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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: 0) by Anonymous Coward on Wednesday June 27 2018, @01:11PM (2 children)

    by Anonymous Coward on Wednesday June 27 2018, @01:11PM (#699277)

    What the hell are you talking about [politico.com]? Maybe you're a fan of the technology, but that doesn't justify trying to hand-waive away the amount of energy it takes and sweep it under a magic "secondary transaction" carpet.

  • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @02:33PM

    by Anonymous Coward on Wednesday June 27 2018, @02:33PM (#699310)

    Proper secondary markets won't happen with buttcoin because of the lack of trust in the sender not to double spend, and the inability to make change.

  • (Score: 1) by khallow on Thursday June 28 2018, @04:23AM

    by khallow (3766) Subscriber Badge on Thursday June 28 2018, @04:23AM (#699659) Journal

    but that doesn't justify trying to hand-waive away the amount of energy it takes and sweep it under a magic "secondary transaction" carpet.

    What does justify it is that energy is incredibly cheap and plentiful and we have better things to do with that energy than conserve it. I really don't care that Bitcoin consumes as much as a few small countries. If energy were truly a thing of great expense and/or value, bitcoin miners would consume less of it.

    Second, the secondary markets are not magic. They're just facets of the bitcoin system that have been around almost as long as Bitcoin has.