That's all great - if only the system was not burning half a million of dollars in electricity costs a month. With the bubble some people earned on it, some lost, but overall it was zero-sum - but the money spent on mining are burned now. The commerce will come with time if the system stays operating and has some internet visibility. But the expenses, the expenses - the cost of the system running is just crazy when compared to the commerce it supports now and probably years ahead. How much time it will take for the system to break even? Nobody even makes such estimates. I think I'll wait for a more cost minded system.
Its burning what the market tells it to. The market is bringing that expense into line as we speak. Price goes down miners fall off. Difficulty goes down. Same number of coins less electricity.
How much money is spent by credit card terminals, POS and ATM's. Just sitting idle, And all the servers and terminals the banks run. The electricity you use when you fire up your computer to login to your online account. Charge Backs that cost us all a ton of money. Then all the money spent on printing money, Making it counterfeit proof, Building vaults, armored vehicles. Then all the gate keepers in the system, Tellers, Managers, Managers of Managers. Loss Prevention and on and on. And on top of all that when they run out they print more so your money is worthless.
If you dont like the cost of bit coin. Our current system should make you head pop like a lemming. oooooo-noooooooooooo.
Well, your average credit card terminal runs from a 10-watt wall-wart adapter. Your typical mining rig does over 1kwatt. Go figure.
