"each Mastercard transaction is estimated to use just 0.0006 kWh (kilowatt hours), whilst every Bitcoin transaction consumes 980 kWh, enough to power an average Canadian home for more than three weeks, according to some commentators."
Which is insane. But then they also say:
"Despite these issues, UN experts believe that cryptocurrencies and the technology that powers them (blockchain) can play an important role in sustainable development, and actually improving our stewardship of the environment."
Blockchain is a completely different thing. It is like coupling the Internet with Paypal. Blockchain is a very useful technology (and quite old) - as we explain it in detail in our book, here tromsite.com/books/#flipbook-d… . Unfortunately Blockchain, which is simply a more secure and transparent way to keep track of "transactions" or "interactions", is used to invent currencies. Instead it could be used to keep track of medical records, biodiversity, or the nights you could not sleep because you were too aroused, since pretty much anything is more relevant than using it to create a currency. So the Internet is a great invention. Paypal....not really, unless you compare it with traditional banking, in which case yes Paypal is slightly better (easier to use, faster, etc.). Same way Bitcoin or other similar cryptocurrencies, are slightly better than say Paypal-like entities, or banks.
But that's like saying hanging yourself is better than jumping from a 20 story building, because you can hang yourself at home, you feel less pain because the rope cuts the blood supply to your brain and you pass out very quickly, and you argue it is more safe because jumping from such a tall building you can land on someone else's head and kill them. To which I agree, hanging seems better. But that's the only difference between Bitcoin (handing), and jumping from a 20 story building (banks). But you are still dead... In the end both are currencies and both lead to massive corruption, inequality, lies, and the continuation of the game of trade that consumes us and the planet. And soon the rest of the solar system. Same shit.
The UN continues:
"One of the most useful aspects of cryptocurrencies, as far as the UN is concerned, is transparency.
Because the technology is resistant to tampering and fraud, it can provide a trusted and transparent record of transactions. This is particularly important in regions with weak institutions and high levels of corruption."
We showcase in detail in the same book, how any such technology can and will be tampered with, and it would not prevent fraud at all. This is a myth we keep on vocalizing: better security = better security. Not true! Better security simply equals different methods to bypass that security. As long as we play this game of trade, humans will be incentivized to break such security measures if that results in some advantages in the game of trade, for them.
Cryptocurrencies are the new-age religion:
In all, people who think that Bitcoin or any other cryptocurrency is better than money, are the followers and the bishops of the new church of economy. We are witnessing the split of Christianity into the Catholic church, the Orthodox one, and so forth. each believing that their interpretation of religion is the right one:
That's what's happening with these cryptocurrencies today.
At the end of the day both are religions. People believe in them without every questioning what is religion or what is a currency. Who invented these notions and what purpose do they serve...
