Creighton Samuels wrote:The amount of energy consumption is a necessary part of Bitcoin's security model. It cannot be reduced without also undermining that same security model. That said, the energy consumption of Bitcoin only bothers you because it's transparent; the energy consumption of fiat currencies (in use) is also quite high, but opaque. The energy needs of fiat currencies include such diverse needs as the central heating of massive buildings owned by banks, the fuel requirements of armored cars, and the computer servers of credit card companies. Bitcoin's great "stretch" goal is to replace these institutions outright. While that's not likely, any reduction of the public's need to use these institutions put their future at risk.
T Simpson wrote:My concern with bitcoin is it requires the electrical grid to function, what if power to your city is out? What if you don't have internet?