Bitcoin: What worries me about it?

I am in favor of Bitcoin for various reasons related to freedom and economy(some gut feelings). But I have realized that there is one thing very wrong about Bitcoin.

All most all other currencies in the world we use are based on some guarantee of the value by some central bank. So for creating say $1000 all they need is a paper and little complex system to make it difficult for others to copy it. So real energy consumed in the process of making $1000 will be may be say $5 (that is max). Ofcourse when we talk about coins the cost may be much more. Some times it may reach the actual cost of metal in it. Let us consider that only 1% of coins are in circulation.  So that is not significant.

But what does it cost to create 1000 Bitcoins? Bitcoins are created using electricity. So they consume last amounts of electric power to produce Bitcoins. And this energy is consumed in the process. It is lost, no one can recover anything from it. So for society, net result of creating Bitcoins is always -ve. As the price of Bitcoins are increased now from $1 some years back to $90 now, more and more people will start converting real power into some numbers.

I have not done any statistics on this but rough estimates is more than 10% of the value is already consumed.

As a person who does not much like waste of natural resources, I do not like this. The people who created it should have found some other way to limit the availability of them.

I may be wrong in lot of assumptions I made above. I have not found anyone talking about this issue. What do you think?

Crime & Punishment

Sending some one to jail for a crime they committed 20 years back is illogical when they are willing to accept their mistake and can afford to pay penalty.

We need to punish people for crimes, but all punishment should be in a way that society becomes better as a result. And if we are sure that society does not become better due to one way of punishment, then we have to find other way.

For example, one Hero is being sent to jail(or at least as it seems). I believe he could have ordered to pay 20cr just to avoid going to jail for 5 years. And I believe that that 20cr would have made the society much better place than he going to jail. If 20cr for him is less, then make it as big as possible but still with in his reach. And let him choose the option of going to jail or paying that money.

If the court can come up with an arbitrary number as 5 years, I am sure it can come up with a number like 20crores.


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