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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

#51

Post by jMyles »

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 think bitcoin is kinda dumb too, but I do have some confidence in blockchain tech generally based on its history so far (ie, the good parts of bitcoin).

> I don't know where to begin with this Bitcoin crap

Begin by addressing the actual strengths of blockchain tech (I think the weaknesses are fairly stated in this thread).

So far, in its short life, it has provided:

1) A store of value that can be easily held on the person and that lives outside the state-corporate banking infrastructure

2) A way to buy psychoactive compounds and other medicines which have been wrongly (and violently) prohibited.

Although I have no problem with Pokemon, nor do I judge people's proclivity to collect them, I do think that cryptocurrency has already achieved something that Pokemon haven't.

edit: Ouch - quite a lot of downvotes with no rebuttal. I guess we're in an anti-blockchain mood this morning.

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

#53

Post by kadenshep »

hourislate wrote: post #43
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…

Is there a source for this quote? I'm having trouble finding it.

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

#54

Post by bdcravens »

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 realize it's easy to speak in a derogatory manner about something we don't like and hope it will go away, but I think that ignores the reality: for now, and for several years, a lot of people have made a lot of money. It may be an opportunity, or it may be a problem that needs addressing, but after 9+ years, I think there comes a point where it's no longer a sinkhole.

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

#55

Post by Rjevski »

dullgiulio wrote: post #34
stephengillie wrote: post #28

Earlier quoted context omitted.

Indeed, my first thought for how to exploit is already covered in the article: > In other cases, utility crews responding to unusual spikes in power usage have found racks of remotely controlled servers whirring away in empty apartments. House and apartment rental and sale prices are lower than the Seattle area as well. You could rent a 1 bedroom apartment as a "weekend getaway studio with attached server room". One…

Well, aren't there laws that regulate the usage of buildings? Where I live (EU) you definitely cannot host mining racks in living premises. Just to get the higher power links you get questions asked.

I don’t know, but the main point of zoning laws is to prevent disturbances (like you can’t run a shop or a bar in a residential building for obvious noise and crowd concerns), but I don’t see why mining would be problematic. I’d rather have miners in the building rather than the drug-dealing kids that attract police every other week or so. Mining is very peaceful, you just install a piece of hardware and let it run (no noise, no damage, etc).

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

#56

Post by tsaoutourpants »

Havoc wrote: post #20

Easy...increase rates and set off profits directly against municipal levies. That way the average person on the street doesn't lose, yet the miners are encouraged to get lost.

This. Your first 1,000kWh in a month are at a reduced rate. Each kWh thereafter is at a premium rate. Easy.

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

#57

Post by cookiecaper »

dullgiulio wrote: post #34
stephengillie wrote: post #28

Earlier quoted context omitted.

Indeed, my first thought for how to exploit is already covered in the article: > In other cases, utility crews responding to unusual spikes in power usage have found racks of remotely controlled servers whirring away in empty apartments. House and apartment rental and sale prices are lower than the Seattle area as well. You could rent a 1 bedroom apartment as a "weekend getaway studio with attached server room". One…

Well, aren't there laws that regulate the usage of buildings? Where I live (EU) you definitely cannot host mining racks in living premises. Just to get the higher power links you get questions asked.

Yes, if the area is zoned residential, you are not allowed to use it for commercial purposes. You'd have to convince the code enforcement board and/or potentially other relevant authorities that the use was non-residential. Even to make the "weekend getaway with attached server room" argument, you have to be in an area that is zoned for temporary housing.

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

#58

Post by bdcravens »

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.

Your apartment lease likely has restrictions on business use.

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

#59

Post by hyperbovine »

bdcravens wrote: post #54
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 realize it's easy to speak in a derogatory manner about something we don't like and hope it will go away, but I think that ignores the reality: for now, and for several years, a lot of people have made a lot of money. It may be an opportunity, or it may be a problem that needs addressing, but after 9+ years, I think there comes a point where it's no longer a sinkhole.

A lot of money? As in actual, hard currency? Color me skeptical.

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

#60

Post by ythose »

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.

The only purpose of a breaker is to prevent current from heating up wires beyond a safe level. They don't indicate anything about power capacity for a given neighborhood.
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