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Is Crypto Finally Dead?
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this post was submitted on 19 Jun 2023
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Technology
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Some of these points are not inherent properties of cryptos, like the environmental impact and the transaction overhead.
it's not even just that. if you count the number of transactions across all cryptocurrencies that are confirmed by mining, they are absolutely dwarfed by the number of transactions that are not confirmed by mining. same thing with volume of money moved. the environmental complaint applies to a minority of the total activity.
And shouldn't the environmental cost of "real" currencies be compared as well? It's not like printing and minting all those bills and coins is zero energy. Even treating it virtually (direct deposit, etc - we rarely handle cash) has some overhead.
I don't have a horse in this race, but comments that are obviously trying to grind an ace are suspicious to me.
On the tech side of things, the environmental impact of running traditional, centralized services is inherently lower than running any cryptocurrency off of a blockchain. To overcome the technical limitations would be to create another centralized service.
But yeah, there are almost certainly ways that traditional currency can reduce their environmental impact, too.