In comparison to everything else, it is tiny. All of banking could be significantly automated to the point that we don't need to build physical buildings all over the planet and stuff them full of humans who drive their cars to work every day to take your money and write it down on a ledger. Talk about absurd.
Remember also, this equipment is being turned off because ethereum has grown to be more efficient. It is now proof of stake instead of proof of work and it has been a relatively huge success. Over night, this single change wiped out every single GPU mined network out there by removing all the profitability. That was the plan from day one and I'm glad it worked!
The financial system has put a lot of effort into automation obliviously because it means they make more money. So to the extent that they could be automated, they are automated and will continue to increase the level of automation.
It’s also not a reasonable comparison because banks do something useful (even if I think they could be much better regulated and are too profitable and shouldn’t be running the payment system).
Crypto does nothing useful, it’s like an online casino, or an online game.
Do you know any online games that consume anywhere near as much hardware and electricity?
> So to the extent that they could be automated, they are automated
It still isn't enough and is a huge waste of energy and resources.
> Crypto does nothing useful, it’s like an online casino, or an online game.
For me, it is extremely useful on a daily basis.
> Do you know any online games that consume anywhere near as much hardware and electricity?
All of them. ETH has switched to PoS and no longer consumes so much energy. It also had the side effect of destroying profitability for the majority of the other GPU mined coins, and thus the hashrate on those networks have dropped off considerably (or been replaced with ASICs).
Okay sure but those are vestiges of systems that developed during a huge population explosion, and that have huge retrofit costs.
We could turn off all crypto today and it would have no consequences except for people who would lose all their money now instead of in a couple of years when all crypto is worthless anyway.
I've been hearing that crypto will be worthless for 10 years now.
At what point do you start to question if maybe some people find value in it and how you might be able to as well? I'm not talking about getting in on the whole buy low sell high lambo get rich quick scheme thing.
I'm talking about how you can use it in your daily life. I'll assume that since you're on this site that you're probably an engineer, have you looked into writing a smart contract?
