61–70 of 325 posts
I wonder if bitcoin will try to go the Ethereum route and move to proof of stake [1] instead of proof of work. [1] https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
It wouldn't be bitcoin anymore then... Being able to grandfather in the whole transaction log after rolling out a new system runs counter to the principle.
Earlier quoted context omitted.
Why should Fiat money use more energy than global bitcoin adaption? Bitcoin already used as much energy as medium-sized countries (I believe it was as much as Ireland last year or the year before) and nearly no one uses it for daily payments. Compared to that, I'm not aware that the Swift Network or Visa/Mastercard would run whole power plants to support their energy needs. They just need a medium sized data center t…
>Why should Fiat money use more energy than global bitcoin adaption? The problem was the original poster in this thread setting up the strawman that bitcoin is for every single transaction (or even a decent fraction of them). But to answer your direct question: because the security and processing of it's transactions depends on the security of a nation state. That nation state's security stems from the military among…
Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8
Why don't people rail like this against the aluminum industry? It's just as wasteful. Bitcoin provides substantial utility and value to society, the energy to secure bitcoin is a cost just the same as the energy to smelt aluminum.
Do you have any proof of this dubious statement?
I wonder if bitcoin will try to go the Ethereum route and move to proof of stake [1] instead of proof of work. [1] https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
It wouldn't be bitcoin anymore then... Being able to grandfather in the whole transaction log after rolling out a new system runs counter to the principle.
Counter to what principle? I don't think that's right.
Bitcoin has changed the protocol multiple times, too.
Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8
Why don't people rail like this against the aluminum industry? It's just as wasteful. Bitcoin provides substantial utility and value to society, the energy to secure bitcoin is a cost just the same as the energy to smelt aluminum.
Earlier quoted context omitted.
Banks run green. They only require lights in the building, the building, the branches, and the atms, the employee's cars, the oil deals financed, and the wars financed.
Same can be said about the Bitcoin exchanges. Minus the wars maybe but including the drug cartels.
Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8
From an energy-consumption standpoint, I'm not too surprised at this. They have better uses for their mostly-non-renewable power generation. This will probably continue the push towards bitcoin mining in places with stable renewables (like hydro and geothermal). That being said, I just found https://www.coindesk.com/norway-ends-power-tax-subsidy-for-b... , which makes me wonder if current prices would be able to supp…