Re: Satoshi proposed a gentlemans agreement to postpone GPU mining (2009)
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Something you're overlooking is the more hashing power the network has the more expensive and difficult it will be to attack the network. It's not wasted money and electricity. You might as well count the number of light bulbs per bank, multiply their power usage, and say that traditional banking hurts the environment. That's not even counting the massive server farms that handle current electronic transactions in the traditional money infrastructure.
Something you're overlooking is the more hashing power the network has the more expensive and difficult it will be to attack the network. It's not wasted money and electricity. You might as well count the number of light bulbs per bank, multiply their power usage, and say that traditional banking hurts the environment. That's not even counting the massive server farms that handle current electronic transactions in the traditional money infrastructure.
Lol, if traditional banks burned as much power as bitcoin miners (who will continue mining until energy cost=bitcoin value), they'd have to plug into the nearest sun, conventional power grid would be just piss in the ocean
So do you think all the miners in the world are currently using more energy to regulate and secure the bitcoin network, than all the banks in the world are using to regulate and secure their financial system?