this post was submitted on 16 Nov 2023
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Machine Learning
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Not going to get into a big debate on this one ... but the market cap of bitcoin is $1.44 Trillion at the moment. Where did this "wealth" come from? Well from nothing, and it can't be converted into anything physical or otherwise useful, so it is the currency aspect only. I don't have recent numbers, but around 2022, the network was using 131.26 terawatt-hours of electricity annually. No idea what the cost is in terms of hardware and labour misallocation. That is an insanely inefficient decenstralised currency, so extremely unlikely to be a net positive.