Quote from: Kesecer on December 11, 2017, 06:05:44 PM

Quote from: Amial on December 11, 2017, 06:05:21 PM

Quote from: Bamel on December 11, 2017, 06:04:57 PM

Quote from: Rludd on December 11, 2017, 06:04:33 PM

Bitcoin is slow to transact, energy intensive and if you lose it, you really lose it. You can't just call the bank to get it back.
It is, at the same time, intriguing and a very intelligent design. Nonetheless, it carries the seeds of its own destruction.
If you don't already know, bitcoin is 'produced' by vast data-centres, consuming on aggregate the same energy as the whole of Ireland. And that's with a current minuscule market cap.
Sustainable? Naah...

Have you considered the vast number of data centres full of whirring computers it takes to run the very Internet we converse on? It's only 'worth it' if you consider it worthwhile. You simply don't consider bitcoin worthwhile. While others clearly think that Bitcoin has tremendous value with much more to come. Perhaps they are wrong, or are you missing something?

Well - we have currency today that is free and fast to transact, free to store and enables others to prosper, since our surpluses can be lent to others. Transactions are also guaranteed so that you are protected from fraud.
Bitcoin is very slow to transact (about 10 mins), costs a lot to store, is not easy to lend and the big problem is this: if you are defrauded, then tough luck. It's gone.
There maybe 250,000 active users of bitcoin, consuming more energy than the whole of Ireland, just to keep this ponzi scheme going.

The internet on a whole uses a lot more energy than Bitcoin, but it is a lot more efficient in that I can send multiple online data transactions for a fraction of the energy expenditure required to make a single Bitcoin transactions.

If Bitcoin had the same activity and economic output at the internet does currently, the energy expenditure needed to secure it would be orders of magnitude larger than the internet.

You are forgetting Moore's law. And Bitcoins finite number.