Last I heard there was a fundamental issue with blockchain mechanisms in that they cost more to run than they earned. Like most Ponzi schemes it is sustainable only if people continue to invest in it. As soon as the early investors pull out and the big clearing houses have to shutdown causing transactions to delay in clearing, it's over.
Clearly it has been a long time since you heard anything at all about blockchains. But no worries, it really isn't for people who don't understand how to capitalize on market evaluations which is what leads to evolutions which drive the country in general. Just leave it to the willing investors to actually drive technology forward and reep the rewards. There is no shortage of cash from those willing to take the risk.
Bitcoin already consumes the same amount of electricity than is generated by renewables around the planet.
In other words, we've done tons of renewable energy - but our planet is not any better for it because of cockheads looking for the next big earner...
At some point, it'll start becoming a criminal offense due to the resource usage, and it'll all crash and burn.... And then we'll actually get to a point where that energy can be used for reducing emissions and not running ponzi schemes...
Blockchain is doomed to fail (Score:5, Insightful)
Re: (Score:5, Interesting)
Clearly it has been a long time since you heard anything at all about blockchains. But no worries, it really isn't for people who don't understand how to capitalize on market evaluations which is what leads to evolutions which drive the country in general. Just leave it to the willing investors to actually drive technology forward and reep the rewards. There is no shortage of cash from those willing to take the risk.
Re:Blockchain is doomed to fail (Score:5, Insightful)
Bitcoin already consumes the same amount of electricity than is generated by renewables around the planet.
In other words, we've done tons of renewable energy - but our planet is not any better for it because of cockheads looking for the next big earner...
At some point, it'll start becoming a criminal offense due to the resource usage, and it'll all crash and burn.... And then we'll actually get to a point where that energy can be used for reducing emissions and not running ponzi schemes...
Re: (Score:2)
most likely that point won't come until it's too late to turn things around.