Follow

Chia, a cryptocurrency intended to be a “green” alternative to bitcoin has instead caused a global shortage of hard discs. Gene Hoffman, the president of Chia Network, the company behind the currency, admits that “we’ve kind of destroyed the short-term supply chain”, but he denies it will become an environmental drain.

newscientist.com/article/22786

The green alternative to bitcoin is fiat fucking currency. Banknotes and coins, maybe in your bank account.

@cadadr no one has heard of it, the article is fake and an ad to pump that coin... fallen for it?

@JackMeinoff @cadadr
Er... not a fake. Newscientist is a serious journal and has been around since 1956.

@zigpress @cadadr that wasn't the link i clicked but i can't see it because we blocked like children..

@cadadr It's almost like the more efficient, humane solution to an environmental or flow problem is to look at what was invented when people had to do the job manually. I feel like traffic lights are getting a bit of backlash, since they're less reliable, more dangerous and use more energy (for both the operation of the intersection and traffic through it) and fuck up traffic more than the 18th century solution: The roundabout.

@cadadr How on Earth is a currency that not just encourages, but requires, infinite economic growth and consumerism, regardless of level of development and comfort, in any way a "green" alternative to a hard savings technology that uses less electricity than clothes dryers in the U.S.? What an absurd statement.

@raucao All captialist systems require this whether it's crypto bullshit or not.

@cadadr

@BalooUriza @cadadr Strongly disagree that it's about an -ism and not about the money, and that it's the case with a monetary system where issuance isn't based on debt. In any case, it's an absurd statement, considering the easily observable over-consumption, low time preference, and forced casino gambling to retain savings, in the current inflationary fiat system.

@BalooUriza @cadadr ... not even mentioning the obvious flaws in the argument when it comes to energy consumed by the fiat system, its hundreds of thousands of skyscrapers full of people, its millions of ATMs, its need for armies and wars to retain US dollar hegemony, and so on and so forth. It's already absurd just considering the point I first mentioned.

@raucao And yet despite using three times as much electricity as cryptocurrency overall, it's handling 99.9999999% of all transactions. I don't have to use basically the same amount of energy as a 1980s pickup truck has used over its entire lifetime to date to buy milk, I can just hand the cashier a specially marked scrap of paper.

@cadadr

@BalooUriza @cadadr That's not even addressing ANY of the points I made. Good bye.

@raucao Ooh, so close to realizing that it's about underregulated capitalism screwing us. Especially considering the intentional devaluation baked into most blockchain systems is literally the same problem whilst also making it next to useless for nonspeculative (ie, real world) transactions.

@cadadr

@BalooUriza @cadadr I'm not talking about random "blockchain systems", but only about bitcoin, which was used in the statement, and which is the hardest money ever invented.

@BalooUriza @cadadr Looks like you haven't been following the layer 2 networks, if you think people aren't using bitcoin for everyday transactions without having to do on-chain txs all the time.

@raucao Oh, I'm sorry, but no. Human labor is the hardest currency ever invented.

@cadadr

@BalooUriza @cadadr Money is tokenized human time. Control the money, and you control a good chunk of human time investment. Dilute the money, and you're taking time away from poor people and giving it to the ones closest to the printer.

@BalooUriza @cadadr Btw, currency is not the same as money. Even if the USD is an OK currency, it has become bad money. Bitcoin is good money tech, but the layer 1 is bad as transactional currency, so we're building layers on top of it for that use case. These are important distinctions, because just because people accept your paper easily doesn't mean it's good money.

@raucao #GnuCash is good money tech. Cryptocurrency is an environmental dumpster fire of a pump and dump scam.

@cadadr

@BalooUriza @cadadr Failed again. It might be OK currency tech, but it's shitty money, because it's still reliant on criminal bankers and infinite debt. Sorry, but that's just about enough time for me to invest in explaining it to you. If you're not open to actually consider my points, then agree to disagree. Have a nice day.

@raucao Heh, you criticize vernacular money for something that's equally applicable to cryptocurrency in the age of mining farms. You're just butthurt you bought into a system that takes everything bad about how money works, but gives it 8" stacks and an exhaust mod so it rolls coal.

@cadadr

Sign in to participate in the conversation
Toot.Cat

The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!