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Is anyone here actually BTC positive? (lemmy.ca)

submitted 1 month ago by Policeshootout@lemmy.ca to c/bitcoin@lemmy.ml

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I have been using crypto since 2017, made plenty of dumb trades which caused me to lose out a lot. Currently my portfolio is about 80% BTC and while the new USA admin seems they may do more damage than good to the crypto space I'm still positive about Bitcoin.

This sub seems like a meme or anti-btc sub mostly. Anybody here who isn't that way?

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[–] ThrowawayPermanente@sh.itjust.works 0 points 4 weeks ago (2 children)

My biggest worry about Bitcoin is that it's still on proof of work. Even if it has shown itself to be bulletproof, it uses as much electricity as a small country and I don't think the environmentalists are going to just let that slide.

[–] sonalder@lemmy.ml 1 points 5 hours ago

Proof-of-Stake is not a great match for Bitcoin because it fails at being neutral, it's a plutocracy system and is not as resilient as PoW.

You know what other global industries consume more than small countries ? All of them, including banking. This is an unfaire comparison in my opinion. Also the energy consumption is not the most interesting factor, the source of the energy is more interesting in my opinion.

Here is a comment I just made under OP's post to list a few academic peer-reviewed paper about the positive environmental impact of Bitcoin's PoW for financing renewable energy production and cleaning methane from the atmosphere. I've also included some articles from mainstream media.

[–] silentjohn@lemmy.ml 1 points 4 weeks ago

Aside from the long term security guarantees that every Bitcoiner is just ignoring, the narrative around energy usage has pretty much gone away. Why? I have no idea. Ethereum in comparison has gone to PoS and reduced its energy usage to near trivial amounts while at the same time democratizing securing the network in a way more sustainable way.