top Bank of Finland official as comparing the cryptocurrency Bitcoin to Father Christmas. Päivi Heikkinen, head of the cash department at the central bank, tells the paper that when it comes to virtual currencies, she "no longer believes in Santa Claus, and others should not believe everything that they come across". She points out that Bitcoin is still rarely used for actual business transactions, and that "since Bitcoin is not a mass payment instrument, the development of its value and all the activities around it seem to be primarily speculative investment.”
In a separate article, KL warns of the massive energy usage demanded by the computer servers behind Bitcoin. "If the virtual currency's popularity keeps growing at the current pace, it would require a doubling of the world's electricity output within a few years," the paper writes, citing a US study. It predicts that if the trading and production of Bitcoin keeps going as it is, the network would consume as much electricity by 2020 as the whole planet uses this year. However Jukka Manner, a professor of networking technology at Aalto University, points out that "the world would run out of computers before the Bitcoin network's electricity consumption rises to that kind of level." Bitcoin is hardly a green technology, though, as this year it has already has burned through 32 terawatt hours of power, equivalent to consumption by more than 150 of the world's countries.
Jaxson White
Obviously in the last page. Bumping for great justice.
Thomas Phillips
Nice. Just bought 100 POWR.
Joshua Ortiz
TL;DR - banking kike nocoiner FUDs crypto for 100000th time because her job is going to be made obsolete within 10 years
Michael Morales
Nice, I wonder how much energy the banks use then.
Christian Howard
bitcoin is not currency - it is value of store
bitcoin cash is both
why anyone would use bitcoin to send a transaction when bitcoin cash can be sent for free
Nolan Gutierrez
How often is gold used for purchases?
Gold has a market cap of 7 trillion.
Bitcoin has a market cap of 300 billion.
Jacob Flores
you can't buy bcash on Coinbase.
Ryan Watson
These faggots are LARPing the muh green earth bullshit because they’re scared bitcoin is going to replace their fiat.
They literally want to outlaw bitcoin because of energy consumption.
What a bunch of cucks.
Josiah King
Torille
Charles Sanders
Bitch is either scared or thick.
>it would require a doubling of the world's electricity output within a few years
>Current global electricity output is at 24,000,000 GWH
>Bitcoin runs at 343MWH in 2017
>if you doubled the worlds power output, you could run the blockchain 69970845481 times at current usage given you havent run out of computers
>that means with the current estimate of miners (150k) by 2020 this bitch thinks there will be 10,000,000,000,000,000 miners running bitcoin with a network hashrate of 900,000,000,000,000,000 TH/s .
>At that hash rate the blockchain would be solved in >36 hours
>woman logic.
Ryder Thomas
she's old and clearly doesn't understand that there'll be new ways in generating electricty.
Luke Perry
Hiljaa
Isaiah Kelly
>like santa >satoshi's face when
Joshua Ross
Don’t just say that. Come up with one.
Carson Ramirez
bitcoin cash
Charles Young
>financial expert makes valid points about the negative aspects of bitcoin that need improving before widespread adoption >brainlet bitcoin ponzi shill appears out of nowhere to sprays them with ad hominem every time
Oliver Carter
1876: "This 'telephone' has too many shortcomings to be seriously considered as a means of communication." — William Orton, President of Western Union.
1946: "Television won't be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night." — Darryl Zanuck, 20th Century Fox.
1966: "Remote shopping, while entirely feasible, will flop.” — Time Magazine.
2007: “There’s no chance that the iPhone is going to get any significant market share.” — Steve Ballmer, Microsoft CEO.
2017:"Bitcoin is a fraud and will blow up". — Jamie Dimon, CEO of JPMorgan Chase & Co
Dylan Reed
Suomi mainittu!
Ryder Nguyen
Suomi 100v ryyppy_juhla
Wyatt Taylor
Won't the difficulty adjustment take care of that when electricity becomes more expensive? How low can the difficulty go while still handling the full amount of txs?
Bentley Anderson
Saatana sisu viina suomi perkele!
Ayden Sanchez
Graphene.
Oliver Diaz
Mä tuon saunan! Torille!
Oliver Ward
Go ahead and implement it instead of sitting on your ass expecting someone else to take care of it.
Landon Powell
the electricity concern is the real issue here we need s cryptocoin that wont consume as much electricity
Caleb Wilson
Fuck off retard.
The electricity use is what gives Bitcoin value.
Xavier Rogers
satoshi addressed this non issue 7 years ago
Connor Morgan
yea well maybe in 4000 years bitcoin will be 7 trillion too
Logan Martinez
why do they have to explain things as if they are talking to 5 year olds >finland demographic nvm
Ethan Bennett
So invest in nuclear energy and computers?
Xavier Gonzalez
>we need s cryptocoin that wont consume as much electricity Even if there were such a coin, I don't see why it would stop people from mining btc as well.
Adam Turner
It's literally like she read 1 huffpo article, did zero research and is spouting their same shit word for word. Next thing you know she is gonna be commenting on kikebook npr posts with "#tulip"
Jace Fisher
BoF researchers published a rather positive article on BTC just a few months back. Google "An economic analysis of the Bitcoin payment system" for the PDF
Closing paragraph:
Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure.
Adam Peterson
She's literally right though. Proof of Work is insanely wasteful and the recent price rise of crypto isn't because of everyday adoption.
Explain how anything she said is wrong.
Jacob Clark
"boomer warns that bitcoin is a speculative investment and likely in a bubble"
Thanks i haven't heard that one before
Jack Martin
>We need the permission of before we spend our own money how we like
Robert Kelly
Protip: There's 3 sources quoted in that piece, the Finnish banking woman, a Finnish professor of networking technology and an MIT study of the electricity needed
Brayden Watson
The same bank is very much into blockchain. Bitcoin will fail. Too bad it's kind of a representative of the technology in whole. Hopefully will start seeing more eth/alt and fiat/alt pairs on exchanges. Even an exchange without Bitcoin would be very welcome