Just curious what the cost of electricity per coin was 6 years ago when one bitcoin sold for less than a dollar. So the cost of electricity must have basically shot up in tandem with the price of the coin. How is this not a ponzi. We know the algorithm will become even harder to use (mine) so costs are bound to keep growing exponentially - taking price with it until someone says ENOUGH of this crap - the biggest fool would have gotten in, and this will implode. Have we already hit that biggest fool? I don't know.
I think the more blocks in the chain the harder it becomes to mine. This is why I consider it inefficient technology. If a block is added every time a transaction occurs imagine how many blocks would be there if it was actually used as real currency. Just think if every transaction we made electronically or in cash was represented by a specific bill, Then logged in a ledger, and that electronic ledger(blocks) would follow that bill around. Then every time it was used it would be mined. This could be why the increased energy costs too. I read a book about cryptos and thought man this is garbage. It wasn’t even a book critical of cryptos. I was curious of the technology but it has a long ways to go before it’s efficient.
