“The Best Thing to Do With Crypto? Burn It With Fire” – BREAKERMAG |$4,917.85

Uri Shalev
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Last updated on:
Fact Checker

First of all, the cryptocurrencies don’t actually work as currency. That’s the big deal. They’re hard to buy because they are deliberately incompatible with the rest of the financial system. They’re incredibly hard to hold on to because, well, something goes wrong it’s “Sorry for your loss.” That’s a function of the irreversible design. And finally, they’re actually really hard to spend. Most merchants who accept cryptocurrency aren’t actually accepting cryptocurrency, they’re using a service that turns it into dollars.

The mining for “proof-of-waste” is such that it’s about the same amount of power draw as Singapore, and in a way that actually disfavors renewables. So the externalities are huge, and the benefits are effectively nonexistent.

Eulogy made by Nicholas Weaver

 

 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Uri Shalev
Uri Shalev

Uri Shalev studied Psychology at the University of Haifa. With a keen interest in cryptocurrency and disruptive tech, Uri has a breadth of experience in digital marketing and SEO. Read More

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