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I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
I prefer innovation over prohibition.
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I prefer innovation over prohibition.
Without regulation, there is no incentive to innovate in this case. As long as Bitcoin goes up, investors don’t care what powers it.
However, if you are claiming there's no incentive to create more efficient cryptocurrencies, I disagree. Energy efficient, faster and cheaper options exist.
Nanocurrency would be the prime example.
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> What’s a digital currency without mining... I take it GP meant mining without gigantic electricity consumption: so not proof-of-stake but proof-of-work > ... and how does it differ from regular fiat money today? There was a discussion here a few days ago where people were trying to determine how many swiss bills were circulating... Someone commented on the irony, in a thread hating on cryptocurrencies, that anyone…
> that anyone at anytime can know exactly how many, say, Bitcoin or Ethereum do actually exists. Isn’t there a distinction between issued/minted currency and the amount in circulation? With Bitcoin and physical cash you know how many coins are minted and notes issued etc. But how much of that is in circulation? Does lost physical currency still qualify as in circulation? What about Bitcoin wallets long lost by their…
For paper money, the fraction that gets destroyed is probably small enough to not matter.
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> What’s a digital currency without mining... I take it GP meant mining without gigantic electricity consumption: so not proof-of-stake but proof-of-work > ... and how does it differ from regular fiat money today? There was a discussion here a few days ago where people were trying to determine how many swiss bills were circulating... Someone commented on the irony, in a thread hating on cryptocurrencies, that anyone…
> that anyone at anytime can know exactly how many, say, Bitcoin or Ethereum do actually exists. Isn’t there a distinction between issued/minted currency and the amount in circulation? With Bitcoin and physical cash you know how many coins are minted and notes issued etc. But how much of that is in circulation? Does lost physical currency still qualify as in circulation? What about Bitcoin wallets long lost by their…
but with coins/cash the actual circulation can exceed what the government claims to have issued, through counterfeits or malfeasance (ie. the government under-reporting the issuance).
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I would vote in the EU elections for almost any parliamentary group that makes this a priority. This is a perfect example of an issue where union-level decision making is required to curb a destructive activity.
Can you explain in your opinion how mining is a "destructive activity" yet before there were plenty of other "destructive activity". Money is destructive, period. And plastic.
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people on HN like to whine about the environment. they love the statistic that bitcoin uses more energy than argentina. ask them 6 months ago (when bitcoin still used the same amount of energy as argentina) and they will tell you how much they love btc and decentralization.
It's almost as if people's thoughts can change and evolve. I honestly wonder when and how changing your mind became a bad thing. Show me someone whose thoughts or ideas don't evolve and I'll show you someone who's wasting their life.
I’m not shocked to see this. I’m bullish on bitcoin overall, but at this point I believe the Geo-political risk caused by the insane power requirements of current day mining are the biggest danger to bitcoin as a whole. Obviously the network and operate fine with less power, but if that reduction in hash rate occurs because most of the world has banned mining, you can imagine a situation where the remaining miners ca…
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What’s a digital currency without mining, and how does it differ from regular fiat money today?
people on HN like to whine about the environment. they love the statistic that bitcoin uses more energy than argentina. ask them 6 months ago (when bitcoin still used the same amount of energy as argentina) and they will tell you how much they love btc and decentralization.
I hope we see more Bitcoin mining bans elsewhere. I definitely like digital currencies, but mined currencies need to go.
They're banning coal-powered bitcoin mining. This is good for Bitcoin.
It's worth noting that this is about coal-fueled mining operations that constitute only about 10% of mining operations in China.