Bitcoin breaks above $20k

#1

Post by wsieroci » Wed, Dec 16, 2020, 3:14 PM UTC

Re: Bitcoin breaks above $20k

#2

Post by tectonic » Wed, Dec 16, 2020, 4:36 PM UTC

What's the carbon footprint of BTC like these days? Has any progress been made on mitigating this fundamental design issue?

Re: Bitcoin breaks above $20k

#3

Post by albntomat0 » Wed, Dec 16, 2020, 4:37 PM UTC

What's the current thoughts on Tether, and how its speculated potential collapse will affect the rest of the ecosystem?

Also, what's the latest on scaling? The last time I looked into it, Lightening was a thing, but I don't follow it closely.

Re: Bitcoin breaks above $20k

#4

Post by ur-whale » Wed, Dec 16, 2020, 4:38 PM UTC

Previously discussed:

https://news.ycombinator.com/item?id=25442377

Re: Bitcoin breaks above $20k

#5

Post by seibelj » Wed, Dec 16, 2020, 4:39 PM UTC

Bitcoin is a pure computer-science phenomenon. Regardless of whether you personally feel this is a good or bad investment, I think the magnitude of this success over such a short time frame, the impact on the world, and the interest it and the wider crypto ecosystem receives from the non-tech world, is absolutely stunning. HN should accept that Bitcoin is an achievement of massive proportions.

Re: Bitcoin breaks above $20k

#6

Post by robert_foss » Wed, Dec 16, 2020, 4:39 PM UTC

tectonic wrote: post #2

What's the carbon footprint of BTC like these days? Has any progress been made on mitigating this fundamental design issue?

Yes, but not with Bitcoin. Etherium is currently moving from Proof-of-Work to Proof-of-Stake.

https://ethereum.org/en/eth2/staking/

Re: Bitcoin breaks above $20k

#7

Post by paulgb » Wed, Dec 16, 2020, 4:40 PM UTC

tectonic wrote: post #2

What's the carbon footprint of BTC like these days? Has any progress been made on mitigating this fundamental design issue?

There can’t be progress as long as it uses proof-of-work, and it would take a fork to change that so it almost certainly won’t happen.

Any improvements to the efficiency of proof of work will be countered by a difficulty adjustment, by design.

Re: Bitcoin breaks above $20k

#8

Post by louwrentius » Wed, Dec 16, 2020, 4:40 PM UTC

I wonder where the money comes from that funds this price.

I'm very afraid that people who should know better, like pension funds, start buying this crap, in search for any return.

This game of musical chairs will come down eventually.

Re: Bitcoin breaks above $20k

#9

Post by boh » Wed, Dec 16, 2020, 4:40 PM UTC

The real test is if this is still true by mid-Jan. The 2017-18 peak had a similar trajectory--Oct to Dec spike then fell by Jan--suggesting some weird tax related activity. I'm curious to see if things play out the same way.

Re: Bitcoin breaks above $20k

#10

Post by bfgoodrich » Wed, Dec 16, 2020, 4:41 PM UTC

robert_foss wrote: post #6

tectonic wrote: post #2

What's the carbon footprint of BTC like these days? Has any progress been made on mitigating this fundamental design issue?

Yes, but not with Bitcoin. Etherium is currently moving from Proof-of-Work to Proof-of-Stake. https://ethereum.org/en/eth2/staking/

Hasn't Ethereum been moving to proof-of-stake for years now? It seems like something that is never going to actually happen, but is always held as redeeming.