Quote from: Saint-loup on Today at 04:24:35 PM

Quote from: rdbase on Today at 02:31:39 PM

A comment I liked from this tweet:
Wages to Freedom Man technologistMoney bag @bitsee2 Mar 19 Replying to @Quicktake and @EdVanDerWalt
Unfortunately an uneducated video. Especially the Visa comment. Visa is not analogous to Bitcoin. Visa does not provide final settlement.

What do you mean by that? What do you call a final settlement exactly?

Quote from: rdbase on Today at 02:31:39 PM

Isn't it odd they compared bitcoin taking as much electricity as the whole country of Argentina to mine it?
Under what time frame?

Why it would be odd while it's true? Huh

The time frame is the same. In one second or in one year the Bitcoin network consume more electricity than Argentina.

Quote

Cambridge researchers say it consumes around 121.36 terawatt-hours (TWh) a year - and is unlikely to fall unless the value of the currency slumps.
[...]
The online tool has ranked Bitcoin’s electricity consumption above Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh) - and it is gradually creeping up on Norway (122.20 TWh).
The energy it uses could power all kettles used in the UK for 27 years, it said.

https://www.bbc.com/news/technology-56012952
The Cambridge Bitcoin Electricity Consumption Index : https://cbeci.org

I didn't write the comment to that tweet so I am not exactly sure about the settlement part of it.
But I would imagine they mean the payee purchases something using their visa card then they actually owe the credit card company 30 days after the purchase date for this amount, so they actually are on the hook while bitcoin you are paying with something that you already own. So it is settled once it fully confirms on the blockchain.
Atleast this is how I seen it with just a glance and not overthinking it too much after reading it.

Along with the electricity debate. There are bitcoin farms which use renewable resources such as wind farms and solar power to provide the electricity so to power their entire mining rigs.
I had the foresight to question coming up with this source for my evidence on the matter:
Mining in the Arctic (Norilsk)
https://twitter.com/Quicktake/status/1372955971367108610

Bitcluster opening a mining farm

The above should settle any argument about "Is bitcoin mining wasting the world's resources in it's power consumption?" Grin