Did "gurus selling courses" have 3T market cap?
Did "affiliate programs with 70% margin" emit more CO2 than New Zealand?
Once the scam can cripple whole countries, it becomes dangerous. https://en.wikipedia.org/wiki/Albanian_Civil_War
Did "affiliate programs with 70% margin" emit more CO2 than New Zealand?
Once the scam can cripple whole countries, it becomes dangerous. https://en.wikipedia.org/wiki/Albanian_Civil_War
Despite you making them rhetorical demonizations of crypto, the answers are actually “maybe? we don't know, what does Forrester and other market research firms say, do they have that data?”
(Other times when this is pointed out, people typically reveal that they view everything else as more useful than crypto - which naturally would then include gurus and affiliate programs - so their market size and country size emissions doesn't actually matter when this point is more accurately challenged. Just wondering if you had a more articulate argument or a more predictable one)
Only decent link I can find on this is from 13 years ago with 33TWh:
https://www.theguardian.com/environment/green-living-blog/20...
4 billion people today live under less than ideal circumstances.
Spending a fraction of a percent of global electricity is absolutely worth it. It provides those 4 billion people with access to the financial services that they would otherwise never get.
Nigeria alone has 34+ million users. Just one country.
What, they are all scammers to you?
It demonstrably does not, and with its transaction rate limitations, it cannot.
1. Nigeria has 30 MILLION people that use it. Most of the usage is for cross-border transactions. 2. transaction rate limitations only apply to the settlement layer. retail does not need to use it, only very large transactions that need high settlement guarantees.
Lightning network has essentially unlimited tps, currently has close to 1 million (!!) live nodes, and even sub-penny transactions are perfectly viable because fees are even tinier or can be even nil.
Live LN stats: https://1ml.com/
If you truly do care about lives of 4 billion people on the planet, you should at least internalize these basic facts, as you are simply repeating misinformation: tps are low, no traction. it is simply not true.
2) Lightning requires BTC transactions to establish channels and for funding, no? While the TPS when funds are on lightning may be impressive, in order for 4 billion people to set up and fund lightning channels, at 7 TPS the bitcoin chain is going to take ~18 years to process that.
3) Are these 30 million people in Nigeria using BTC on the main chain? Are they using lightning? Or are they using one or more custodial, centralised wallet services/exchanges?
(I see 'sidecar channels' are a thing which may help onboarding speed, skipping the bitcoin blockchain entirely, but it all sounds hideously complex, with a bunch of fees in different places to a variety of service providers. It really all points to a failure in the L1 solution)
30 or 34 m users out of 206m isn't the whole market, not close.
> Most of the usage is for cross-border transactions
And why mostly "cross-border transactions" ? Could it be that NIBSS has the domestic market:
https://nairametrics.com/2017/09/26/why-the-m-pesa-miracle-h...
https://www.crunchbase.com/organization/nigeria-inter-bank-s...
So, the huge Nigerian domestic market has a SEPA-like product for domestic transfers. It's not a bitcoin thing.
Do you think that this success (and the success of EU SEPA) won't be noticed in Africa?
https://www.un.org/africarenewal/magazine/november-2021/new-...
Amusingly the PoW as we know it in cryptocurrency came from attempts to combat email spam with HashCash, it's clearly referenced in the Bitcoin whitepaper as a precursor.