“Over the past several months, everyone in the industry who provides any kind of free CPU resources has been dealing with a massive outbreak of abuse for cryptocurrency mining. The industry has been setting up informal working groups … cumulatively wasting thousands of hours of engineering time implementing measures to deal with this abuse, and responding as attackers find new ways to circumvent them.”

@kensanata not disagreeing at all, but isn't it interesting how pretty much the same critique can be leveled at our existing monetary systems and finance industries?

@kensanata @edsu

AFAIK banks and finance companies are still mostly running AS/400 (or whatever the equivalents are nowadays) and CICS, maybe with a a web/intranet front end instead of 3270 emulators - these are going to use a fairly constant amount of electricity proportional to the customer base (and the resources consumed will be closely monitored and minimised as it needs to fit standard datacentres with backup power in the countries the institutions operate in)

@vfrmedia @kensanata I'm not just talking about the tech, but the entire infrastructure and who runs it.

@edsu @kensanata

some institutions intended for stock market speculation and adtech/marketing maybe, but even those don't operate using systems that deliberately consumes extra energy and resources on the scale of cryptocurrency, and you don't normally get staff of Lloyds TSB., RBS, the Co-Operative bank or fund managers of saving plans nicking resources from communal community projects to increase their profits...

@vfrmedia @kensanata I'm talking about the stock markets, and yes, they deliberately over online in the name of constant growth.

@edsu @kensanata

the whole concept of stocks and shares and chasing economic growth is flawed and unsubstainable to start with, but this "wild west" attitude of cryptominers is even worse (and shows what can happen in unregulated environments)

@vfrmedia @kensanata i think we are in agreement there. The scales are completely different though.

@vfrmedia @kensanata i generally find that valid technocratic critiques of cryptocurrency ring a bit hollow when they aren't put in broader social & political perspective.

@edsu @kensanata

its capitalism that drives the demand for cryptocurrency in the first place - OTOH I've not yet heard of the conventional banking system anywhere in the World directly causing power cuts through excessive short term energy usage , even if they may have slowly degraded the electricity distribution infrastructure by privatisation and profit chasing (but that took 40 years rather than about 4)

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