Comment Gigawatt Ponzi scheme (Score 5, Insightful) 212
I remember getting into an argument here about four years ago about this problem with Bitcoin- that "mining" coins is based on everyone racing to use as much electricity as possible, and the number of kilowatt-hours burned per generated coin increases with time, as part of the design. "ATMs use electricity too" was the consensus opinion.
Now we have a "currency" that gets "mined" using more electricity than Ireland uses. The wattage devoted to this crap has increased sevenfold during the past 12 months. People only use it as an investment, making it useless as a currency. "Everyone accepts it as payment" doesn't mean anything when everyone who has it is too scared to spend it.
Now we have a "currency" that gets "mined" using more electricity than Ireland uses. The wattage devoted to this crap has increased sevenfold during the past 12 months. People only use it as an investment, making it useless as a currency. "Everyone accepts it as payment" doesn't mean anything when everyone who has it is too scared to spend it.