181–190 of 361 posts
Electricity = keeps you warm, cooks your food, powers your devices. Cryptos = suck that energy out of the power grid to gamble with one another.
> Electricity = keeps you warm Computers also generate heat. Wish I could use cryptocurrency miners for my heating needs. Why burn fuel or pass current through resistances for that?
Why not create incentives to mine crypto with solar? Lower or eliminate any sort of capitol gains taxes on crypto mined with solar, make solar panels tax free for companies that mine crypto, and crypto would not only go up in value but the solar industry would also be supported. Oh yeah. The Federal Reserve and the central banks need fiat.
Why would you want to give crypto a selective subsidy vs subdizing solar for all? (If solar subsidy is your goal) Picking winners doesn’t work very well
Earlier quoted context omitted.
You're talking about the broken window fallacy. I don't think it's immediately clear that a more robust and stable electricity network wouldn't lead to additional economical and societal benefits thus making it a positive sum game?
I don't think it's immediately clear that cryptomining leads to a more robust and stable electricity network for the people it outcompetes on power. The evidence of Kazakhstan certainly doesn't point in that direction...
I don't know the answer of course otherwise I wouldn't have posed the question but I guess asking questions qualifies for getting downvoted to -3. Some of you are clearly sitting on all the answers but you're not sharing them with the rest of us.
We see the short term results, my question was directed at the long term. I don't think it really matters if it's crypto mining or aluminum melters or any other energy intensive industry, it just happens to be crypto mining in Kazakhstan.
It just seems plausible since higher energy usage correlates with BNP. (I know, I know tax havens are exceptions to that rule.) If mining sticks around then this may turn out well for Kazakhstan, from an economical perspective.
Why not create incentives to mine crypto with solar? Lower or eliminate any sort of capitol gains taxes on crypto mined with solar, make solar panels tax free for companies that mine crypto, and crypto would not only go up in value but the solar industry would also be supported. Oh yeah. The Federal Reserve and the central banks need fiat.
Is this a serious suggestion? Us peasants have to work for the government 4 months a year and even after our take home we eat taxes on purchases, investments and property. But yeah, let’s give crypto miners the tax breaks surely they deserve it…
As I mentioned to someone else, applying a solution to one particular problem doesn't exclude it from being applied elsewhere.
Earlier quoted context omitted.
I didn't meant for Bitcoin to transition to PoS, but rather everyone using Ethereum instead of Bitcoin because it's now PoS.
Yeaaaaah i will believe it when i see it. I don't think betting the economy on changing airplane engines mid-flight is a good play. My prediction is that if ETH switches to a PoS consensus model, the value will TANK. If this happens at all. I know the PoS timeline, I think it is fiction.
Ethereum shall also lower the block reward, lower the fees, and make more people hold on to their ETH to get the staking reward.
Why would the price tank? Also ETH is already at 1/2th the "market cap" of Bitcoin, so a takeover is definitely not unthinkable.
Don't ever let any Bitcoin or NFT shills get away with lying to you that their cryptocurrencies and CryptoKitties and Digital Pet Rocks run on renewable energy. And never let any of those get-rich-quick pyramid scheme shills get away without forcing them to openly admit that even though they're burning coal, wasting electricity, destroying the environment, causing climate change, cancer, and heart disease, they simpl…
Cryptokitties run on Ethereum and Ethereum is already partially using PoS. Now from day one people have said "PoW does not work" and yet PoW, so far, is still working. People are now saying "PoS does not work" and yet, so far, PoS is working.
The cryptocurrencies haters better come up with something else than the "energy" argument against cryptocurrencies because the shift to PoS is coming and it's coming fast.
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
Would you be bothered if folks built their own solar farm to power crypto mining on their own independent grid?
And so it begins. In the developed world in particular, we're seeing the move away from fossil-fuel power. This is good but currently relatively expensive. Crypto mining is starting to have very real impact on the ability of other people to live. It is adversely and disproportionately affecting poor people (who pay a greater share of their income for power). And at best crypto provides extremely limited utility for s…
It's limited today. In 10 years it can change many things for people (very possibly in areas that are not even close to crypto).
Going to space had hardly any utility, going to Mars even less. But on the way there will a TON of progress and discoveries made that will be used in medicine, manufacturing etc.