[Cryptography] One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week

Ismail Kizir ikizir at gmail.com
Tue Nov 7 18:21:47 EST 2017

On Mon, Nov 6, 2017 at 10:28 PM, Jameson Lopp <jameson.lopp at gmail.com> wrote:

> If you really want to approach this from a "per transaction" standpoint then
> it's only fair to realize that with payment channel tech, orders of
> magnitude more transactions can be occurring that are not measurable on the
> blockchain. I expect that as payment channel tech proliferates, the "per
> transaction" energy usage will drop significantly... but we won't be able to
> calculate it.

For years, I've been following bitcoin and discussions on this group.
I think, bitcoin, has a very good goal: "Decentralisation of money".
(and every kind of trust transaction for blockchain in general)
But, with this level of energy consumption, both blockchain and bitcoin,
seem to be impractical to fulfill goals.
Defending any kind of intermediaries like banks, central agencies or
brokers against these
critics, is, unfortunately, admitting the failure of bitcoin:It's
simply against its reason of existance!
I think, current blockchain technology may be called trojan horse of
the system. Because, it promotes itself as liberator and
decentralizer; but in truth, because of some "minor" practical reasons
like incredible high energy consumption, the only practical way we
will have to use central systems: Traditional intermediaries like
banks, brokers etc.
We need another technology to achieve those goals.

Ismail Kizir

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