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Bank of International Settlements: Bitcoin is a Bubble, a Ponzi Scheme and an Environmental Disaster

posted by janrinok on Wednesday June 27 2018, @12:22AM   Printer-friendly
from the my-bubble-is-bigger-than-yours dept.

cafebabe writes:

As reported in the Evening Standard, the Bank of International Settlements published an annual report with four criteria to continue economic growth. However, it was rather overshadowed by a statement in the appendix (reported here, here, here, here, here and elsewhere) where cryptographic currency was described as a "combination of a bubble, a Ponzi scheme and an environmental disaster".

I agree and so does a Canadian electricity company.

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  • (Score: 5, Informative) by arslan on Wednesday June 27 2018, @04:19AM (6 children)

    by arslan (3462) on Wednesday June 27 2018, @04:19AM (#699121)

    Its the part that takes the most compute power - i.e. mining for the next coin sequence. There's studies out there around how much electricity is used/wasted, hence the environmental disaster.

    Starting Score:    1  point
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  • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @04:54AM

    by Anonymous Coward on Wednesday June 27 2018, @04:54AM (#699136)
    In other words, bitcoin is anti-green and facilitates AGW.

  • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @06:33AM (1 child)

    by Anonymous Coward on Wednesday June 27 2018, @06:33AM (#699172)

    I have a handful of spooge, which took me a half-hour to produce.

    Now, all I have to do is find someone else to buy it as "proof of work".

    • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @05:37PM

      by Anonymous Coward on Wednesday June 27 2018, @05:37PM (#699384)

      Half an hour? My bukkakke group is totally gonna get rich off JizzCoin, we can all mine one in 30 seconds flat!

  • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @10:49AM (2 children)

    by Anonymous Coward on Wednesday June 27 2018, @10:49AM (#699219)

    Do those studies tell you how much energy is used for various other "wasteful" activities like driving to work instead of public transport, playing violent video games, looking at porn, drinking/partying, etc?

    • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @01:06PM (1 child)

      by Anonymous Coward on Wednesday June 27 2018, @01:06PM (#699275)

      It is very easy to measure the environmental effects [politico.com].

      • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @01:09PM

        by Anonymous Coward on Wednesday June 27 2018, @01:09PM (#699276)

        Did you read what you are responding to at all?