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A faster, more efficient cryptocurrency

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Re: A faster, more efficient cryptocurrency

#361

Post by Scarblac »

celticninja wrote: post #356
good-idea wrote: post #242

I'm shocked and disheartened by how infrequently environmental concerns are brought up when discussing crypto. Proof of Work vs Proof of Stake, security, storage size - these are problems for the network and those that want to see it become a real part of our economy. (I am one of those) But the amount of energy being used to mine bitcoin is a real problem - it's not just a technical challenge (like the problems abov…

I dont think we have any real evidence that cryptocurrencies are predominantly using polluting methods of power generation. The entire argument falls over if it is all renewable energy.

Then it's still using up renewable energy that could have been used on something else. Electricity is mostly fungible.

Re: A faster, more efficient cryptocurrency

#362

Post by zanny »

sparkie wrote: post #312
BenoitEssiambre wrote: post #249

Earlier quoted context omitted.

You don't have to ask that question. If they really cared about the tech, they would make sure their tokens are not deflationary. Deflationary tokens are not much good as a currency but they are good as a Ponzi scheme.

I think here's your answer: It isn't just about the tech. This is what most "blockchain" enthusiasts get wrong. They think it is just about technology, and thus, they can come up with "a better bitcoin." They're missing that the predetermined monetary policy is the key innovation of Bitcoin, and that by creating a new "blockchain" which prints new money, they are shooting themselves in the foot, because they can't ev…

> At the end of the day, nobody can change Bitcoin's monetary policy

A majority of hashing power in the network could change Bitcoins monetary policy.

Re: A faster, more efficient cryptocurrency

#363

Post by [deleted] »

ses1984 wrote: post #48
malloreon wrote: post #16

I have long wondered how cryptocurrency fans would answer the question: ‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’ Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrenci…

The anarchist in me wants to believe that cryptocurrency will diminish the power of the state but I don't actually have enough faith in humanity that we will come up with something better than crypto-oligarchy.

[deleted]

Re: A faster, more efficient cryptocurrency

#364

Post by coinward »

good-idea wrote: post #242

I'm shocked and disheartened by how infrequently environmental concerns are brought up when discussing crypto. Proof of Work vs Proof of Stake, security, storage size - these are problems for the network and those that want to see it become a real part of our economy. (I am one of those) But the amount of energy being used to mine bitcoin is a real problem - it's not just a technical challenge (like the problems abov…

you've got it wrong mate. Bitcoin just reinforces the existing incentive to capture and utilize energy as efficiently as possible. The reality is closer to Bitcoin leading the push toward renewable energy than it is to Bitcoin destroying the environment. Your thinking is regressive

Re: A faster, more efficient cryptocurrency

#365

Post by Scarblac »

sbenitoj wrote: post #302
ckastner wrote: post #276

Earlier quoted context omitted.

> I would gladly trade all my gains for a world where governments have no control over the creation and regulation of money. In that world, there would also be nothing to stop anyone else from just taking your money by force and without any consequences. The loudest voices against government regulation of finance usually belong to those with the least understanding of it. Most of the regulation is just there to prote…

Why do governments have to simultaneously be in the business of (1) securing people’s property and (2) creating money and regulating the monetary supply?

Because regulating it is an important part of securing it. They're not separate things.

If I am a victim of fraud and lose my money, I have the concept of the rule of law to help me get my money back. In a decentralized world there is no way to get my money back.

Besides, it is the government's job to help society function well, in part by making the economy successful. Money is just a tool to do that.

Re: A faster, more efficient cryptocurrency

#366

Post by rplnt »

beiller wrote: post #360
good-idea wrote: post #242

I'm shocked and disheartened by how infrequently environmental concerns are brought up when discussing crypto. Proof of Work vs Proof of Stake, security, storage size - these are problems for the network and those that want to see it become a real part of our economy. (I am one of those) But the amount of energy being used to mine bitcoin is a real problem - it's not just a technical challenge (like the problems abov…

Since many people including me compare bitcoin to gold in terms of it as an investment that is not based on any real-world usage, how does the environmental impact of mining bitcoin compare to the environmental impact of the total amount of gold mined from the earth that is only used for investment purposes?

Is that a real question? If so, I don't know the answer (I can guess that gold is better per value, worse in total). But phrasing it like this makes it sound like that would be a good excuse to pursue crypto anyway.

Re: A faster, more efficient cryptocurrency

#367

Post by root_axis »

Sir_Substance wrote: post #143
root_axis wrote: post #77

Earlier quoted context omitted.

How?

The simple fact that you ask this question tells me you don't live in india, where a few years ago the government straight up deleted quite a lot of personal wealth by declaring the two largest notes worthless with mere hours of warning: http://time.com/4567605/india-currency-change-queues-delhi/ The original statement was: > I think there's value in reducing the politically privileged's means to dominate their power…

Where I live is irrelevant to my reasoning so I'm not sure why you brought that up.

Cryptocurrency doesn't diminish a government's ability to enact financial policies within their sovereign borders.

Re: A faster, more efficient cryptocurrency

#368

Post by cachvico »

buzzdenver wrote: post #358
cjbprime wrote: post #284

Earlier quoted context omitted.

I'm not sure whether this is true, but I expect that electricity-from-coal for Bitcoins isn't a massive problem because doing so is simply unprofitable: the electricity costs more than the value of the Bitcoins, so it would be irrational to do. I would expect that mining has become an arbitrage market that narrows in on the cheapest possible electricity anywhere in the world, and as such is dominated by excess "free"…

That might be the case in some countries, but in China for example much of the mining is done with stolen electricity, or bribing officials for an unreasonably low rate.

Ironically

Re: A faster, more efficient cryptocurrency

#370

Post by pcstl »

good-idea wrote: post #242

I'm shocked and disheartened by how infrequently environmental concerns are brought up when discussing crypto. Proof of Work vs Proof of Stake, security, storage size - these are problems for the network and those that want to see it become a real part of our economy. (I am one of those) But the amount of energy being used to mine bitcoin is a real problem - it's not just a technical challenge (like the problems abov…

As far as I know, large bitcoin-mining setups usually include their own solar farms (or other energy production facilities), as it is cheaper to generate your own electricity than buying it from the grid.
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