It’s possible bitcoin may produce something someday. But look at it from an outside perspective: a bunch of people, motivated by an idea, have got together and commissioned the burning of coal and oil on a vast scale.
Bitcoin more or less operates as “proof of carbon”. Imagine if a crypto network operated by “proof of art burned” or “proof of buildings destroyed”. And people got together and directed capital towards buying up art and burning it, or buying real estate and knocking this down.
And this secured their currency network. You’d have to have some very good output from the network to justify such waste.
Because proof of work is proof of waste. That’s how it’s set up and secures the network. Unlike existing systems it is antiefficient. And currently it is setup to waste carbon and GPUs.
Well according to this article it has allowed a nation state to avoid international controls and restrictions. Satoshi himself would be proud, it pretty much what he was imagining.
It has lessened the impact of economic sanctions imposed on a nation. I think that's direct proof of how valuable cryptocurrency is. People should be free to trade without some country imposing bullshit sanctions on them.
Someone should tell them about Monero.
As well, what major difference would there be to the world if bitcoin vanished overnight? What real-world value is it providing to us?
I don't see the costs of bitcoin being worth the benefits.
