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Then, the Bitcoin supports make a counter-argument like this:

After reading it a while, I noticed that Bitcoin and the current financial systems can't be treated as competing in isolation. Bitcoin uses the current financial systems. So, Bitcoin's energy profile is its energy/resource use plus the financial system's. I argued that on Lobsters with Greg Slepak and David Gerard. I also described specifically what would be necessary for Bitcoin to be an isolated system:

David later wrote an article on it, although cited other sources. Least he's getting the info out there. His has tons of extra details about the energy usage along with examples of misleading claims cryptocurrency advocates are using to make excuses for the drawbacks of their protocols:

My scheme was to simply fix the problems in existing systems with proven methods. Change incentives via public-benefit corps and non-profits with charters requiring common good things, banning common bad things, and penalties decided by 3rd-party non-profit with good record. The decentralization benefits can be achieved, a la SWIFT, with centralized operations that interact over standardized protocols. They can both run and check logs using the fastest, cheapest tech available for centralized operations. I gave simple example here:

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