It's a hyperbole, but seriously, while Bitcoin may survive politics, it must die. Let a non-POW cryptocurrency please replace it.
It's a hyperbole, but seriously, while Bitcoin may survive politics, it must die. Let a non-POW cryptocurrency please replace it.
For instance: There's only a finite amount of gold, and until recently (electronics), it had no real applications aside from looking nice. Yet gold has been mined for millennia, historically with slaves (sadly this is still the case in parts of the world) and now with machines. The economic use stems from this, and as gold has always been sort-after, it's desire (value) probably won't change anytime soon. While you can't wear bitcoin, I don't see it disappearing either.
Bitcoin mining is meant to be inefficient - why not try for a better way with similar guarantees?
I'd say the inefficiency is one of the smartest moves in the design of Bitcoin. Not only does it counter Moores law, it also provides a scarcity; the more bitcoins that are mined (so there must be a demand for them), the harder mining becomes (limiting supply) - Adding inflation into the mix.
Had they just dumped 21 million Bitcoins into the market, it would have never taken off, and it would have probably been written off as a Ponzi scheme.
While you may not like the social or environmental impact of Bitcoin, it is hard to deny there is some brilliance in its design (like how the coins become the product of their own transaction logs).
Amusingly, when I search for the energy consumption of gold mining, the results are all about comparing it to Bitcoin.
They calculated energy per coin using hashpower from 2016-2018, ignoring all mining and coins from 2009-2016. Basically cherry picking their data and ignoring all the coins that were minted with lower hash power.
And efforts to ban or control the trading of a liquid, globally used asset also never seem work. (It would be like trying to ban the buying and selling of, say, US dollars.)
Perhaps the best way to address the very real environmental issues you raise will be with the development and adoption of more cost-efficient, less polluting, more environmentally-sustainable energy production technologies?
I hope this will happen naturally because all the electricity that is expended with PoW needs to be paid for somehow, either through fees or inflation.