Crypto and NFTs Are Environmental Disasters…But Do They Have to Be?

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Proof Of Space & Time – Chia

It's a stupid human self-made problem basically… it is totally made up and unnecessary

Tell me you don’t understand Bitcoin without saying you don’t understand Bitcoin…

I think Etherium should send out a notification to all miners that they will switch in, let's say, 1.5 years. Then the recent investments won't go to waste, and the miners can invest in systems that will benefit the new system instead. This way the miners don't have a valid reason to complain and the system can be changed. If they've already done this about a year ago then I hope they go along with their current plans 😀

I wonder how many NFTs were sold with content about Earth Day 🤔

Someone else was talking about foldcoin and that is something I hadn't heard of before But it sounds like a good idea. Proof of Work that does something more than just be hard to do.
I think BitCoin will have to change to Proof of stake and/or useful work at some point. Too many people are starting to think about the environment and how they can make better choices.
I expect it will be a few years before we see anything big happening but I believe it will happen. BitCoin will change or it will be abandoned in favor of other cryptos that are better for the environment.

Crypto and NFTs are the biggest scams in human history, but sadly, as long as there are people believing in them, they're here to stay. We can only hope to get their environmental impact minimized.

the vast majority of bitcoin miners are already incentivized to use renewable energy because it’s free. i don’t understand why this is such a hard concept for people to wrap their head around.

wow this is the first time any explanation of crypto made any sense to me…great job!

Crypto energy usage would be irrelevant if people would stop being anti science morons and fully embrace nuclear power. Stop fear mongering something you don’t understand and allow society to finally progress.

Thank you! Love this vlog channel!

How much energy does YouTube use? About 600 TWH per year or roughly six times that of Bitcoin. Video gameplay consumes about 105 TWH per year or about the same as Bitcoin.

How much energy does the current banking system use? About twice that of Bitcoin and likely doesn't include all those employees driving to and from work. And much of the world is still unbanked. Bitcoin fixes this.

The value is in the Bitcoin settlement network:

Nasdaq Nov 30, 2021: 'Bitcoin Is The World's Most Efficient Value Settlement Network ~ settling more than $60 trillion in transfer volume to date.'

The Dailyhodl Nov 30, 2021: 'The Bitcoin network processed an estimated average of $489 billion per quarter in 2021. PayPal processed an average of $302 billion per quarter in 2021.'

Misinformation. Look online at the 05/02/2022 Bitcoin Mining Council's response titled, Bitcoin Letter to the Environmental Protection Agency. Clarifications are there.

I love that Apple products are the metric for electronic waste.

I have solar power on my house, and the feed in tariff I get paid by the power company is lower than what I earn mining bitcoin on my RTX 3070. So, my RTX 3070 uses some of my excess solar to make a bigger return. I earn more from mining with my excess power than I do from the grid.

positive feedback from ☝️ I received 2BTC in my blockchain wallet I really appreciate your effort..

I'm not going to watch this because there are already alternatives to wasteful proof of work strategies like Bitcoin. It's Proof of Stake. Ethereum 2.0 is going to be proof of stake.

The one thing you got horribly wrong is this final statement “ Bitcoin will use up a lot of energy every time someone make a transaction”. It is so wrong it is not even funny. Please dig a little deeper on this. Bitcoin transactions have marginal additional cost. There are blocks with 0 transaction (excluding coinbase) that use the same amount of electricity. You can add 3000 transactions to that block and would take the same amount of electricity. Electricity used up is for miner rewards, not transaction.

This is an over-simplified and half-baked assessment of bitcoin's power use, power sources, and environmental impact. Did you bother to consider how much power is consumed and waste generated by our current financial system? E.g., how much energy is consumed just operating ATM machines around the world? What about the cost to build, maintain, and heat/cool the world financial system's collective office space?

Bitcoin solves many of the worst environmental and social maladies caused by our current financial system (and that means 99% of our problems). The current system is designed to profit the greediest and most corrupt people in the world who, in turn, use their wealth (proof of stake) to further corrupt and manipulate the system to their benefit, regardless of detriment to others or the ecosystem.

The proof work algorithm employed by bitcoin makes it incorruptible and cannot be manipulated by political interests or other organizations trying to gain advantage over others. This is in contrast to proof of stake mechanisms where those with more tokens (stake) are allowed to validate a larger percentage of the transactions and earn more. Proof of stake also gives those with the most currency more influence over future changes to validation rules, thus it can be manipulated further.

The current failing financial system, based on fiat currency, runs on both proof of stake (the more money you have, the larger your stake and influence/reward – e.g., who gets bailed out during financial collapses, and who doesn't?) and proof of work (the US dollar is ultimately secured and backed by the US military).

Pure Propaganda Down Vote Who paid you for this piece of propaganda??