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blockchain
A lot has already been written about different aspects of why most distributed blockchain-based consensus systems are just… bad. And yet we are still able to find new such reasons. At least I think this is a new one. I have not seen it mentioned anywhere so far.
Distributed blockchain-based consensus systems, as they are currently implemented, are an energy-waste ratchet.
I am specifically talking about systems like Bitcoin and Ethereum, and any other system that:
An important area of concern among many cryptocurrency proponents revolves around the idea that the current banking and government finance systems are inherently unstable or inflationary. Ultimately all finance is about debits and credits, assets and liabilities. How would total adoption of crypto by a country change these?