The more people mine, the more decentralized it is, the more energy is necessary because difficulty is increased. The more transactions happen, the more blocks are required, the more energy needs to be spent to confirm all the transactions. The more it’s used, the higher the value, the more people mine.
There’s a limit to the number of transactions per block as well, so no, your can’t just say “1 or 1000 it’s the same”.
Visa is already able to handle 24000 transactions per second as is, no need for more infrastructure.
Crypto uses 1% of the world’s energy production for a couple trillions in assets, the financial system uses 2.5% for quadrillions in assets, multiple thousands more than crypto, no, crypto can’t scale to that without a huge environmental impact.
Yes you are trying to greenwash crypto, just stop.
Did you read the link you sent? It clearly states that only the amount of miners matter like I said before, the amount of transactions has nothing to do with it, you’re mixing the two.
The more people mine, the more decentralized it is
Wrong, decentralization is hard to measure, one person with a mining farm is centralized, while hundreds of people with their personal computer are decentralized but both produce the same amount of hash power. So you can have one person investing more and more in mining rigs increasing the total amount of mining power in the pool but decreasing it’s decentralization.
the more energy is necessary because difficulty is increased.
Yes, this is correct, if you have more computers mining you will have a higher energy spending.
The more transactions happen, the more blocks are required,
Wrong, there’s one blonc every 10 minutes, regardless of the amount of transactions that happen. Did you even read the link you sent?
the more energy needs to be spent to confirm all the transactions.
Wrong, the energy needed to confirm 1 or 1000 transactions is the same, and it’s related to the hashing difficulty established by the total amount of hash power, again, did you even read the link you sent?
The more it’s used, the higher the value, the more people mine.
Wrong, the value of an asset does not necessarily correlate with it’s use, for example gold is more valuable than dollar, even though dollar is a lot more used.
There’s a limit to the number of transactions per block as well, so no, your can’t just say “1 or 1000 it’s the same”.
Yes there is, but until that limit is hit the amount of transactions doesn’t matter. Also that limit is artificial and can be easily raised if needed, as it was done on Bitcoin Cash which can do hundreds of transactions per second more than Bitcoin, but because it has less miners uses less energy, thus proving you are wrong and the two are not correlated.
Visa is already able to handle 24000 transactions per second as is, no need for more infrastructure.
And ETH2 is theoretically capable of 100k, and that’s just one coin which BTW is PoS so nothing of what we talked about miners applies to it. No miners means less power consumption by the network as a whole.
Crypto uses 1% of the world’s energy production for a couple trillions in assets, the financial system uses 2.5% for quadrillions in assets, multiple thousands more than crypto, no, crypto can’t scale to that without a huge environmental impact.
Do you have a source for that? But also you’re measuring environmental impact as just energy consumption, and that’s very wrong, by that same standard I could say crypto is green because it produces no plastic, whereas Visa has huge factories to produce plastic for their cards, their card machines, etc. If you only focus on one environmental impact it’s easy to make anyone to be the bad guy, and for some reason people only see the Bitcoin energy usage and completely ignore that the energy consumption there is the whole story, whereas for other things there’s hundreds of factors pilling on top to generate the environmental impact.
Yes you are trying to greenwash crypto, just stop.
Again, I’m not, I recognize that PoW is an energy hungry method of confirmation, however it’s not the environmental catastrophe that the original comment said and if you take into consideration ALL of the environmental impact of alternatives (not just energy consumption) you will see that it’s not as bad as people make it out to be. Which doesn’t mean it’s good, but it’s far from an environmental catastrophe.
Also when you take into consideration that we were originally talking NFTs, and that’s mostly an Ethereum thing, and Ethereum is migrating to PoS, it’s even less of an environmental catastrophe.
Cool, I’ve been out of the loop on crypto for years, just checked and you are correct, now the full Ethereum network, capable of beating visa in TpS runs at 0.0026 TWh/yr, i.e. 1/100x of the energy consumption of PayPal, therefore proving my point above.
From the get go, you’re wrong
https://www.coindesk.com/learn/bitcoin-mining-difficulty-everything-you-need-to-know/
The more people mine, the more decentralized it is, the more energy is necessary because difficulty is increased. The more transactions happen, the more blocks are required, the more energy needs to be spent to confirm all the transactions. The more it’s used, the higher the value, the more people mine.
There’s a limit to the number of transactions per block as well, so no, your can’t just say “1 or 1000 it’s the same”.
Visa is already able to handle 24000 transactions per second as is, no need for more infrastructure.
Crypto uses 1% of the world’s energy production for a couple trillions in assets, the financial system uses 2.5% for quadrillions in assets, multiple thousands more than crypto, no, crypto can’t scale to that without a huge environmental impact.
Yes you are trying to greenwash crypto, just stop.
Did you read the link you sent? It clearly states that only the amount of miners matter like I said before, the amount of transactions has nothing to do with it, you’re mixing the two.
Wrong, decentralization is hard to measure, one person with a mining farm is centralized, while hundreds of people with their personal computer are decentralized but both produce the same amount of hash power. So you can have one person investing more and more in mining rigs increasing the total amount of mining power in the pool but decreasing it’s decentralization.
Yes, this is correct, if you have more computers mining you will have a higher energy spending.
Wrong, there’s one blonc every 10 minutes, regardless of the amount of transactions that happen. Did you even read the link you sent?
Wrong, the energy needed to confirm 1 or 1000 transactions is the same, and it’s related to the hashing difficulty established by the total amount of hash power, again, did you even read the link you sent?
Wrong, the value of an asset does not necessarily correlate with it’s use, for example gold is more valuable than dollar, even though dollar is a lot more used.
Yes there is, but until that limit is hit the amount of transactions doesn’t matter. Also that limit is artificial and can be easily raised if needed, as it was done on Bitcoin Cash which can do hundreds of transactions per second more than Bitcoin, but because it has less miners uses less energy, thus proving you are wrong and the two are not correlated.
And ETH2 is theoretically capable of 100k, and that’s just one coin which BTW is PoS so nothing of what we talked about miners applies to it. No miners means less power consumption by the network as a whole.
Do you have a source for that? But also you’re measuring environmental impact as just energy consumption, and that’s very wrong, by that same standard I could say crypto is green because it produces no plastic, whereas Visa has huge factories to produce plastic for their cards, their card machines, etc. If you only focus on one environmental impact it’s easy to make anyone to be the bad guy, and for some reason people only see the Bitcoin energy usage and completely ignore that the energy consumption there is the whole story, whereas for other things there’s hundreds of factors pilling on top to generate the environmental impact.
Again, I’m not, I recognize that PoW is an energy hungry method of confirmation, however it’s not the environmental catastrophe that the original comment said and if you take into consideration ALL of the environmental impact of alternatives (not just energy consumption) you will see that it’s not as bad as people make it out to be. Which doesn’t mean it’s good, but it’s far from an environmental catastrophe.
Also when you take into consideration that we were originally talking NFTs, and that’s mostly an Ethereum thing, and Ethereum is migrating to PoS, it’s even less of an environmental catastrophe.
“is migrating”
It happened years ago buddy and PoS still uses more energy than centralized solutions for the same number of transactions.
I’m done, you’re brainwashed, goodbye!
Cool, I’ve been out of the loop on crypto for years, just checked and you are correct, now the full Ethereum network, capable of beating visa in TpS runs at 0.0026 TWh/yr, i.e. 1/100x of the energy consumption of PayPal, therefore proving my point above.