US government tracking the energy implications of booming bitcoin mining in US.

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • makeasnek@lemmy.mlEnglish
    32·
    10 months ago

    There will be 21 million coins minted. Ever. That is Bitcoin’s fiscal policy. There are 62 million millionaires in the world. There isn’t enough Bitcoin for every millionaire in the world to have an entire coin. An entire coin currently costs around $40,000. Y’all do the math.

    • bartolomeo@suppo.fiEnglish
      21·
      10 months ago

      So is it like a status symbol to have 1 BTC? Is that the point of bitcoin now?

      I remember years ago it was advertised as a way to “bank the unbanked” and help with remittance payment for migrant laborers and such, seeing as how money transfer services screw you over directly proportionately to how poor you are. Or for people who are cut off from SWIFT to have more financial access.

      • makeasnek@lemmy.mlEnglish
        42·
        10 months ago

        I’m saying that the transition to a Bitcoin-based economy will be a massive shake-up in global wealth distribution. Where each individual person ends up at the end of it is a factor of how soon they stop calling it a ponzi scheme and instead recognize its value as a currency. We have an opportunity to fix global wealth inequality, particularly the wealth inequality enforced through the dollar the the debt-cycle trap so many countries have fallen into. The dollar is a tool of US imperialism, it’s traditional colonialism with a few extra steps. We extract trillions of dollars of value from other countries which rely on the dollar because we print currency which is essentially a tax on the entire world.

        There is a fantastic overview of how the US uses the dollar to control other countries and extract trillions of dollars from them while keeping them in a cycle of debt. The Human Rights Foundation https://youtu.be/7qRWurFaUD0?list=PLe0djdakvnFb0T-oZAeF49A-EZChise4n&t=14009 and another one on how France abuses its currency influence in Africa to keep the colonial legacy alive https://www.youtube.com/watch?v=_-u1Pjce4Lg&pp=ygUxaG93IGZyYW5jZSBjb250cm9scyBlbnRpcmUgZWNvbm9taWVzIGZyYW5jb2RvbGxhcg%3D%3D

        Bitcoin is still capitalism, it can’t fix capitalism’s flaws, but it can move us towards a world where the flaws of fiat currency and currency imperialism are fixed. It can move us to a world where the government isn’t constantly printing away the value of your hard-earned money, where governments must increase taxes to fund wars. That world looks very different.

    • Psythik@lemmy.worldEnglish
      32·
      10 months ago

      And for those who don’t know: you don’t have to buy a whole coin at once. Buy as little or as much as you can afford to put in.