That energy has a purpose, and provides value to a consumer somewhere. The energy used in “mining a currency” provides no value at all, but is calculating sums for no reason other than to control supply of such currencies. It’s not to say that banks, data centers or ATMs should not be more energy efficient, but it is important to question why a process is designed to waste resources.
Senior Director, Public Affairs
Huawei Southern Africa
Mobile: +254-7909-85886
From: Sidney Ochieng [mailto:sidney.ochieng@gmail.com]
Sent: Monday, January 29, 2018 10:37 AM
To: KICTAnet ICT Policy Discussions <kictanet@lists.kictanet.or.ke>
Cc: Adam Lane <adam.lane@huawei.com>
Subject: Re: [kictanet] World’s biggest ever digital currency ‘theft’
I find numbers like this thrown around without context mean nothing. How much of the worlds current energy is used on other financial transactions, running banks, credit cards, atms etc? Would anyone say that energy is wasted?
On 29 January 2018 at 09:41, Adam Lane via kictanet <kictanet@lists.kictanet.or.ke<mailto:kictanet@lists.kictanet.or.ke>> wrote:
Let’s not forget the biggest flaw of all with crypto currencies is that they depend on basically wasting energy (Which may or may not be sustainably produced, even so it could be better used than on crunching pointless numbers):
• In 2017:
* 42.67 TWh: The annual energy consumption of Bitcoin and Ethereum combined
* 0.19%: The percentage of the world’s electricity used by Bitcoin and Ethereum
* 8.49: The number of U.S. households that could be powered for a full day with the same energy as single bitcoin transaction
Senior Director, Public Affairs
Huawei Southern Africa
Mobile: +254-7909-85886
From: kictanet [mailto:kictanet-bounces+adam.lane
Sent: Sunday, January 28, 2018 6:12 PM
To: Adam Lane <adam.lane@huawei.com<mailto:adam.lane@huawei.com>>
Cc: Admin CampusCiti <info@campusciti.com<mailto:info@campusciti.com>>
Subject: Re: [kictanet] World’s biggest ever digital currency ‘theft’
Lesson:-
That we are not safe anywhere from thieves? 🙂
Seriously though one of the fundamental flaws of cryptocurrencies is that once you have been liberated from your cryptos you have no recourse. This is a design flaw that we are all hoping will be resolved. Sooner rather than later.
Ali Hussein
Hussein & Associates
+254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: ke.linkedin.com/in/alihkassim
Blog: www.alyhussein.com
“Discovery consists in seeing what everyone else has seen and thinking what no one else has thought”. ~ Albert Szent-Györgyi
Sent from my iPad
On 27 Jan 2018, at 8:53 PM, Victor Kapiyo via kictanet <kictanet@lists.kictanet.or.ke<mailto:kictanet@lists.kictanet.or.ke>> wrote:
Dear Listers,
One of Japan’s largest digital currency exchanges says it has lost some $534m (£380m) worth of virtual money in a hacking attack on its network.
Coincheck suspended deposits and withdrawals for all crypto-currencies except Bitcoin as it assessed its losses in NEM, a lesser-known coin. If the theft is confirmed, it will be the largest involving digital currency. Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.
Read more: www.bbc.com/news/world-asia-42845505#
What lessons can we learn from this?
Regards,
Victor Kapiyo
Partner | Lawmark Partners LLP
Advocate of the High Court of Kenya, Commissioner for Oaths & Notary Public
Suite No. 8, Centro House, Westlands, Nairobi | Web: www.lawmark.co.ke
====================================================
“Your attitude, not your aptitude, will determine your altitude” Zig Ziglar
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KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people’s times and bandwidth, share knowledge, don’t flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
