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Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
171–180 of 405 posts
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#172Earlier quoted context omitted.
Sickening? Really? Don't you find it interesting that currency free of nation-state regulators would be attacked as anti-environmental? These same regulators would love to steer policy and public opinion by calling something that reduces their influence bad for the climate, even if such a thing is run on clean energy, solar, etc. That seems suspicious. Beware of what -isms you are repeating and supporting - they are…
I've been hearing for almost a decade how Bitcoin was going to change the world and help humanity and yet...nothing. Other than some speculators and early adopters getting rich. I've yet to hear of anything "world-changing" BTC could do that isn't already done better by traditional systems.
For the past 10 years you could have kept your money in a savings account or Bitcoin. One of those has been decimated by a fiat printing press, the other has been a great investment.
Bitcoin has already changed humanity for the better and it's only getting started.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#173Earlier quoted context omitted.
Bitcoin's energy usage is proportional to its market value so you might say it always uses the smallest possible amount of energy (given the current valuation). We have yet to see if alternative systems like proof-of-stake can gain the same trust and replace proof-of-work while actually consuming less energy in practice. I'm hopeful though.
Creating currency by itself does not create any value.
Right, the creation of Bitcoins only redistributes the value. The value mining provides is actually in outcompeting potential attackers who might want to change the consensus of the network.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#174A very interesting part of Bitcoin is that there’s no reason it couldn’t have been invented 10 years earlier (after having practical public key cryptography). Anyways, better late then never.
Green energy and small scale nuclear coming online will make the transition to self sustained mining easier after rewards run out.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#175Earlier quoted context omitted.
Would you rather have us use the bad system that uses more energy or the better system that uses less energy?
...which is which? Since the global financial system clearly uses much, much less energy per person, I'm guessing that you're also calling it the "better system?" Or are you pretending that if BitCoin were used by every person on Earth that it would still be using the exact same energy?
Did you read my initial comment? Bitcoin uses 7% of the energy the global financial system uses and its energy usage does not scale with adoption. Transactions are meant to be run on the Lightning Network which consumes next to nothing compared to Visa, and long term savings are meant to be stored on the blockchain. This argument that Bitcoin uses too much energy has been around since its whitepaper and has been countered multiple times.
*edit, not debunked but countered with practical solutions
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#176Earlier quoted context omitted.
GP claimed that generating dollars using electricity is bad. Isn't that what the majority of companies are doing? Edit: that's my whole point: mining BTC is generating value by verifying transactions. In turn, the miner gets paid for their work.
No, companies do not create new money. They create goods and services in order to generate value/profit.
Banks are companies and their service is to create new money.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#177The fact that bitcoin mining on its own is now consuming as much electricity as the country of Argentina with no end in sight, as we are accelerating toward a climate change cliff, is sickening. Given this fact alone it's hard to see cryptocurrency as anything but a selfish crackpot scheme to generate a few dollars at the expense of humanity and our planet.
The real solution here is not complaining about individual use cases of energy, but effective carbon pricing. Wit cap & trade on a global level, this wouldn't be an issue. Of course there seems no political will nor ability to make this happen any time soon.
The big miners in China and Iceland are using hydro and geothermal. Pricing the other miners out might have some interesting side effects.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#178Earlier quoted context omitted.
I've been hearing for almost a decade how Bitcoin was going to change the world and help humanity and yet...nothing. Other than some speculators and early adopters getting rich. I've yet to hear of anything "world-changing" BTC could do that isn't already done better by traditional systems.
For the past 10 years you could have kept your money in a savings account or Bitcoin. One of those has been decimated by a fiat printing press, the other has been a great investment. Bitcoin has already changed humanity for the better and it's only getting started.
> One of those has been decimated by a fiat printing press, the other has been a great investment
How has the US dollar been destroyed? It has enjoyed remarkable price stability, very close to the target rate, which is what everyone expects and can plan for.
The other has seen astronomical, wild price swings, which no one could plan for, and while it's currently enjoying a high value (just as tulips once did), it was worth 95% less just 10 months ago - and probably will be again soon.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#179Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#180Earlier quoted context omitted.
Wasn't aware of those ones, thanks. It's a shame they're not even in the top 100 by volume.
Ripple (XRP) has the 5th highest market cap and volume of any cryptocurrency, but it's very unpopular on a cultural level because it's basically centralized.
That's fascinating, I ctrl-f'd for Ripple on a couple charts since I hadn't heard of it and it wasn't on them. Do crypto sites omit it because it's unpopular or viewed as not a blockchain due to being centralized?