Tom Ritchford
2 min readMay 19, 2021

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It's like you didn't read a single word of my comment.

Am I supposed to respect you as an adult and as a serious thinker when you don't read a word I say? I am personally insulted.

Bitcoin is hundreds of thousands of times more consumptive of energy, per transaction, than conventional banking!

In fact, Bitcoin alone uses about half as much power as all the world's banks put together - https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research

But it produces less than 0.0001% of all the transactions. Even to cover 1% of the world's transactions with Bitcoin, it would cost 50 times as much electricity as the whole world produces.

To say that 150 terawatt-hours per year of electrical energy a year is not meaningful is false as a matter of fact, particularly when that usage continues to grow week after week.

There is no "innovation" in crypto, except the ability to get around the laws. Crypto settlements are slow, expensive, and wildly inconvenient. There is also no legal recourse if you are cheated. I understand that "evading the law" is a positive for crypto-enthusiasts, but for most people in non-collapsing countries, that's actually a negative.

Crypto has exactly one killer app - crime. Money laundering, tax evasion, avoiding currency controls, buying and selling contraband - these are the only applications that have emerged in the 10+ years and are the only ones that will emerge.

If you are going write back, *address my actual arguments*. Don't parrot false statements some other random person told you - actually look up hard facts and numbers.

Try to understand my arguments before deciding they are false.

If you just repeat the empty text you had before, I'll mock you, insult you, and then block you.

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