Nvidia calls cryptocurrency useless for society, says its graphics cards are better used...

It's always fascinating to watch cryptobros try to sell their idea by speedrunning financial history to impress us. Tonight's course: why company script is a good thing, actually!

Somehow in your mind a company releasing shared via crypto is somehow better then companies releasing shares via wall street, and this would fix.......something to do with trafficking? Utterly fascinating.

Wrong, of course, but fascinating.
Not a cryptobro. Cryptocurrency is a scam.

Stocks are the ownership of a portion of a corporation. The Citizens United (2010) decision stated that corporations are people and enjoy the rights of people. However, if this were true, then buying and trading stocks would be buying and trading people, which is called trafficking.

You tried to sound like I had some leap in logic, but instead are coming off as daft.

The idea of having a block chain ledger showing the transfer of your money can already exist. Every US dollar has a serial number on it. There's a website, wheresgeorge.com, that would track where in the country it had been. But having a ledger tracking every transaction also would entail the government being able to see everything you do. And at any point, under Article 1 Section 8 Clause 5, Congress can just shut down every crypto in the US.
 
But the AI has different opinion :)
dLiCpoY.jpeg
 
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Oh they'd make you sick. Never has there been a crowd in the PC gaming community that holds their customers in such contempt.
 
They didn't have a problem selling their GPUs to miners when crypto was booming, now it's useless? Useless for them maybe cause they're not making money off of it.

What about gaming then? That is so useful, right, but they won't say a thing, yet, cause that's what made them.

What is this sorcery, voodoo magic, truth, commonsense, reality, honesty, fairness you speak of?
 
Yeah, banks don't use energy.
Mining farms uses energy like cities, and 24/7. A bank does not.

I know a few that earned money on crypto, myself included, however most lost money. Top 1% makes the money. It's mostly hype. Several coins crashed. It's a gamble.

Hell some people even comittted suicide after investing all into coins that came crashing down like a meteor shortly after. Thats just life I guess. I am more into long term and solid investments myself, usually. However I sold a few bitcoins at the peak.

Yet I still think mining is retarded, when most of the planet are trying to go green..
 
Cryptocurrency was intended to circumvent the central bank system, but as we saw, the government officials used it to launder money as did numerous other individuals and the central bank via the governments figured out how to get their percentage anyway. It was a good concept, but unless there are laws put in place promoting free trade through cryptocurrency, it will just be another fiat regulated by the world banks.
 
Cryptocurrency is a solution to the problem that was not pressed. The problem was Citizen's United saying corporations are people. If that were pressed, the stock market would be trafficking, and cryptocurrency would be the solution - buying that company's currency instead of the company.
A company's currency? As in Corporate currency? As in corporations acting like countries, with their own currencies, banks, laws, ARMIES? In what dystopian SF works have we seen that, I wonder...
 
Mining farms uses energy like cities, and 24/7. A bank does not.

I know a few that earned money on crypto, myself included, however most lost money. Top 1% makes the money. It's mostly hype. Several coins crashed. It's a gamble.

Hell some people even comittted suicide after investing all into coins that came crashing down like a meteor shortly after. Thats just life I guess. I am more into long term and solid investments myself, usually. However I sold a few bitcoins at the peak.

Yet I still think mining is retarded, when most of the planet are trying to go green..
The name for it is "Ponzi scheme" (pyramid scheme). Everybody knows that crypto-coins are pyramid schemes. EVERYBODY! There have been many such schemes, in various countries, throughout history but never to such extent as this one, and it's working because there has never been more corruption, more rot inside the minds and souls of humans as in this century. Something is rotten in the state of your minds!
 
But the AI has different opinion :)
dLiCpoY.jpeg
I've read that propaganda about crypto-currencies so many times! Now it's time for the glorified chat-bots, some people erroneously call "AI", to spew the same propaganda!
In fact, those 3 paragraphs from your .jpeg (why not png?) contain some of most annoying propaganda that I've read in a while.
 
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Crypto is gambling legalized
You don't need to view BTC as an investment, that is where I think most people are going wrong. I don't see the general public trying to trade currency pairs, not ever, (though I did myself back in the 2000s briefly), but they then blindly pile their savings into BTC, and some gain, some lose, but either way - why?

You can just use it to trade, free of border controls, governmental interference & manipulation.

You just convert using your chosen exchange, and boom, you are back to your fiat currency once more. You only held crypto for the duration you choose to keep it on your exchange (bad idea), or in your own wallet (better idea), or in your fiat currency (best of all, as you avoid rate swings).

Bit Coin is going n o w h e r e. Its instantaneous value is of little concern to me, and since it is fully decentralised, it matters not, what you and I think about it. It just 'works'.
 
Mining farms uses energy like cities, and 24/7. A bank does not.

I know a few that earned money on crypto, myself included, however most lost money. Top 1% makes the money. It's mostly hype. Several coins crashed. It's a gamble.

Hell some people even comittted suicide after investing all into coins that came crashing down like a meteor shortly after. Thats just life I guess. I am more into long term and solid investments myself, usually. However I sold a few bitcoins at the peak.

Yet I still think mining is retarded, when most of the planet are trying to go green..
Quotation:
According to our studies in the previous article (https://medium.com/@zodhyatech/do-bitcoins-consume-more-electricity-than-our-country-3cc354a6c191), Bitcoin consumes around 32.56 TWh. This consumption itself translates to a country consumption equal to that of Denmark.

Now we have to estimate how much electricity the banks consume. For this comparison, let’s just include three areas: server costs, branches costs and ATM costs. Of course, banks (and its employees), consume a lot more electricity from other sources but let’s focus on major infrastructure.

The next number we need is how many servers each bank uses to run their banking infrastructure. Picking a very conservative number of an average of 100 servers per bank (keep in mind banks need servers not just for the banking infrastructure but for the bank internal operations as well like ERPs, CRM, accounting systems, Website, etc.). If a server in average consumes 400Wh and since it always on, this means that banks consume in total 800 Mwh.

Let’s add to the above the electricity consumption of the branches. According to the World Bank, there are 12.5 branches per 100,000 adults in the world. As the world population is 7.6 billion and we have around 70% adults, this means a total of 665,000 branches. Only in the US, they appear to be close to 100,000 branches and assuming the US is around 15% or less of the entire banking system worldwide you get to around the same number.

Calculating a branch’s consumption turns out to be tricky since there are lots of things to take into account like the size of the branch or number of employees as well as several things consuming electricity like lights, cooling, computers, etc. And they are not open 24 x 365. So after studying some case-studies, I have decided to settle for a conservative number 15 kWh per branch assuming an average branch has 10 light bulbs, two air conditioning units that are used 40% of the time and 12 desktop computers running an average of 12 hours a day, 20 days a month through the year.

And finally, we have to include the ATMs networks that all banks use (that will also not needed in case bitcoin or other cryptocurrencies become the dominant currency and payment mechanism). There are also 3 million ATMs throughout the world. For an ATM with 2 air conditioners and lighting, the average daily power consumption comes around 48 kWh.

So total consumption for banks during a year only on those three metrics is around (I am rounding) 26 TWh on servers, 87 TWh on branches and 26TWh on ATMs for a total of close to a 140 TWh a year...

Therefore:
Banks electrical use > BTC mining / transaction processing.
Who'd of thunk it.
 
Quotation:
According to our studies in the previous article (https://medium.com/@zodhyatech/do-bitcoins-consume-more-electricity-than-our-country-3cc354a6c191), Bitcoin consumes around 32.56 TWh. This consumption itself translates to a country consumption equal to that of Denmark.

Now we have to estimate how much electricity the banks consume. For this comparison, let’s just include three areas: server costs, branches costs and ATM costs. Of course, banks (and its employees), consume a lot more electricity from other sources but let’s focus on major infrastructure.

The next number we need is how many servers each bank uses to run their banking infrastructure. Picking a very conservative number of an average of 100 servers per bank (keep in mind banks need servers not just for the banking infrastructure but for the bank internal operations as well like ERPs, CRM, accounting systems, Website, etc.). If a server in average consumes 400Wh and since it always on, this means that banks consume in total 800 Mwh.

Let’s add to the above the electricity consumption of the branches. According to the World Bank, there are 12.5 branches per 100,000 adults in the world. As the world population is 7.6 billion and we have around 70% adults, this means a total of 665,000 branches. Only in the US, they appear to be close to 100,000 branches and assuming the US is around 15% or less of the entire banking system worldwide you get to around the same number.

Calculating a branch’s consumption turns out to be tricky since there are lots of things to take into account like the size of the branch or number of employees as well as several things consuming electricity like lights, cooling, computers, etc. And they are not open 24 x 365. So after studying some case-studies, I have decided to settle for a conservative number 15 kWh per branch assuming an average branch has 10 light bulbs, two air conditioning units that are used 40% of the time and 12 desktop computers running an average of 12 hours a day, 20 days a month through the year.

And finally, we have to include the ATMs networks that all banks use (that will also not needed in case bitcoin or other cryptocurrencies become the dominant currency and payment mechanism). There are also 3 million ATMs throughout the world. For an ATM with 2 air conditioners and lighting, the average daily power consumption comes around 48 kWh.

So total consumption for banks during a year only on those three metrics is around (I am rounding) 26 TWh on servers, 87 TWh on branches and 26TWh on ATMs for a total of close to a 140 TWh a year...

Therefore:
Banks electrical use > BTC mining / transaction processing.
Who'd of thunk it.
Yeah except banks are a must for society to work. BTC are not. BTC only flourish when economy is doing well. Pretty much crash when economy is bad (= Buy)

BTC will never be able to replace real money. Just because a few geeks embrace it, does not change a thing.
 
You don't need to view BTC as an investment, that is where I think most people are going wrong. I don't see the general public trying to trade currency pairs, not ever, (though I did myself back in the 2000s briefly), but they then blindly pile their savings into BTC, and some gain, some lose, but either way - why?

You can just use it to trade, free of border controls, governmental interference & manipulation.

You just convert using your chosen exchange, and boom, you are back to your fiat currency once more. You only held crypto for the duration you choose to keep it on your exchange (bad idea), or in your own wallet (better idea), or in your fiat currency (best of all, as you avoid rate swings).

Bit Coin is going n o w h e r e. Its instantaneous value is of little concern to me, and since it is fully decentralised, it matters not, what you and I think about it. It just 'works'.
Yeah, sure. Go tell a computer-illiterate grandmother what she has to do to be able to use Bitcoin to..."trade" and launder some money without being caught.
 
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