Until there is an alternative to proof-of-work that is proved to be secure enough to power a global, decentralized ledger, it would not be correct to call bitcoin mining useless or wasteful -- unless, of course, you don’t think Bitcoin provides any value to the world.
Transacting via blockchain secured by POW uses too much energy,
by design.
The cost of mining 1 BTC can not be significantly lower than the price of 1 BTC -- that's how the network is secured. Read the white paper. That's as wasteful as having to spend $90 to print a hundred-dollar bill.
With most of that $90 being Chinese, coal-fired electrical cost
Bitcoin is not responsible for how mining energy is produced. Btw the same "coal-fired" energy is used to support fiat.
Now you seem to have an exact idea on how much for example a dollar (or a yuan) actually costs to produce, secure, transfer, hold, defend etc. Mind to share the number?
Of course bitcoin is not responsible for how mining energy is produced, bitcoin is just a codebase, can't do anything without people.
The fact that most of the mining happens i China on government-subsidized, 70% coal-fired power is just a fact. That's how it is, AGD.
The revamped $100 bill costs 12.5 cents to produce — a 60% increase over the 7.8 cents it cost to print the older version of the bill.
Hope this helps.
Production cost is easy to google. How about my question? (remember: produce, secure, transfer, hold, defend - and add recycling cost, salaries, cost for storing, cost of couterfeiting etc etc etc.)
The price will be much higher than the actual prodution cost and this is also higher than Bitcoins mining cost. Again, you need to understand, that you are not here to "help", but to discuss. Stop your "hope this helps" bullshit already. It sounds arrogant and also lets you look like an idiot, combined with the lack of actual content, that you provide.
If you include the price of your laptop, your internet connection, your iPhone, your "hardware wallet," all the "bitcoin businesses" that get VC funding and piss it away, all the time you waste on the internet getting ripped off & pumping BTC, I'll include the cost of brick & mortar banks.
Deal?
See what I mean? You can't provide any content to support your statement. You don't know the actual price and energy that is wasted for fiat, though you are stating that Bitcoin mining is "a waste of energy" and definitely higher than fiat. All that yaddayadda about "cost of my laptop" have no relevance for this discussion, because I don't use it only for Bitcoin transactions.
Conversely, banks aren't only used to store your money. They assert and underwrite business ventures, they finance houses and cars, that sort of thing.
But, if you insist, it costs me exactly zero dollars and zero zero cents to secure my $100 bill. I keep it in my mattress, which I already have.
How much would it cost for me to send 100000$ USD to China?
You don't have $100k, so it'll cost you nothing. How often do you plan on sending the $100k you don't have to China?
My turn: How many bitcoins would it take you to wipe your butt, after realizing there's no toilet paper on the roll? See?! You can't wipe your butt with bitcoins, period! Checkmate!
I can come up with outrageous shit that happens maybe once in a lifetime too. Though I've actually *did* wipe my butt with a dollar bill once, and I *never* had to send $100k to China.
