Quote:
Originally Posted by dino7c
what is the point of gold jewelry? showing off your wealth?
My argument makes sense because its stupid to pick one thing and say "hey this uses more energy than such and such a city"
You could do that with almost anything. Crypto changes and evolves, that is kinda the point. It needs to and will get greener. Gold mining? not so much.
The argument is don't be a hypocrite.
|
Do you have a reference for your comparison that Bitcoin uses less energy than gold used to store value?
That seems like a reasonable comparison to compare the KW/$ spent on the Minimg, storage and transfer of gold used for no purpose other than storage of value vs Bitcoin.
Edit: this article suggests that 127 TWH of electricity are used for Bitcoin vs 137 TWH for gold yet the market capitalization of gold is 10x that of Bitcoin. Ignoring other gold uses that suggests that per dollar of value stored Bitcoin is 10 times less efficient.
https://www.google.ca/amp/s/www.forb...hos-right/amp/
And banking which essentially processes the rest of the worlds GDP is 140 TWH. So in terms of KW/$ Bitcoin is not close
Also gold mining will get more energy efficient overtime or the cost of gold will go up increasing market cap and decreasing KW/$ of stores value.