this post was submitted on 03 Feb 2024
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398
Over 2 percent of the US’s electricity generation now goes to bitcoin (arstechnica.com)
submitted 9 months ago by [email protected] to c/[email protected]
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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.

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[–] [email protected] 1 points 9 months ago* (last edited 9 months ago) (1 children)

People had 15 years to "wake up" now, yet they didn't. Partly due to volatility which makes planning near economic future impossible, partly due to scare, but most importantly because they still get their wages in fiat, pay for products in fiat etc., and generally have little left to invest.

The state doesn't have incentive to change the regulations that favor crypto because crypto is generally worse as actual money as opposed to store of value for the reasons described above.

Crypto bros will shill "crypto everywhere soon" narrative every time they can, and I've seen it since at least Mt. Gox era. But until the regulations will be there (and they won't), nothing is gonna happen.

[–] [email protected] 1 points 9 months ago (1 children)

I appreciate your opinion. But why do you think FIAT will survive and how?

[–] [email protected] 1 points 9 months ago (1 children)

I've kinda answered it already - because most governments will keep it alive by never ever going crypto. After all, this will probably be in the best interest of the general public as well, and it doesn't appear that concepts of going full crypto are popular among masses.

[–] [email protected] 1 points 9 months ago (1 children)

I don't think you understand my question. I'm not asking why governments will or will not ditch FIAT for crypto.
I'm asking you what makes you think FIAT will survive and not hyperinflate. And if you think so, why? Like, what will prevent USD let's say from bleeding out in terms of value, or even dying suddenly (by suddenly I mean hyperinflation that kills it in years time after it begins).

[–] [email protected] 1 points 9 months ago* (last edited 9 months ago) (1 children)

That's a job of central banks, and they normally manage it well enough. Sure, crypto offers more reliability on that front by making it impossible to control emission. But at the same time, this means money can't be printed when it would be highly beneficial for the economy, for example when recovering from economic crisis - without extra emission the country will be screwed up real bad. At the end of the day, the fiat emission is agile for good reasons.

[–] [email protected] 2 points 9 months ago (1 children)

I don't think money should ever be printed or burned. I guess we can only agree to disagree.

[–] [email protected] 2 points 9 months ago

Alright, let's settle on that.