Is this paper a subsidiary of the Onion ?
"100% clean, 100% renewable, 0 emissions energy from our volcano" . So when a volcano is depleted you plant another one ?
El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
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Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#12Is this paper a subsidiary of the Onion ? "100% clean, 100% renewable, 0 emissions energy from our volcano" . So when a volcano is depleted you plant another one ?
Do you work for the onion?
You can say the same thing about the sun and solar
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#13Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
In the case of laundering Bitcoin— this seems to be a majorly misunderstood concept. Bitcoin transactions are completely transparent and observable by everyone who has an internet connection. Anyone (with an internet connection) can watch any wallet and observe any and all transactions. The notion of a country being a "good location for laundering bitcoins" doesn't really make sense, as Bitcoin are never in a locatio…
I agree with the rest of your comment, but there's some sleight of hand here:
> This turns effectively "wasted" energy in to a solidly efficient energy store for infinite amount of time— for example: 1 BTC will always be equal to 1/21000000 of the total supply.
It's not an efficient energy store if you can't get the energy back, it's just energy usage. Also, yes, 1 BTC will always be the same fraction of the total supply, but the actual value of it varies.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#14Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
> generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)? Making hydrogen, smelting aluminium, de-salinating water. But bitcoin can be transferred over internet, so the logistics is easier.
unless the US ramps up nuclear or renewables to a level as of yet unseen, i can see the US building fresh water pipelines to central america in the next 25-50 years.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#15Is this paper a subsidiary of the Onion ? "100% clean, 100% renewable, 0 emissions energy from our volcano" . So when a volcano is depleted you plant another one ?
Do you work for the onion? You can say the same thing about the sun and solar
Speak for yourself, this is the third sun I've planted this millennium and you guys need to take it easy with it.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#16Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
In the case of laundering Bitcoin— this seems to be a majorly misunderstood concept. Bitcoin transactions are completely transparent and observable by everyone who has an internet connection. Anyone (with an internet connection) can watch any wallet and observe any and all transactions. The notion of a country being a "good location for laundering bitcoins" doesn't really make sense, as Bitcoin are never in a locatio…
> this seems to be a majorly misunderstood concept.
It seems you misunderstand. Illicit fiat and extortion can be used to access energy to mine Bitcoin, effectively laundering that illicit fiat.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#17It just gets better and better.
- ES makes BTC fiat
- ES taps volcanoes to mine BTC
What next?
- ES uses natural wormholes to plot the future timeline and win Earth?
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#18Two questions: - will those moves make the country a good location for laundering bitcoins? - generally speaking, is there no other way of profiting from surplus electricity (which essentially, this is)?
https://www.google.com/amp/s/www.nytimes.com/2021/06/09/tech... Nah. Bitcoin is actually a lot easier to trace than paper US Dollars.
Exactly, people who claim btc is anonymous don’t know what they are talking about. You can literally trace every transaction ever made, and given nearly all on-off ramps to fiat require KYC, btc itself is not the problem.
The problem comes from privacy coins like Monero, which arguably should be outlawed (if not already)
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#19Does a volcano have to be active to generate electricity from it or is heat sufficient?
Geothermal heat is sufficient.
Re: El Salvador Plans to Use Electricity Generated from Volcanoes to Mine Bitcoin
#20Earlier quoted context omitted.
In the case of laundering Bitcoin— this seems to be a majorly misunderstood concept. Bitcoin transactions are completely transparent and observable by everyone who has an internet connection. Anyone (with an internet connection) can watch any wallet and observe any and all transactions. The notion of a country being a "good location for laundering bitcoins" doesn't really make sense, as Bitcoin are never in a locatio…
I agree with the rest of your comment, but there's some sleight of hand here: > This turns effectively "wasted" energy in to a solidly efficient energy store for infinite amount of time— for example: 1 BTC will always be equal to 1/21000000 of the total supply. It's not an efficient energy store if you can't get the energy back, it's just energy usage. Also, yes, 1 BTC will always be the same fraction of the total su…
I think that's a fair comment. Re-using the word "energy" in that sense is potentially misleading to always mean electrical energy.
As for the value of 1 BTC, it's value fluctuates if you operate on a base currency which is not BTC, but that is the same for any currency exchange.
(I am suggesting currency, though I also understand that BTC may not be unanimously agreed on as a currency— but in El Salvador's case it is)