All of these things are the result of bad governing, not crypto. Maybe banning crypto would help them (I don’t believe that) but banning lots of other things would also help. What we really need is better energy policy, better foreign policy, and better regulation of companies destroying the environment and contributing unnecessarily to climate change.
Edit: The vitriol in some of the replies to this is fascinating. Did you all just lose a fortune in the crypto crash or something?
Let's reframe those values slightly - every bitcoin transaction uses about as much electricity as it costs to run my house for nearly six months.
Are you sure that's not having an adverse effect on energy prices?
Why does that even matter, a rich guy travelling in a private jet uses more energy compared to you travelling in commercial jet, does that mean we should ban private jets?
In other words, the metaphor is bad.
Don’t believe everything you hear on the internet. The vast majority of these articles lead to Mora et al which has been thoroughly debunked.
(Happy to hear what value crypto offers that can’t be done with more energy efficient mechanisms.)
The point of (good) cryptocurrencies is that they require real energy to coerce. Because of this I’ve felt safe keeping savings & transacting in bitcoin for years, I’m sorry that you don’t see that as valuable. Good luck with your ban, it isn’t smart.
What's your reason behind believing that? From what I know , Bitcoin mining fell 50% when China banned it [1]. How would that not be similar if the US + EU just bans it tomorrow?
[1] https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-...
We get it.
It’s not cryptos fault that it’s a terrible currency. Just invest in it. It’s not crypto’s fault that it’s a terrible investment. Why don’t you want a great currency that government doesn’t control? It’s not crypto’s fault that half the money in the ecosystem is stolen. Why isn’t the government helping this anti governmental technology? It’s not crypto’s fault that the vast majority of the coins are scams. It only failed because Citadel and Blackstone attacked it.
No, crypto is pure and faultless. And anything that it does wrong is the fault of the government and/or Blackstone and Citadel and/or the Paper Hands.
I have seen many many people pointing out the shady dealings and the death spiral nature of Terra on social media like reddit. But they were shouted out with cries of "FUD!".
It's a ponzi scheme and if your caught holding the bag, it is always in your interest to continue the scam rather than call out the scammers. That is why crypto "communities" will never acknowledge negative facts.
Try re-reading my comment. I didn't say that.
Ah, the "have fun staying poor" argument of "y'all are salty you missed out". Is it really inconceivable for you that some people may have (a) concern for a massive, energy guzzling Ponzi scheme (b) that just this week was revealed to cause "billions" in losses in others in their society (c) that they have been calling out for months and have only gotten vitriol for?
No, their pockets must have been directly hurt to be this salty. It's not like people are capable of having intelligence, empathy, or a desire to build a better world if it doesn't line their pockets, right?
>> Is it really inconceivable for you that some people may have (a) concern for a massive, energy guzzling Ponzi scheme (b) that just this week was revealed to cause "billions" in losses in others in their society (c) that they have been calling out for months and have only gotten vitriol for?
I think getting incredibly angry about those things, to the point that the usual type of rational HN discussion cannot happen, is idiotic. Discussing crypto here has become like discussing US politics. It's just not possible because everything is described in black and white/good and evil terms. Claiming that getting rid of crypto will lead to the resolution of national and international crises is stupid.
> Maybe banning crypto would help them
It seemingly serves no purpose, and yet takes up a huge amount of power, which in it's absence would allow us to phase out a lot of our fossil fuel usage, which could include Russian gas.
