81–90 of 276 posts
So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…
Hope we now can start a proof of stake cycle. Peercoin is dead. What other proof of stake viable currency is there? Only when the energy impact of crypto currency is dealt with will i indulge in speculating that it can be a net good for humanicy
Polkadot / Kusama (by the original CTO of Ethereum Dr. Gavin Wood) Nice recent interview: https://www.youtube.com/watch?v=KAa1vKyVR5M
I see this as market manipulation. Tesla hasn't suddenly become aware of information not available when Tesla initially announced they'd accept bitcoin as payment.
So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…
Earlier quoted context omitted.
Proof of stake is validation-by-the-rich I like https://chia.net , even if hackernews was just panicking about a harddrive shortage (proof of space) I can't accept that playing bingo on terabyte drives will ever be profitable enough to buy a data center for it. Anyway it's the programmability (chialisp) that is really interesting.
You used to be able to mine Bitcoin on a CPU. Then a GPU, now it takes warehouses full of ASICs to do it profitably. What's stopping Chia from doing the same thing to the storage space? Adoption. I don't like Chia, and I don't want other people to like it either.
The gobsmacking amount of HDD supply on earth. For now people are burning SSDs to create the plots (1TB SSD can probably create a petabyte of plots to "farm"), but if you have that petabyte of storage space you're keeping online 24/7, do you suspect playing bingo to win crypto tokens is the most profitable use of that memory?
How the economics shake out remains to be seen, but I think they have a solid vision that farming can be just rewarding enough for people to use old harddrives, not profitable enough to burn NVMe sticks.
eg: I farmed 2 coins running an old thinkpad and a network drive for a month so far. Worth ~$2200 at current rate. Nice profit, but probably not buying a new thinkpad to dedicate to it.
Earlier quoted context omitted.
Meanwhile they started accepting Dogecoin at SpaceX just couple of days ago . Dogecoin has exactly the same energy spending incentives as Bitcoin. The whole set of actions doesn't sound very logical.
> Meanwhile they started accepting Dogecoin at SpaceX What does that mean ? That SpaceX sells LEO trips in dogecoin ? Or that the coffee machine takes dogecoin ?
So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…
When Tesla announced the initial move they received a huge amount of push back for the environmental concerns. And it didn’t look good for an EV company of all things. There is a trend I’ve seen of a company making a decison, everyone hating on them for it, then they reverse the decision, and they are still criticised. If a company turns around and reverses a decision citing the very reasons they were criticised for…
I want to encourage 'corporate flexibility and social accountability'.
I do not want to encourage market-whale-individuals to attempt one-person pump-and-dumps on small(ish) global markets and further market opportunism & manipulation.
Personally I believe that the decision has little to do with environmental impact; I think that the btc opportunity is beginning to dwindle in various ways, so the focus shifts to other *coin markets where they can profit similarly using the same or similar tactics.
BTC specifically is made out to be the boogeyman so that the excuse doesn't disallow similar behavior with other coins in the future. I fully expect similar reasoning with DogeCoin when that opportunity dries up and they move to greener pastures for the third time -- inevitably when profit margins are greater elsewhere.
Earlier quoted context omitted.
Well, they might saw the backslash in environmentalist community, that used to be their main supporters. That's imo a pretty big sudden information.
You don’t think they knew that going in?
I don't see why people would bet the future on something that is thermodynamically doomed.
According to Satoshi, dependence on thermodynamics is a feature to prevent centralization.
Also I wouldn't put behind well financed groups that hire PhDs to find a way to accelerate the PoW enough to gain a significant advantage (as in, ability to centralize the blockchain).