- cross-posted to:
- politics@lemmy.world
- cross-posted to:
- politics@lemmy.world
The Treasury Department plans to print President Donald Trump’s signature on every new U.S. paper bill. Treasury announced the idea Thursday.
The Treasury Department plans to print President Donald Trump’s signature on every new U.S. paper bill. Treasury announced the idea Thursday.
It’s not designed for used as a currency. A block gets mined every ten minutes and can contain only 3000 transactions.
For comparison, Mastercard processes 3000 transactions in 0.15 seconds instead of ten minutes.
Can you imagine being in a store and waiting your payment to be confirmed in 2-3 blocks to avoid double spending
30 minutes to confirm (if paid enough for fees) vs 0.15 seconds
And so much efficient!
To mine one block, the global network consumes approximately 2.5 to 3.0 GWh. 3000 transactions = 1 MWh per transaction
That’s like the same concern as waiting in the store for two weeks while the bank transfers cash via armored truck to the store’s bank. That’s not how anything works.
Mastercard and Visa have been threatening to shut down online platforms they don’t like, recently they blacklisted a judge from the international justice court for ruling against Israel. And hey, if we suddenly want to release the IBM source code and banking secrets which are the backbone of almost all modern transactions, I’m all for it.
The only reason to use BTC is its adoption rate being so much higher than any other cryptocurrency.
Also, the majority of power wasted is due to competing miners racing to mine the same blocks, which is presumably about to end given the 21M coin limit and the 20M mined so far in 2026.
But let’s not pretend to care about the power for digital transactions when we as a collective race are spending terawatts generating AI Porn and writing worthless inaccurate articles.
It is a concern when by design you can literally spend the money again within ten minutes by choosing an higher fee.