Jan 22 2018
07:14 am

Not only is Bitcoin fake money made up out of thin air and sucking billions out of the economy without creating any value, "mining" it wastes massive amounts of energy that could be conserved or put to better use.

New York Times:

"...the computer power needed to create each digital token consumes at least as much electricity as the average American household burns through in two years, according to figures from Morgan Stanley and Alex de Vries, an economist who tracks energy use in the industry.

The total network of computers plugged into the Bitcoin network consumes as much energy each day as some medium-size countries — which country depends on whose estimates you believe. And the network supporting Ethereum, the second-most valuable virtual currency, gobbles up another country’s worth of electricity each day."

The cryptocurrency phenomenon is also affecting gamers, who find it increasingly difficult to procure high end graphic cards because miners are buying them all up for their mining rigs.

If all that isn't crazy enough, there's BananaCoin.

SEE ALSO: 90% of bitcoin's value could get wiped out

AND: David Moon: "To be a currency, an asset must be both a medium of exchange and a safe store of value. Bitcoin fails both tests."

bizgrrl's picture

I had no idea how Bitcoins

I had no idea how Bitcoins were created.

Besides that, does anyone remember the S&L failures of the 80s? Prior to the failures, lots of people put put lots of money into accounts that were not FDIC or FSLIC insured. Sort of like what happened to many 401ks in 2008. 401k values dropped by large amounts. Those who actually needed that money for retirement were hurting for several years.

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