Square Enix and Crypto

[DinahDemiurge]

To be fair, bitcoin and proof of work does not hurt the environment. In fact, it helps the environment by incentivizing development in cheaper, renewable energy(your profit goes down if you use dirty expensive energy by design). Second, NFTs are huge scams but NFTs have nothing to do with bitcoin or proof of work. Just to be clear.

[OtakuSempai]

To be fair, bitcoin and proof of work does not hurt the environment. In fact, it helps the environment by incentivizing development in cheaper, renewable energy(your profit goes down if you use dirty expensive energy by design). Second, NFTs are huge scams but NFTs have nothing to do with bitcoin or proof of work. Just to be clear.

Proof of work is still orders of magnitude more inefficient than even a Visa transaction. The criticism is still valid.

[DinahDemiurge]

Proof of work is still orders of magnitude more inefficient than even a Visa transaction. The criticism is still valid.

You seem to be confused. The proof of work mechanism is a competition to write transactions to the ledger, but has nothing to do with the transactions themselves. If you are talking about raw throughput, things like Segwit and Taproot reduced the blockweight of transactions, plus the lightning network completely demolishes Visa in cost per tx. Further, here is an article for you regarding environmental impact: https://hbr.org/2021/05/how-much-ene...tually-consume .

[OtakuSempai]

You seem to be confused. The proof of work mechanism is a competition to write transactions to the ledger, but has nothing to do with the transactions themselves. If you are talking about raw throughput, things like Segwit and Taproot reduced the blockweight of transactions, plus the lightning network completely demolishes Visa in cost per tx. Further, here is an article for you regarding environmental impact: https://hbr.org/2021/05/how-much-ene...tually-consume .

It has everything to do with transactions, since it's how transactions are verified on the blockchain. It's a ton of energy per transaction verified. Traditional financial transactions are verified with much less energy per transaction, like Visa.

[DinahDemiurge]

It has everything to do with transactions, since it's how transactions are verified on the blockchain. It's a ton of energy per transaction verified. Traditional financial transactions are verified with much less energy per transaction, like Visa.

if that's the case then the lightning network solves your problem.

[Ezzeloharr]

To be fair, bitcoin and proof of work does not hurt the environment. In fact, it helps the environment by incentivizing development in cheaper, renewable energy(your profit goes down if you use dirty expensive energy by design).

This is disingenuous at best (and naïve at worst). There's no evidence that the expansion of PoW-type crypto has had any impact on clean energy production. You may as well be arguing that burning coal is actually good for the environment because once we run out of coal, well, we'll simply have to find alternative sources of energy.

I purposefully avoided making the environmental concerns around crypto the thrust of my post because I thought it would ward off bad faith arguments like this.

Second, NFTs are huge scams but NFTs have nothing to do with bitcoin or proof of work. Just to be clear.

This is also disingenuous; my OP did not discuss "bitcoin", but "crypto" in general. Moreover, the Ethereum blockchain, which is one of (if not the) main blockchain for trading NFTs still runs on PoW. Yes, proof-of-stake has been proposed as an alternative, and Ethereum claims to be heading in that direction, but let's not pretend that Ethereum is there yet.

In short, please don't post falsehoods masquerading as the truth.