301–310 of 620 posts
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the whataboutism is strong with this one...
The Bitcoin gang doesn't like it when people point out that the entire thing is fucking useless.
If you think we are crazy, that's OK. Bitcoin is opt-in. You can choose to ignore it, you can think its fucking useless, but in my opinion, you are wrong.
The chip shortage is interesting to me. In that it seems to be mostly driven by bad forecasting both by clients and the foundries. But the foundries seem to get nothing but upside out of it. Perhaps it swings next time and there's excess capacity.
People see these nice, tasty prices, and bring more capacity online. That takes time measured in quarters to years, but when it comes online, there are suddenly a lot more chips. Prices fall, but nobody will reduce output, because they have to pay for all this new capacity they just built.
It will come. It's going to be a rough year or two, though.
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Bitcoin onchain payments are still faster and cheaper than using something like Western Union. The lightning network is even faster and cheaper than that. https://twitter.com/jackmallers/status/1428429890957848591 (tweet text, also includes a video and some more info) "With @Bitnob_official's Lightning Network integration, we now have free, instant, non-reversible remittances of any size to and from the United States…
I don't know a single person who uses bitcoins or a single store that accepts them... and it's very risky for companies due to it's extreme volatility (the price may increase/decrease by hundreds percent within days or weeks)
Forgive the naive question but why doesn't the US government fund several foundries in the US immediately? $20B over 3 years is a drop in the bucket compared to a lot of military spending and these chip shortages surely have downstream impact on the defense industry, no? At this point I'd be much happier subsidizing chip manufacturing than most of the other ways this country spends money overseas.
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I agree that the externalities are still overwhelmingly negative, but one part you're missing is that cryptocurrencies act as a global reserve asset. Crypto is still tiny compared to other financial markets, but the existence of cryptocurrencies has probably reduced the volatility of other assets somewhat. In the future, this effect will likely be more pronounced. It's an asset class that has some degree of independe…
The only good quality of Bitcoin is that it is completely decoupled from the economy. A bursting Bitcoin bubble doesn't take the rest of the economy with it. However, that only holds if countries don't use it as legal tender.
Bitcoin is small compared to the rest of the economy, and it's less integrated than many other asset classes, but it is very much coupled to other financial markets.
At the moment, we'd pay several X over price versus not being able to find needed ICs at all and having to redesign our satellite for ones that are available.
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Not for Bitcoin. PoS is a broken system that reinvents oligarchies. Proof of Work is the only secure protocol that works today -- possessing the real, desirable properties like decentralization and censorship resistance. Don't tell me about vaporware ETH2. The end goal for Bitcoin is Dyson spheres around stars. And it can be no other way.
A Kardashev Type III civilization, but all it does is mine bitcoin at the same rate as today.
Supply shortage is another way of saying demand excess. I don’t see much evidence that TSMC ever really slowed production, at least for their most advanced processes that are in high demand. This is yet another way we’re all forced to pay the price for cryptocurrency. As long as GPUs are profitable for mining, they will be purchased and put to work. The saddest part is that each additional GPU added to the mining net…
I agree with this but it's even worse than that. Estimates on Bitcoin energy usage put it at over 1TW now. I believe it was comparable to the energy consumption of Argentina. Advocates will defend this by saying most energy usage is renewable. This conjures the image of someone with a bunch of solar panels but the reality is that it's primarily hydro power because that's the cheapest. Thing is, in regions with cheap…
The only thing crypto is good for:
- earning money by spinning up GPU fans
- playing the crypto stock market
- money laundering
- buying weapons
- buying drugs
- buying humans
I'm glad that the EU is at least trying to put an end to this: https://www.euronews.com/next/2021/07/21/eu-will-make-bitcoi...
Starting to get the feeling that the current prices for PC components are here to say.
That was my assumption - I managed to pick up a 3080 TI FE at MSRP in the UK a couple of weeks back. I would have gone for the 3080, better price/perf, but since the only ones available are AIB for the same price, or more, than the 3080 TI FE that made the decision for me.
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Not for Bitcoin. PoS is a broken system that reinvents oligarchies. Proof of Work is the only secure protocol that works today -- possessing the real, desirable properties like decentralization and censorship resistance. Don't tell me about vaporware ETH2. The end goal for Bitcoin is Dyson spheres around stars. And it can be no other way.
Do you think speculators/retail investors really care about the decentralization properties?
I care. Everyone I know cares. The core developers care. The ecosystem cares. I think you are radically underestimating the value of such things.