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Izeinwinter comments on Why you should consider buying Bitcoin right now (Jan 2015) if you have high risk tolerance - Less Wrong Discussion

4 Post author: Ander 13 January 2015 08:02PM

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Comment author: Izeinwinter 15 January 2015 05:13:49PM *  0 points [-]

The proceeds overwhelmingly don't go to miners. They go to electricity utilities and the upstream value chain of those businesses. Because the cost of electricity is always nearly identical to the proceeds. Basically, bitcoin is a way to turn perfectly good dollars into an extra load on the grid for no good reason.

Comment author: Alsadius 15 January 2015 05:23:06PM *  5 points [-]

I have a friend who mines bitcoin...but only in the winter, because he has electrical heating anyways, so there's no net new electrical load.

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