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Andrew Gallagher
If were to cease trading tomorrow, 0.5% of the world’s electricity demand would simply disappear – which would cover one year’s worth of the carbon emission cuts required to limit temperature rises this century to 2C.
The UN this week released a report urging world governments to take immediate action to mitigate the effects of the coming climate catastrophe. It is no longer a case of whether catastrophe is...
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Andrew Gallagher 14 Oct 18
Replying to @andrewgdotcom
Even if the numbers are out by a whole order of magnitude, the central argument stands.
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Andrew Gallagher 13 Oct 18
But energy is fungible. If bitcoin is being powered by a renewable power plant, that’s still one less renewable power plant that isn’t replacing a fossil fuel plant somewhere else.
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peter_monien 14 Oct 18
Replying to @andrewgdotcom
What would happen if all old inefficient banking tech would change for blockchain based tech?
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Andrew Gallagher 14 Oct 18
Replying to @peter_monien
Then bitcoin would use 50,000% of today’s TOTAL electricity production capacity, and would process payments a thousand times more slowly. The notion that current banking systems are “inefficient” is a flat out lie.
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John Carvalho 14 Oct 18
Replying to @andrewgdotcom
So how do you decide which things should be allowed to use electricity and which shouldn't? My bet is there are plenty worse abused than Bitcoin, if you're on the prowl!
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Andrew Gallagher 14 Oct 18
Replying to @BitcoinErrorLog
Most things that use electricity are subject to market forces that tend to limit their electricity use. And most of those - vehicles, construction, agriculture - are fundamental to human existence. Not bitcoin.
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Ben West 🦋 14 Oct 18
Replying to @andrewgdotcom
In practical terms how would you propose a ban on Bitcoin could be implemented internationally? Hard enough to get regulators to agree let alone act. We have to buidl our way out of this mess. Disrupting existing power structures is needed. The Status quo is not sustainable.
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Andrew Gallagher 14 Oct 18
Replying to @BenWest
If the US and EU treated Bitcoin as a money laundering scheme (which it is) and forbade the banks and credit card companies from doing business with bitcoin exchanges, it would collapse overnight.
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Andrew Gallagher 14 Oct 18
It has gone a little baloobas to be honest.
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