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RE: Bitcoin is backed by electricity: Why I believe PoW will outlive PoS, and I do not trust DPoS
The journalists love to complain about the electricity consumption of bitcoin miners, but they fail to take into account the amount of power required to run the entire banking and financial system across the globe, which is grossly inefficient, slow and exclusionary to vasts swaths of global population (unbanked).
Let's see the journalists do those calculations and then make a comparison to bitcoin's energy demands.
I agree, the current system is also very expensive. I do think it may be a good thing to change the PoW from a 'worthless puzzle' into something that's usable, like many coins do. That sounds a lot less wasteful, to begin with.
That would also mean all the existing mining hardware will become obsolete. Not gonna happen!
You're right.
Sigh, I love crypto. Such revolutionary and strange :)
They also even forget to compare it to the power consumed by real mining like gold, silver, etc...