[cascading_disruptionParticipant]

It’s also worth noting that the BTC system is an unprecedented polluter. First, it consumes energy on the scale of entire economies. BTC mining is estimated to consume electricity per year comparable to Austria. Second, it produces mountains of hardware waste. One BTC transaction consumes hardware comparable to the hardware of two smartphones. The entire BTC system generates as much e-waste as the entire Netherlands. This inefficiency of the system is not a flaw but a feature. It is one of the peculiarities to guarantee the integrity of the completely decentralised system.

Since BTC appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised. Similarly, the financial industry should be wary of the long-term damage of promoting BTC investments – despite short-term profits they could make (even without their skin in the game). The negative impact on customer relations and the reputational damage to the entire industry could be enormous once BTC investors will have made further losses.

Full text here: [https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130\~5301eecd19.en.html](https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html)

[Impressive-Horse]

Add this obituary to the list!

[Sad-Error]

written by two old fucks that probably think cryptography is a type of dessert.

[Benutzername]

Ulrich Bindseil is a strong proponent of CBDCs at the ECB. Gotta get rid of the superior competition first.

[Outrageous_Duty_8738]

Do I sense a lot of jealousy from the European Central Bank

[fainje]

Can someone tell me how I can send Bitcoin for 3cent and create e-waste of the value of 2 smartphones…? Everyone with a 1 braincells realises they trashtalk out of pure fear.

[Author]

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