Yep. I'm pretty much comparing it to democracies we live in or trust.
Maintaining a node is a form of energy spend but yes. If it's a small energy overhead I don't have as much of a problem with it. There's the lack of regulation which has some advantages. But a lot of times crypto people gloss over the disadvantages. Commodity markets are highly regulated against "pump and dump" which in the case of crypto is just unavoidable as there's no tracking.
Even if a government made it illegal. Because of the nature of crypto a person could be in a different country and perform the fraud. I think a lot of people have a view of "yes it's a pyramid scheme, let's get in, make money and get out...". There's very heavy FOMO and misinformation involved. Celebrities are peddling this and very few people understand the implications. I'm not an economist, but it looks to me like a house of cards.
We see market collapses in stocks and commodities. But governments bail us out when this happens. Here, people will be left without their savings. Exchanges and wallets might disappear overnight. Yes, they were wrong to put money there... But honestly, the level of misinformation out there... I don't blame the people who do that.
Yep. I'm pretty much comparing it to democracies we live in or trust.
Maintaining a node is a form of energy spend but yes. If it's a small energy overhead I don't have as much of a problem with it. There's the lack of regulation which has some advantages. But a lot of times crypto people gloss over the disadvantages. Commodity markets are highly regulated against "pump and dump" which in the case of crypto is just unavoidable as there's no tracking.
Even if a government made it illegal. Because of the nature of crypto a person could be in a different country and perform the fraud. I think a lot of people have a view of "yes it's a pyramid scheme, let's get in, make money and get out...". There's very heavy FOMO and misinformation involved. Celebrities are peddling this and very few people understand the implications. I'm not an economist, but it looks to me like a house of cards.
We see market collapses in stocks and commodities. But governments bail us out when this happens. Here, people will be left without their savings. Exchanges and wallets might disappear overnight. Yes, they were wrong to put money there... But honestly, the level of misinformation out there... I don't blame the people who do that.
Energy consumed by node is close to just running a personal computer for usual purposes. There is no mining or other meaningless energy waste.