Bitcoin and other PoW coins are an ESG nightmare

#1

Post by jpkoning » Mon, Feb 15, 2021, 12:46 PM UTC

Bitcoin and other PoW coins are an ESG nightmare
ofnumbers.com

Re: Bitcoin and other PoW coins are an ESG nightmare

#2

Post by ghgr » Mon, Feb 15, 2021, 1:13 PM UTC

ESG probably stands for Environmental, Social, and Corporate Governance: https://en.wikipedia.org/wiki/Environmental,_social_and_corp...

Re: Bitcoin and other PoW coins are an ESG nightmare

#3

Post by idclip » Mon, Feb 15, 2021, 1:14 PM UTC

I see the dyson cloud becoming Elon’s next big project to help maintain this network. Our energy production is too outdated and primitive.

The same to our legislative bodies, human society is having an anally retentive crises when it comes to technology. The system’s chocked and cant function well.

Re: Bitcoin and other PoW coins are an ESG nightmare

#4

Post by ianai » Mon, Feb 15, 2021, 1:18 PM UTC

What does ESG stand for? I searched the article and it’s not there. I’m sure it’s widely known in the literature this writes into, but key terms should still be introduced along with the acronym.

Re: Bitcoin and other PoW coins are an ESG nightmare

#5

Post by ianai » Mon, Feb 15, 2021, 1:18 PM UTC

ghgr wrote: post #2

ESG probably stands for Environmental, Social, and Corporate Governance: https://en.wikipedia.org/wiki/Environmental,_social_and_corp...

Ok yes that’s not obvious. Thank you!

Re: Bitcoin and other PoW coins are an ESG nightmare

#6

Post by Glench » Mon, Feb 15, 2021, 1:20 PM UTC

Worth mentioning the cryptocurrency that Bram Cohen (inventor of bittorrent) is creating that is explicitly designed to be low-energy usage and more distributed: https://www.chia.net/

It uses "Proof of Space" (proof that you're allocating a certain amount of storage space) instead of Proof of Work or Proof of Stake. Pretty interesting and they're coming out of beta into their mainnet in the next few weeks. Their on-chain programming language is even Lisp-based!

Re: Bitcoin and other PoW coins are an ESG nightmare

#7

Post by xiphias2 » Mon, Feb 15, 2021, 1:20 PM UTC

Sure, let's get back to a gold based system, it's so much more environmentally friendly :)

Re: Bitcoin and other PoW coins are an ESG nightmare

#8

Post by arethuza » Mon, Feb 15, 2021, 1:22 PM UTC

idclip wrote: post #3

I see the dyson cloud becoming Elon’s next big project to help maintain this network. Our energy production is too outdated and primitive. The same to our legislative bodies, human society is having an anally retentive crises when it comes to technology. The system’s chocked and cant function well.

That would make an interesting answer to the Fermi paradox - nobody is travelling because everyone stays at home to perform PoW calculations in a dyson cloud. Which does rather remind me of Accelerando by Charlie Stross - maybe Economics 2.0 used by the vile offspring is a giant PoW scheme:

https://en.wikipedia.org/wiki/Accelerando

Re: Bitcoin and other PoW coins are an ESG nightmare

#9

Post by adflux » Mon, Feb 15, 2021, 1:23 PM UTC

idclip wrote: post #3

I see the dyson cloud becoming Elon’s next big project to help maintain this network. Our energy production is too outdated and primitive. The same to our legislative bodies, human society is having an anally retentive crises when it comes to technology. The system’s chocked and cant function well.

Dyson sphere you mean? We are centuries away from achieving anything like that...

Re: Bitcoin and other PoW coins are an ESG nightmare

#10

Post by hahahahe » Mon, Feb 15, 2021, 1:28 PM UTC

ghgr wrote: post #2

ESG probably stands for Environmental, Social, and Corporate Governance: https://en.wikipedia.org/wiki/Environmental,_social_and_corp...

It’s become meaningless. Think of it as crypto, AI/ML/DL, big data, etc of investment management industry.