco Elwood Global Blockchain ETF which is available on FT, any account. While not giving direct exposure to cryptocurrencies it gives access to the underlying technology and companies generally operating in this space.
You are both right and are discussing different ideas.
DT is 100% correct in that Bitcoin is a needless waste of energy as it is not providing anything new and material with other needs or holding up an industry.
Alex is also 100% right in that there are shocking other wastes of energy and people should focus on improving them.
The point is that we should be A) not creating a new wasteful energy system like bitcoin, crypto can be done without so much energy and B) improve other areas at the same time.
I think you would make a great couple counsellor
Interesting and worrying a single person comments can effect the value so much.
Can’t help thinking the more these kind of stories pop up the more pressure on governments to ban or heavily regulate crypto will get. I know it doesn’t mention bitcoin apart from the pictures but it is the bitcoin system that is enabling so many ransomware attacks.
How? There was ransomware before Bitcoin. I can’t see a link here other than the payment system that they asked to be paid via.
I clearly said it doesn’t mention bitcoin didn’t I? And yes there was always ransomware but much easier for authorities to trace the money but bitcoin makes it infinitely harder and anyone who knows anything about cyber attacks knows this.
Not behind a paywall but 98% ransomware are bitcoin paid.
Edit - I should have mentioned the explosion in ransomware linked to bitcoin as it now a safer scam than with other monetary methods. This equals bitcoin use encouraging criminals to increase their ransomware attacks.
Can you share some details how it’s infinitely harder?
I literally posted 2 links and one quote is
Additionally, Bitcoin provides the hacker with anonymity since the ransom payment can easily be laundered; a criminal’s dream. Because of these benefits, 98% of ransomware attacks demand Bitcoin as the payment method.
I could post many but I am sure you know this anyhow
Frankly, anyone who denies this is either a troll, in denial or hasn’t done any research at all People get defensive but it is just a fact criminals love the anonymity of crypto and it is their wet dream! It would take some serious blindness for crypto investors to not think that something big will happen sooner or later as the cyber crime linked to crypto is increasing at a unsustainable rate and god knows how much we don’t hear about.
Ah okay, it’s the infinite bit that threw me.
My naive take is, blockchain transactions are open, writing something that tracks the flow of the coins between wallets isn’t that difficult, you can then keep a tainted list, eventually those coins will need to be converted to be exchanged for money or goods at which point it becomes less difficult.
Alternatively countries could just start banning suspected wallet addresses and forcing exchanges that operate within their country to not allow any dealings with those addresses. At which point watch the whole thing collapse.
maybe infinitely was the wrong word but my point was that changes of some sort will come and be big. I’m not pretending to know what they will be but some of things you mention may be them. How will this affect the value? Who knows? maybe good or maybe bad just that it will happen.
It may even open the market for non bitcoin companies to come in and take the moral high ground with clean crypto that is impossible for criminals to hide behind.
I’m sure all government have utter control of off-shore shell companies and money laundering…
wait a minute…
2 totally different situations!!! Crime can be traced through off shore accounts fairly easily but not crypto. You are comparing apples and oranges. I think you will also find that off shore rules are actually A usually legal and B being pushed to close loopholes and restrict it, again crypto isn’t that easy to do.
That argument is weak.
Crime is traced through offshore accounts - my arse.