For any cryptocurrency experts out there, is there any way the Bitcoin protocol could be altered (or temporarily halted while being updated) without compromising the blockchain so that instead of guessing for some hash/key combination, it could be part of some distributed computing project? Like assisting in the Folding@Home or some other project that benefits humanity in some way? I know hindsight is 20/20, but it represents an immense wasted opportunity and supposedly consumes more electricity than all of Argentina.
Jack Dorsey claims Bitcoin incentivizes renewable energy
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Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#32For any cryptocurrency experts out there, is there any way the Bitcoin protocol could be altered (or temporarily halted while being updated) without compromising the blockchain so that instead of guessing for some hash/key combination, it could be part of some distributed computing project? Like assisting in the Folding@Home or some other project that benefits humanity in some way? I know hindsight is 20/20, but it r…
Proof of Work has by very definition to be useless work, otherwise it doesn't "cost" anything to attack the network as you get something as a byproduct.
The very idea of Proof of Work is completely insane and stupid if you think about it more than 10 seconds but hey here we are.
Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#33Earlier quoted context omitted.
Pardon my ignorance but what is coll-rolling?
I think they mean this - https://en.m.wikipedia.org/wiki/Rolling_coal
Wow, TIL. It had never occurred to me that anyone would deliberately blow diesel straight out the exhaust. Every diesel (4x4) owner I’ve known specifically optimises the other way.
Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#34Earlier quoted context omitted.
I think they mean this - https://en.m.wikipedia.org/wiki/Rolling_coal
Wow, TIL. It had never occurred to me that anyone would deliberately blow diesel straight out the exhaust. Every diesel (4x4) owner I’ve known specifically optimises the other way.
There are some youtubers that do this to "show off" their creations. [1] I have to admit, a Cummins in a Mustang is somewhat unique.
Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#35Are we meant to take this seriously or we meant to treat this in the same way Tobacco companies told us that cigarettes were good for you? I mean, some of this is kind of stupid >Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load Is it? Is that at all true. My guess is that the economics of crypto are such that to get an ROI on your huge capital expense (mining bo…
First, I worked at Square from 2011 to 2017 and have been very invested in the company and the mission.
Second, I was super interested in Bitcoin around 2010-2011. Doing a little bit of small scale mining myself. I've since become very negative on Bitcoin for a few reasons. 1. Insatiable energy needs, and the environmental impact of that. 2. It's a solution looking for a problem, and not a good solution at that 3. It's a world filled with charlatans and get rich quicker. Pump and dump.
Overall I think you're exactly right, it's like the Tobacco companies telling us cigarettes are good for you. It's motivated reasoning, or just straight up propaganda, and green washing.
And before they published this, I was already seeing people use this exact line of motivated reasoning, that mining encourages green energy development, to justify it. So now I think Square, Jack, and Elon just gave that story more credibility.
Here are two takedowns of the Square argument, sorry both are paywalls, but googling the headline got me to both: https://www.bloomberg.com/news/articles/2021-04-22/what-musk...
https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976...
Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#36Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#37Earlier quoted context omitted.
It's worse than that. Because BTC can be transferred globally, it actually increases demand for the cheapest energy regardless of location . One could easily imagine it becoming a way for Chinese or Korean coal mines to grow and remain profitable. Aluminum aka "solid electricity" somewhat fills this role as well, but aluminum certainly doesn't travel as quickly as a coin.
Aluminum is indisputably useful once refined.
Because you never had a use for Bitcoins doesn't mean that noone has a use for them.
Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#38Why do people still listen to this clown?!
Re: Jack Dorsey claims Bitcoin incentivizes renewable energy
#39Earlier quoted context omitted.
Aluminum is indisputably useful once refined.
Because you never had a use for Bitcoins doesn't mean that noone has a use for them.
Very fair. But Bitcoin has never had any use other than as a commodity. Aluminum definitely has non financial instrument uses.