From a friend of mine today, I got a message in a group chat about the power that Bitcoin uses. And he questioned whether “I’m okay”. As it is said it is bitcoin for me using the same power as the country of Norway. I’m not sure if they’re counting these correctly. But I think if it is done I still think it is inefficient even if it is energy consuming.
.jpeg)
The reason I think this is because every new industry is going to have inefficiencies in it and the production unit cost of the first units like anything else is astronomically expensive. Until innovation advances the economy of processes and tools and scales arrives. For example, how much electricity does my steem need? Well, it requires nodes to process transactions and people use their computers and phones to communicate with it, as it is done on the second level surface. Effectively the same as the cost of running the internet.
Although I assume, this is like running any other server with the same specs and does not require server banks in their warehouses. What kind of server is needed? The cost for hard drives and RAM etc. My point is that the Steemit is highly efficient in terms of power and if you combine all the activities on the Steem that require power on the user side. But most of it is about doing things they can. Such as posting on social media and gaming.
Excluding all of this, however, I think people miss the value of developing new technologies, remember that this person is still skeptical about the full value of crypto and blockchain. What they miss is that everything they use today has gone through a litany of testing and development to bring it to its current level. Whatever it is. The same person does not want to stop the development of electric vehicles and stop using fossil fuels, because the battery technology is not yet efficient. But why is something different happening instead of the economy?
I think it’s a part of the legacy mentality.
Which I find interesting when it is held by people who usually think about other aspects of life, including social development. People seem to want change. But only if that change is convenient does it come at no cost and never go wrong. Most people like trading cards and stamp collections know nothing about our everyday economies, or at least, alternative economies. For this reason, most people cannot come up with ideas.
Like, I told my friend, I think people are a big part of the problem when it comes to accepting something like bitcoin or digital assets, they try to understand the theory. Although they did not contact it directly. This means that they do not know in comparison to this analogy whether this analogy is appropriate. Their understandable and exemplary analogies are connected to all the economic processes of inheritance. It’s hard to see how anything else could be better or fill in the blanks.
The problem with him going from the point of view of theory is that a person tries to understand what it is, not understanding what it is, it depends entirely on how it is used. If people want to use Bitcoin as a value store, it will serve the purpose. And if they want to use it as a currency, it will serve the purpose. Although inefficiently. Although this inefficiency is due to the fact that there is room for all kinds of tokenization and resource creation and how they are developed and more importantly applied will determine what they are and what value they will ultimately have.
We waste electricity in billions of activities every day. I do not consider the electricity used in the innovation of the economy to be a waste, which is more inclusive and valuable to all participants. What is powerless waste is that we people do not use our potential to improve the world we live in.