No, there is no waste. It is a very efficient conversion of energy to security of the ledger.
And with that ledger instead of all the wars and waste generated by manipulatable central bank ledgers it’s a win.
And with that ledger instead of all the wars and waste generated by manipulatable central bank ledgers it’s a win.
2. The needs of central banks don't start wars, the needs of politicians, warhawk nationalists, and the needs of modern industrial economies do. [1] Unless BTC somehow magically gets rid of politicians, nationalism, or of our addiction to oil, that's not going to change.
[1] The US didn't invade Grenada because of the Fed. The USSR didn't invade Afghanistan on behalf of Gosbank. China didn't invade Tibet to fix the balance sheet of the PBC. Vietnam didn't fight a war with its occupiers, and then a civil war, and then a war with Cambodia, and then a war with China, because it was unhappy with the Dong to USD exchange rate. The US participated in that civil war because of domino theory, not because of its departure from the gold standard. The list goes on and on. [2]
[2] Wars aren't fought over currencies, wars are fought over territory, pan-ethnic nationalism, to increase the internal popularity of a warhawk, to maintain a hegemony, to impose one's religion on another, to expel unwanted people from a territory, etc, etc, etc. Bitcoin solves none of these problems.
The US does and will go to war if it feels its dollar/oil hedgemony is threatened. if the dollar demand/circulation outside US falls for any reason, it will cause hyperinflation within the US economy. So they have to constantly threaten/intimidate other countries.
Wet streets don't cause rain, and wars aren't started in order to collect taxes. Wars are started to pursue particular goals, many of which I have listed in my prior post.
> The US does and will go to war if it feels its dollar/oil hedgemony is threatened.
This is an interesting, and oft-repeated theory, that, unfortunately does not survive contact with history. It's not a strong explanation for the majority of the conflicts that the US has been involved in. It is not remotely an explanation for the majority of the conflicts that other countries are involved in.
Which dollar/oil hegemony is Russia trying to maintain in Crimea? China in Tibet? USSR in Afghanistan? Argentina in the Falklands? Sudan in Darfur? Israel in Lebanon? Saudi Arabia in Yemen? ISIS in Syria?
Never mind that BTC doesn't do a thing about the dependency of industrialized sociaties on oil, minerals, fresh water, and other limited material resources.
You would have to do literally millions per on chain transaction using bitcoin to match ACH, visa or a proof of stake chain.
This is of course after you consider opening a single LN channel for every human on earth would take 75 years and 300 billion dollars if the chain did nothing else. Like putting in a request for a Soviet phone line. LN has quadratic routing efficiency and is boat anchored to garbage.