I think Bitcoin is great, and I believe it’s going to revolutionize the way we do finance. Also, it’s not a pyramid or Ponzi scheme, unless you have no idea what those words mean. But even though I own some BTC, I find the current rise in its value highly problematic.

Dec 9, 2017 · 2:17 PM UTC

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Replying to @stilkov
I think as long as Proof of Work is used as consensus algorithm, the whole thing is unsustainable and overly wasteful.
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The degree of wastefulness is directly related to the exchange rate
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Replying to @drjedrzej
True. Saying something is not a pyramid scheme still doesn’t make it one.
Replying to @stilkov
It /is/ fraudulent though. And if you believe BTC has a chance as a currency, you don’t know what the word currency means.
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Fraudulent? How so? To whose benefit?
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Replying to @stilkov
It's not a pyramid but in many ways it doesnt deliver promises, also wastes to much energy. theoutline.com/post/2592/bit…
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Arguably, the problems are its ties to the existing system. It’s sad that it has become a speculative asset, and that its value creates the incentive to waste so much energy
Replying to @stilkov
And the energy consumption is a problem. In contrast to Etherum, there is no proof-of-stake in the cards for Bitcoin, AFAIK.
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Which is my point, as it’s directly related to its exchange rate
Replying to @stilkov
Try to switch to something new, tangle based like #iota. Bitcoin currently needs power a household uses in 8 days for 1 single transaction. And it will only grow. (see digiconomist.net/bitcoin-ene… ) Also the transaction per seconds is a real bottleneck.
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