Is this dude a virgin?
The Crypto-Chernobyl
131–140 of 156 posts
Re: The Crypto-Chernobyl
#132Bitcoin has fantastic utility. The scarcest resource any of us have is time. We all sell our time for money. Money is essentially a battery of time. Bitcoin is a profoundly better battery than poorly managed fiat. The energy consumed by Bitcoin is a registry of human effort. Bitcoin’s raise in value is proof of this utility and human desire for all time spent to be equal and honored as such in the future.
Re: The Crypto-Chernobyl
#133Earlier quoted context omitted.
Half of Iceland's electricity is already from bitcoin mining so at the very least 1/12 of total bitcoin mining is from geothermal. The first youtube hit for bitcoin mine gives another operation in the US using hydro electricity. Any operations using costly electricity will quickly be put out of business of more efficient operations as mining hardware prices matches demand.
But we could be using that _to be becoming carbon neutral_
Agree. Just am pointing out that the energy consumption of bitcoin seems to be vastly overstated, possibly by an order of magnitude.
Re: The Crypto-Chernobyl
#134Bitcoin has fantastic utility. The scarcest resource any of us have is time. We all sell our time for money. Money is essentially a battery of time. Bitcoin is a profoundly better battery than poorly managed fiat. The energy consumed by Bitcoin is a registry of human effort. Bitcoin’s raise in value is proof of this utility and human desire for all time spent to be equal and honored as such in the future.
> Bitcoin’s raise in value is proof of this utility and human desire for all time spent to be equal and honored as such in the future.
One hour's wages spent on Bitcoin a decade ago is worth how many hours' wages now?
How would Bitcoin make all time spent be equal?
Re: The Crypto-Chernobyl
#135Earlier quoted context omitted.
> Everything is animal spirits now in search of yield. Zirp explains exactly why asset prices are inflating, as I said before, animal spirits are an unnecessary hypothesis. > Because people are expecting it to get to $100k, which means it's a hot commodity in a speculative bubble. Not everyone who buys into a bubble believes that the underlying fundamentals justify the price in the long run- they just believe that th…
What are these "fundamentals" you speak of? Why should I pay anything at all for a record of the fact that someone, sometime in the past solved a useless math problem?
Scarcity. It’s ledger money. People want a unit of exchange that won’t depreciate as a result of the creation of new units. bitcoin meets that need.
Re: The Crypto-Chernobyl
#136> And what is there to show for all this waste? The safest safe haven asset: a global currency of fixed supply controlled by computer algorithms. Essentially the author posits Earth’s ecosystems don't have room for another Argentina. But they arguably don't even have room for half of the current human population. Particularly a human population that exploits nature to the tune of millions of acres of clearcut forests…
More safe havens for wealth are the last thing a world suffering from vast economic inequality needs. "Safe haven" isn't a positive thing, it's another way in which Bitcoin makes the world worse, along with funding ransomware and other crimes and burning more electricity than Argentina to conduct as many transactions as a small town. And in response to the list of of Bitcoin's negative impacts, the only defense is th…
> More safe havens for wealth are the last thing a world suffering from vast economic inequality needs.
Hard disagree. The problem with inequality is that too many people have too few assets. Increasing the security of property is a powerful way to mitigate this by giving people safe havens in which to store their wealth.
Re: The Crypto-Chernobyl
#137Earlier quoted context omitted.
Anyone have any data on how much waste is associated with Nasdaq, NYSE, credit card transactions, call centers to support credit cards, websites to support credit cards, ads that support credit cards, tv and radio commercials that support credit cards, etc. (for comparison)?
What do Nasdaq and NYSE have to do with this? Are you proposing using Bitcoin to track ownership of companies?
I think the point being BTC is only one aspect of a financial system which surely uses more energy than BTC alone.
Re: The Crypto-Chernobyl
#138Earlier quoted context omitted.
More safe havens for wealth are the last thing a world suffering from vast economic inequality needs. "Safe haven" isn't a positive thing, it's another way in which Bitcoin makes the world worse, along with funding ransomware and other crimes and burning more electricity than Argentina to conduct as many transactions as a small town. And in response to the list of of Bitcoin's negative impacts, the only defense is th…
> More safe havens for wealth are the last thing a world suffering from vast economic inequality needs. Hard disagree. The problem with inequality is that too many people have too few assets. Increasing the security of property is a powerful way to mitigate this by giving people safe havens in which to store their wealth.
People don't have too few assets because there aren't any secure assets to invest in. There are plenty already.
People have too few assets because they aren't paid enough for their labor to be able to save, and another class of wealth won't increase the value of labor.
Bitcoin won't make that worse, either, but what it will do is impede democratic efforts to redistribute wealth to the poor, thus "protecting wealth" ... from the people.
Re: The Crypto-Chernobyl
#139Earlier quoted context omitted.
> More safe havens for wealth are the last thing a world suffering from vast economic inequality needs. Hard disagree. The problem with inequality is that too many people have too few assets. Increasing the security of property is a powerful way to mitigate this by giving people safe havens in which to store their wealth.
People don't have too few assets because there aren't any secure assets to invest in. There are plenty already. People have too few assets because they aren't paid enough for their labor to be able to save, and another class of wealth won't increase the value of labor. Bitcoin won't make that worse, either, but what it will do is impede democratic efforts to redistribute wealth to the poor, thus "protecting wealth" .…
> People don't have too few assets because there aren't any secure assets to invest in. There are plenty already.
People have too few assets because they are constantly forced by society to support parasites.
> People have too few assets because they aren't paid enough for their labor to be able to save
Yeah, between zero percent interest rates and quantitative easing, the government and the oligarchs keep eating the fat out of their wages and they don’t have any money left over. Of course this is the point of monetary policy so we invented bitcoin to provide those people with a save haven.
> and another class of wealth won't increase the value of labor.
It makes wealth accessible to labor.
> impede democratic efforts to redistribute wealth to the poor, thus "protecting wealth" ... from the people.
You misspelled “oligarchs” as “poor” and then again as “people”
Re: The Crypto-Chernobyl
#140Earlier quoted context omitted.
People don't have too few assets because there aren't any secure assets to invest in. There are plenty already. People have too few assets because they aren't paid enough for their labor to be able to save, and another class of wealth won't increase the value of labor. Bitcoin won't make that worse, either, but what it will do is impede democratic efforts to redistribute wealth to the poor, thus "protecting wealth" .…
> People don't have too few assets because there aren't any secure assets to invest in. There are plenty already. People have too few assets because they are constantly forced by society to support parasites. > People have too few assets because they aren't paid enough for their labor to be able to save Yeah, between zero percent interest rates and quantitative easing, the government and the oligarchs keep eating the…
Once upon a time the world used money whose value the oligarchs and governments couldn't easily manipulate: gold (and gold certificates).
The outcome? Widespread poverty, depressions, wars, etc.
What makes you think that wouldn't happen again with Bitcoin?