Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards collapsed
Crypto is special because it has a huge environmental cost while mostly just serving as an investment. It is far too unstable and the cost of executing transactions are too high to serve as a currency for most purposes.
From what I’ve seen it seems that it’s for the most part the same people getting rich off of crypto, as the ones who have gotten rich through conventional means, as they had the funds to invest early.
The environmental cost is something that mainly applies to bitcoin, Ethereum is moving to Proof of Stake which will reduce energy consumption by a lot.
Even other Proof of Work coins use less energy than Bitcoin, Algorand is doing well.
Eventually they’ll all go down that road so I think it’s a bit of a strange bandwagon everyone jumped on criticising crypto when it’s still at very early stages.
Crypto is special because it has a huge environmental cost while mostly just serving as an investment. It is far too unstable and the cost of executing transactions are too high to serve as a currency for most purposes.
From what I’ve seen it seems that it’s for the most part the same people getting rich off of crypto, as the ones who have gotten rich through conventional means, as they had the funds to invest early.
The environmental cost is something that mainly applies to bitcoin, Ethereum is moving to Proof of Stake which will reduce energy consumption by a lot. Even other Proof of Work coins use less energy than Bitcoin, Algorand is doing well. Eventually they’ll all go down that road so I think it’s a bit of a strange bandwagon everyone jumped on criticising crypto when it’s still at very early stages.