Privacy

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A place to discuss privacy and freedom in the digital world.

Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.

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Thoughts on Cryptocurrency? (programming.dev)

submitted 7 months ago by actual_patience@programming.dev to c/privacy@lemmy.ml

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I was wondering what viewpoints and opinions this community has when it comes to cryptocurrency.

Personally, I'm not against it, but I'm not for it either. I like the concept of bringing back cash anonymity, and also decentralization (obviously). Although I don't think it will be viable for at least another decade.

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[–] sugar_in_your_tea@sh.itjust.works 3 points 7 months ago

Well yeah, another problem is that there's always another cryptocurrency. Since there's no widely adopted coin (Bitcoin is closest), people jump to the next one hoping that they'll get in early before it takes off.

So the problem isn't that a given cryptocurrency takes too much energy, it's that speculators jump from coin to coin. I think that will settle down as well, and we'll be left with mostly serious miners looking for actual profit who optimize costs down with cheap excess energy.

So what we're looking at is kind of a worst case scenario. Bitcoin rewards halve every four years, and Bitcoin valuations are unlikely to keep up. Lots of cryptocurrencies are also switching to proof of stake. Both of these together should result in drastically less energy being used.

So I'm bullish on crypto energy usage falling going forward, even if it gains mainstream adoption as a currency (unlikely).