Unfortunately, Crypto is the ultimate you are a sucker if you did not participate. By allowing the sale of pure profit valueless coins on a market that is allowed to exist, sold and accepted as a valued asset. The victims are those who don't participate in crypto and those don't participate in the stock market that has gone up, up and up with the infusion of this newly minted wealth.
I don't think you understand crypto, or the harm it is causing by decreasing the buying power of the world's workers, in favor of wealth makers. I also don't think you understand the effect on the world and the potential danger of the imbalance it has caused and potential responses that will occur especially if the US government purchases reserves.
It’s very dangerous because blockchain systems are increasingly vulnerable to the double-punch of quantum computing and AI. Tech is too fragile, and will fall off.
Until then BC can be a tool, but we cannot build on it, the levy won’t hold the tide.
Democrats should fully embrace and incorporate into their platform the power of fiat currency through the Modern Monetary Theory lens. Dr. Stephanie Kelton, author of The Deficit Myth can champion this strategic approach.
Thank. you Evan. You have at least given some thought to how to proceed, and you're the only "Progressive" so far to figure out a way to progress. I'm spreading this around.
I have no idea what to think about this theory. But it’s clearly well thought out and heaven knows we need new ideas, new thinking. So continue, please. How do you propose we deal with the seemingly unsustainable energy requirements?
My background is in Computer Science, and I understand (from studying algorithms) that the unsustainable energy requirements are primarily a feature of Bitcoin (the first crypto currency to gain wide acceptance) and coins based on Bitcoin, which use something called a "Proof of Work" algorithm. Newer currencies, including the widely accepted Ethereum, now use what's called "Proof of Stake". In the case of Ethereum, the energy consumption required dropped to about 0.3% (one third of one percent) of the energy consumption required for a similar amount of Bitcoin (which uses the older, energy inefficient "Proof of Work"), when Ethereum transitioned to using a Proof of Work algorithm in 2022 (this was called "Ethereum 2.0").
Another nuance here is: as far as I know, no one thinks this newer Ethereum algorithm is "optimal", at this point. Which means it can be made even *more* efficient, in the future, still.
Sadly, Bitcoin, the "market leader", seems not to have any plans to move to Proof of Work... Although, they could, if legally required or otherwise somehow "pushed" to do so.
Admittedly, there will be costs to a leftwing-driven acceleration of the crypto train. The shrewdest political moves rarely serve the country’s best interest, and this will be no different. Environmental wreckage will be followed by financial devastation, but as much as I value prudent leadership to reduce the amount of crypto-related systemic risk, that train has already left the station and it cannot be stopped. Whenever and however this ultimately goes down, the right will blame the left regardless of how hard we fought to prevent it. The left might as well get on board and take advantage of the natural political opportunity at its feet.
Unfortunately, Crypto is the ultimate you are a sucker if you did not participate. By allowing the sale of pure profit valueless coins on a market that is allowed to exist, sold and accepted as a valued asset. The victims are those who don't participate in crypto and those don't participate in the stock market that has gone up, up and up with the infusion of this newly minted wealth.
I don't think you understand crypto, or the harm it is causing by decreasing the buying power of the world's workers, in favor of wealth makers. I also don't think you understand the effect on the world and the potential danger of the imbalance it has caused and potential responses that will occur especially if the US government purchases reserves.
It’s very dangerous because blockchain systems are increasingly vulnerable to the double-punch of quantum computing and AI. Tech is too fragile, and will fall off.
Until then BC can be a tool, but we cannot build on it, the levy won’t hold the tide.
Democrats should fully embrace and incorporate into their platform the power of fiat currency through the Modern Monetary Theory lens. Dr. Stephanie Kelton, author of The Deficit Myth can champion this strategic approach.
Thank. you Evan. You have at least given some thought to how to proceed, and you're the only "Progressive" so far to figure out a way to progress. I'm spreading this around.
Thank you so much Dr. Francine!!
I have no idea what to think about this theory. But it’s clearly well thought out and heaven knows we need new ideas, new thinking. So continue, please. How do you propose we deal with the seemingly unsustainable energy requirements?
Hi Gloria - believe it or not, there are a dozen different cryptocurrencies that claim to be carbon negative or carbon neutral currently. See: https://www.cryptowisser.com/crypto-carbon-footprint
My background is in Computer Science, and I understand (from studying algorithms) that the unsustainable energy requirements are primarily a feature of Bitcoin (the first crypto currency to gain wide acceptance) and coins based on Bitcoin, which use something called a "Proof of Work" algorithm. Newer currencies, including the widely accepted Ethereum, now use what's called "Proof of Stake". In the case of Ethereum, the energy consumption required dropped to about 0.3% (one third of one percent) of the energy consumption required for a similar amount of Bitcoin (which uses the older, energy inefficient "Proof of Work"), when Ethereum transitioned to using a Proof of Work algorithm in 2022 (this was called "Ethereum 2.0").
From Ethereum 1.0 to Ethereum 2.0, the energy required dropped to 1/300th what it previously was! For more on this, see: https://www.cnet.com/personal-finance/crypto/the-ethereum-merge-is-complete-heres-why-thats-important/
Another nuance here is: as far as I know, no one thinks this newer Ethereum algorithm is "optimal", at this point. Which means it can be made even *more* efficient, in the future, still.
Sadly, Bitcoin, the "market leader", seems not to have any plans to move to Proof of Work... Although, they could, if legally required or otherwise somehow "pushed" to do so.
Admittedly, there will be costs to a leftwing-driven acceleration of the crypto train. The shrewdest political moves rarely serve the country’s best interest, and this will be no different. Environmental wreckage will be followed by financial devastation, but as much as I value prudent leadership to reduce the amount of crypto-related systemic risk, that train has already left the station and it cannot be stopped. Whenever and however this ultimately goes down, the right will blame the left regardless of how hard we fought to prevent it. The left might as well get on board and take advantage of the natural political opportunity at its feet.