First, it assumes crypto is "stuck in time" and not evolving. Proof-of-Stake + Layer 2s are orders of magnitude more efficient. Like any new tech, it gets more efficient over time.
Second, there's a distinction between energy usage and carbon emissions. Energy usage with zero carbon emissions is not bad for the environment. Bitcoin mining is perfect for carbon neutral energy sources because it can be mined anywhere, which is why Bitcoin mining energy sources are between 39% and 73% carbon neutral and growing [1].
Third, I think there is real value in a widely-used currency that is not centrally controlled. There is some cost to do this, manifest in the form of energy consumption. The fiat banking system also consumes substantial energy, and I would be curious to see a complete comparison.
In general, I get a sentiment of "it's ridiculous all these people got rich" followed by "there's a reason to justify my outrage" and, without further research, calls to ban an entire technology.
I am confident that people's concerns about crypto's impact on the environment is simply jealousy masked by virtue. What they are saying when they say "ban crypto" is actually - let's bankrupt these bastards who made all this money off crypto. Jealousy is a powerful force.
Second, there's a distinction between energy usage and carbon emissions. Energy usage with zero carbon emissions is not bad for the environment. Bitcoin mining is perfect for carbon neutral energy sources because it can be mined anywhere, which is why Bitcoin mining energy sources are between 39% and 73% carbon neutral and growing [1].
Third, I think there is real value in a widely-used currency that is not centrally controlled. There is some cost to do this, manifest in the form of energy consumption. The fiat banking system also consumes substantial energy, and I would be curious to see a complete comparison.
In general, I get a sentiment of "it's ridiculous all these people got rich" followed by "there's a reason to justify my outrage" and, without further research, calls to ban an entire technology.
[1] https://hbr.org/2021/05/how-much-energy-does-bitcoin-actuall...