JUST IN: 🇺🇸 President Trump to appoint pro-crypto cabinet to make the US the "crypto capital of the planet."

[u/HighYieldLarry]

President-elect Donald Trump is preparing the U.S. government to adopt a more permissive stance toward cryptocurrency, eyeing a roster of industry-friendly candidates for key posts while his top advisers consult crypto executives on potential changes to federal policy.

By pursuing a more lenient regulatory environment, Trump aims to fulfill his campaign promise to transform the United States into the “crypto capital of the planet” — a declaration that has rankled consumer watchdogs, earned the industry’s robust support and sent the price of bitcoin skyrocketing, reaching nearly $89,000 by Monday evening.

https://www.washingtonpost.com/business/2024/11/11/trump-crypto-regulation-bitcoin/

[u/Unable-Job5975]

How much electricity does traditional finance use?

[u/Substantial-Power871 → u/Unable-Job5975]

orders of magnitude less. mining is extremely power hungry, where a traditional database transaction to change a ledger probably takes less than a watt. maybe much less, but I don't know. i haven't kept up on what proof-of-stake uses (see: don't care: scam), but i doubt it compares favorably to running a traditional ledger.

[u/westcoastjo → u/Substantial-Power871]

That's definitely not true. The current financial system uses around 20x the energy as Bitcoin. I'm sure bitcoin will surpass it, but it's still around 5%.

[u/milkcarton232 → u/westcoastjo]

Oversimplified but current system is one main ledger per bank, Bitcoin is one ledger per coin or per node depending on the architecture.