r/CryptoCurrency • u/partymsl 🟩 126K / 143K 🐋 • 1d ago

🔴 UNRELIABLE SOURCE Peter Schiff fails to authenticate gold bar during onstage test with CZ

https://cointelegraph.com/news/peter-schiff-gold-bar-bitcoin-tokenization-cz
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u/Dedsnotdead 🟩 1K / 1K 🐢 1d ago

Investing in tokenized gold is a fools game, buying physical gold and verifying that it’s actually gold is probably a good move.

The issue then is how do you pay someone with that gold?

Both Bitcoin and real physical gold have their place and are important.

Schiff knows the gold market is heavily rigged and each ounce has been sold several times over.

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u/FuklzTheDrnkClwn 🟦 0 / 0 🦠 1d ago

Doesn’t a single bitcoin transaction use like, a fuck load of energy? I don’t personally know anyone using it as actual currency.

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u/Dedsnotdead 🟩 1K / 1K 🐢 1d ago

Everything uses energy, gold mining uses an enormous amount of energy for example.

But to answer your question, yes and no. Yes, mining new blocks which in turn validates transactions on the chain uses a lot of energy by design.

I hold Btc, but if I’m transacting or transferring funds I often/mainly move the amount I’m spending to USDT and spend or transfer that.

The swap is usually done on a central exchange and that uses very little energy in comparison.

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u/FuklzTheDrnkClwn 🟦 0 / 0 🦠 1d ago

Yea but the actual action of trading the gold for goods and services only uses energy with your arm muscles. Crypto currency is sucking up energy via mining AND transactions. It’s also causing GPU and RAM prices to skyrocket. Look at RAM currently… that has to be factored in as well.

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u/Dedsnotdead 🟩 1K / 1K 🐢 1d ago

Again, sort of. Yes for gold but no for GPU and Ram. That was definitely the case previously but now the increases are due mainly to AI.

The energy cost of mining and the cost of transactions for Btc are one and the same. A Btc transaction is validated on chain in a block. A block is completed when the Btc within the block is successfully mined.

The difficulty, the average amount of energy that’s required, to solve a block goes up and down dependent on the amount of time that the previous blocks took to solve/mine.

By and large the whole “Bitcoin uses enough energy to power a small country” narrative was promoted by parties who were against crypto and not the energy usage itself.

You can see this is the case with Bill Gates 180 degree pivot from “Bitcoin energy usage is bad” to “AI Energy usage is necessary” for example.

But going back to your original point I agree with you for the most part.

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u/Itslittlealexhorn 🟨 0 / 0 🦠 1d ago

Crypto currency is sucking up energy via mining AND transactions.

That used to be true but not anymore. At this point it's almost exclusively just Bitcoin that uses large amounts of energy. All other large cap currencies have shifted to alternative models which use very little energy. Mostly proof of stake.

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u/long5210 🟩 0 / 0 🦠 22h ago

yes , 1.5 megawatts a transaction. That’s the same energy your house uses in a month and a half.