341–350 of 1001 posts
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Then can Etherium 2.0 get some love?
“Hey there, you love the rich getting richer and a perpetual level of Uber rich controlling the financial system that is unbreakable? Then you’re going to love proof of stake.”
Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
Bitcoin uses as much electricity as Chile and a single transaction has the same carbon footprint as ~700k Visa transactions. This may also be underestimated and account for around half of global data centre energy consumption as per a recent study. [1] [1] - https://digiconomist.net/bitcoin-energy-consumption/
Or about as much as a single large hydroelectric dam.
Fun fact: many miners are located in places with cheap hydro/wind electricity like Sichuan & Yunnan provinces in China. These provinces abandon 100+ TWh/year of hydropower. They literally run water through the dams without powering the turbines. 100 TWh/year is more than what Bitcoin consumes globally.
«single transaction has the same carbon footprint as...»
Misleading. Bitcoin transactions don't consume mining energy. Mining power is completely independent of transaction volume.
I bought $100 of BTC a while ago for fun. I watched it go up and down and mostly up. I got bored, and sold it for cash to donate... literally an hour before the big spike just earlier. I know about the fallacies of predicting the market. I understand 20/20 hindsight. But to actually experience it is such a strong lesson. To be flooded with, "ohhh I'm such an idiot!" and then think about how there's just no way I coul…
The thing I've learned investing so far: never sell anything . It really only ever makes sense to sell if doing so will positively change your lifestyle, or you have no alternative. Examples of when selling might be a good idea are buying a house, retiring, going through hard times, loss of a job etc. Rebalancing is fine too, but I'd personally only bother to do that if your portfolio is massively distorted (like it…
I have noticed that companies and investments do roughly divide into winners and losers. Meaning a currently well-performing asset will do well in the future. And a badly performing asset will probably suck still years to come.
One of the best things in investing i have done is selling my badly performing assets and buying some over-priced but well-performing assets. Sometimes the price is worth the hype.
Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
If you rationally examine, the money holder will select the money with the least energy waste. All moneys not held imply a higher amount of energy inefficiency. This is why one may hold the USD, as opposed to the Turkish Lira. This is why one may hold btc, as opposed to the USD.
If you want to investigate a bit more in depth, cryptoeconomics Proof of Work fallacy is a great resource by Eric Voskuil.
Link: https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-o....
Legitimizing Bitcoin more than offsets the environmental benefits of electric vehicles.
Are there any alternative to the Bitcoin?
While many of these are forks of Bitcoin and use similarly wasteful proof mechanisms, many are also completely new and different. Several different consensus mechanisms are broadly used across these, most of which improve drastically on Bitcoins wasteful Proof of Work (PoW). Some even solve the problem with only very negligible energy footprint, such as the variations on Byzantine Fault Tolerance (BFT). It's been long-debated whether those alternatives trade safety for energy-savings, but after many years it would appear the reverse is true. The majority of projects that have succumbed to some kind of system-inherent weakness have been PoW protocols being "51% attacked", which is generally not a concern for the alternatives.
Bitcoin is a mystery to me. Somehow it's hailed as revolutionising the economy, by replacing currency with a worse kind of currency. It feels like this is where all the "how to get rich quick" book writers and other hustle bros went and created one giant financial pyramid, which works in quite simple way: - buy bitcoin - tell everyone around how revolutionary it is, so they buy it and what you holding increases in va…
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Anyone can send or receive cryptocurrency without third party authorization.
Why would you want to though? It takes at least an hour to confirm (~6 blocks) without a third-party and the fees are getting super high (costs around $13.50 / 30624 satoshis per transaction to get reasonable transfer times). So unless you're transferring a large amount, you're better off using a third party that can just hold all the money and flip a bit in their database saying the money is moved.
Bitcoin also has the fee problem, and more recently Ethereum. Other cryptocurrencies like Bitcoin Cash with larger block sizes don't have the same transaction fee problems.
Cryptocurrencies are still relatively new. Most of the problems are being solved and the technologies are improving rapidly.
Here is the key paragraph from todays 10k. It also mentions gold related assets. ( https://www.sec.gov/Archives/edgar/data/1318605/000156459021... ): "In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Commit…
When people start pricing things I’m Bitcoin without doing some daily calculation, that’s when you know it’s serious.
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Bitcoin miners use surplus energy in remote places with lots of thermal or hydroelectric power. Remote China and Iceland. This electricity often can't be put to any other use anyway. The price of energy is probably enough to ensure this. Besides, the cost of maintaining Bitcoin has to be compared with holding up a fiat currency empire like the US. This requires lots of military, suppression of democracy and generally…
> This electricity often can't be put to any other use anyway. This is false. If there is surplus electricity, prices would drop, and you could expand availability. Government, especially the Chinese government is more than capable of shaping market demand. Furthermore, you could displace existing coal based electrical demand in the country. The value of currency comes from trust that you manage it well, not from the…