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Bitcoin backlash as ‘miners’ stress power grids in Central Washington

seattletimes.com

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Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#41

Post by jimnotgym »

mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

Whilst I agree that it is a sinkhole, I also hold a fraction of a bitcoin just-in-case I am totally wrong!

I don't want to say to my kids, "in my day you could still buy a bitcoin for only $7k."

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#42

Post by pandasun »

amorphid wrote: post #29

At what point will miners just start building there own power plants? And I wonder if environmental concerns will start forcing good and/or bad regulations of crypto mining.

They sort of are:

https://www.trustnodes.com/2018/04/28/australias-dirtiest-co...

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#43

Post by hourislate »

mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

>I don't know where to begin with this Bitcoin crap; it's gotten crazy that so many naive people are into this plopping their hard-earned money into a well-functioning sinkhole.

George Soros said it best, " All of financial history is one lie and deceit after another, your job as a speculator is to get on the lie while it is being propagated and get off before everyone finds out".

I feel like a lot of folks are going to get burned but what do I know? I could be full of shit....

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#44

Post by mondoshawan »

oh_sigh wrote: post #37
mondoshawan wrote: post #35

I don't quite understand something: why are the terms "unpermitted", "unauthorized", and "bootleg" used in the article? When I signed up with Seattle Public Utilities, I didn't sign an agreement saying I wouldn't mine or run servers out of my apartment.

Keep reading after 'unpermitted', and the answer right there in the article: "...running computer servers far too large for the electrical grids of residential neighborhoods"

I read the article past that statement, but saw no reference to regulation or ToS that states this is a violation of any statute or local law -- "far too large" is what, exactly?

My problem with that statement is that it doesn't actually answer the question -- it smacks of journalistic supposition and no root facts.

I can run two refrigerators, two freezers and an AC unit all day and night and push myself into the top tier of energy usage, being the equivalent of a closet full of computers running 24/7, but all that would do is push myself into the top tier and cost me lots of moolah -- what's the line between authorized and unauthorized?

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#45

Post by Rjevski »

oh_sigh wrote: post #37
mondoshawan wrote: post #35

I don't quite understand something: why are the terms "unpermitted", "unauthorized", and "bootleg" used in the article? When I signed up with Seattle Public Utilities, I didn't sign an agreement saying I wouldn't mine or run servers out of my apartment.

Keep reading after 'unpermitted', and the answer right there in the article: "...running computer servers far too large for the electrical grids of residential neighborhoods"

If you consume more power than what the electrical company can supply your main breaker will trip.

Unless those people are bypassing breakers I don’t see what’s the big deal. If the electrical company tells you that you can draw 20A and gives you a 20A breaker then you should be allowed to use it.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#46

Post by abecedarius »

skybrian wrote: post #24
tradedash wrote: post #3

Earlier quoted context omitted.

Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.

This is like asking why the solution to bad software is to commit more code. It's because the way to fix a bad law is to pass another law. Otherwise you're saying we should keep the bad laws we have and work around it some other way. Sometimes fixing the symptoms actually is better, but it's not surprising when people suggest changing the code.

Patches on top of patches are not the only way to maintain software.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#47

Post by matthewaveryusa »

mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

Well now you know what the market cap is for snake oil. For the first time we've gotten a clear view of the market size -- and with that kind of size there's no doubt this won't be the last one.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#48

Post by [deleted] »

jimnotgym wrote: post #41
mindfulplay wrote: post #33

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

Whilst I agree that it is a sinkhole, I also hold a fraction of a bitcoin just-in-case I am totally wrong! I don't want to say to my kids, "in my day you could still buy a bitcoin for only $7k."

[deleted]

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#49

Post by MBCook »

tradedash wrote: post #3
Semirhage wrote: post #2

Those bargain rates are possible largely because the Basin’s five dams generate around six times what the region can use locally. Much of the surplus is exported, at premium prices, to outside buyers such as Puget Sound Energy, and those outside sales subsidize local rates. But if the utilities are selling more of their power to local Bitcoin miners, they’re exporting less power at those premium prices, which makes i…

Why is the solution to everything "pass a law"? there is an ocean of possible solutions to this problem yet people somehow always jump to "pass more laws" before other options are considered. I find that rather weird.

There are externalities that they want to control for some people but not others or through a means other than a price hike on everyone.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#50

Post by mondoshawan »

Rjevski wrote: post #45
oh_sigh wrote: post #37

Earlier quoted context omitted.

Keep reading after 'unpermitted', and the answer right there in the article: "...running computer servers far too large for the electrical grids of residential neighborhoods"

If you consume more power than what the electrical company can supply your main breaker will trip. Unless those people are bypassing breakers I don’t see what’s the big deal. If the electrical company tells you that you can draw 20A and gives you a 20A breaker then you should be allowed to use it.

Precisely! If they are bypassing the breakers, then that's "breaking and entering" on the public utility's property -- the mining isn't the "unauthorized" part.
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