China Considers Ban On Cryptocurrency Mining Because It's A Stupid Waste Of Energy

And if we weren't using electricity for anything else then crypto would be 100% of our usage.

The problem is not with crypto, it's with everything else. Food and oil for example are subsidized enormously to the point of being on the brink of calapse daily. But we aren't concerned with the bad incentives those subsidies create?

I'd argue high electricity usage is one of the positive incentives our current ecosystem was missing. Demand for electricity isn't a bad thing. It's economic forces at work.

Supply side economics has distorted the conversation so badly that we are confusing electricity usage with electricity waste. Crypto fixes the incentives. Crypto and sustainable electricity is the same exact topic. Prior to crypto there would be no way to have a globally sustainable electrical grid.

Crypto is the end goal of electricity that Nikola Tesla envisioned when he basically nearly created a perpetual motion machine with his DC breakthroughs. When compare to AC it might as well have been a perpetual motion machine. Tesla wanted everyone to enjoy free electricity because he thought it was possible.

If you had the choice of giving the world free electricity would you?

/r/technology Thread Parent Link - gizmodo.com.au