191–200 of 203 posts
Earlier quoted context omitted.
Definitely not seeing any 0.1% fees on https://www.binance.com/en/fee/fiatFee .
I was thinking about trading commission to convert XLM to EUR. Those are 0.1%. Withdrawing via SEPA was €1.0~1.5, but I see that's suspended now. If you were transferring €1000~1500, that would have been 0.1%. Withdrawing to GBP is only £0.5.
Earlier quoted context omitted.
> It's definitely not up to you to decide what people can and can't do with their energy It absolutely will need to be if we are going to avoid frying the fucking planet. The free market is the enemy of humanity.
We're talking about renewables? How is that frying the planet?
Earlier quoted context omitted.
The blockchain is an append-only structure; it can only grow. The longer the blockchain, the more it costs to process a transaction. So if people divest from bitcoin and the price drops, that won't make bitcoin more suitable for buying stuff. Nothing can make the blockchain shorter.
You can truncate it at any point you want. If in 2060, the community collectively decides that the chain is too long, they can just decide that a block from 2040 is the new genesis block.
Earlier quoted context omitted.
That's only true if the miners didn't buy the solar panels themselves.
Those panels could still be deployed elsewhere and produce power for the grid. Manufacturing them is not environmentally neutral either.
This has been the effect we saw when Germany started investing so heavily into solar.
Earlier quoted context omitted.
LN doesn't really work either - it can't really guarantee that funds have been transferred until you close a channel (you commit the transaction on the Bitcoin chain). So, unless you trust the other end of the channel not to fraudulently close the channel, you can't actually consider the transaction settled. And of course, in the case of routes, there has to basically be end-to-end trust for this to work, or someone…
No, that's not how LN works. If the other party suddenly closes the channel at an old state that is beneficial to them, the funds will get locked for 2 weeks and you will have enough time to publish a transaction with a more recent state, which will reward you with whole balance of the channel [0]. [0] https://blog.bitmex.com/lightning-network-justice/
I'd also note that this seems to make DoS much worse of a problem. If I have a transaction with a node that has gone offline and can't be reached, and I initiate a forced closure, what's to stop the other node from taking all the money in the channel, especially if I am not constantly online and the channel state I can't know for sure if the other node may have made some transactions while I was away?
Earlier quoted context omitted.
> especially now that many have moved to proof of stake. For tiny values of many. There is no major cryptocurrency using anything other than PoW. Ethereum has plans to start moving to PoS in 2022, but isn't there yet. And related to gaming: Bitcoin alone consumes more power than entire European countries - including all the gaming, smelting, heating, industry, finance, data centers etc in those countries. There is no…
> Bitcoin alone consumes more power than entire European countries - including all the gaming, smelting, heating, industry, finance, data centers etc in those countries. EU nations may be a poor comparison, as it has many tiny nations as members as well as a few big ones. The first Google hit I got said Bitcoin uses 80 TWh/year which puts it around Belgium (9th in EU) for pure electricity, the second said Bitcoin was…
So, let's say 300 million devices, running 3h/day at 150W, that's closer to 50TWh/year, less than even your smaller estimate for Bitcoin.
Earlier quoted context omitted.
> There is no major cryptocurrency using anything other than PoW 7 of the 10 largest chains use PoS.
By volume traded per day, there really are only two major cryptocurrency chains: Bitcoin and Ethereum. Both are PoW. As near as I can tell, the 3rd largest blockchain by volume is XRP and its an order of magnitude smaller than BTC or ETH. Volume traded is admittedly an imperfect measure of activity, but its better than market cap.
And that’s not “fake activity” by any means. Both chains run essentially the same DeFi and NFT activity as Ethereum.
Earlier quoted context omitted.
> Bitcoin alone consumes more power than entire European countries - including all the gaming, smelting, heating, industry, finance, data centers etc in those countries. EU nations may be a poor comparison, as it has many tiny nations as members as well as a few big ones. The first Google hit I got said Bitcoin uses 80 TWh/year which puts it around Belgium (9th in EU) for pure electricity, the second said Bitcoin was…
1 billion devices each consuming 200W for 3h every day is waaaay over estimated. The PS4 has sold 115 million devices over its entire lifetime (2013-now), being the most popular modern console; and it consumes closer to 150W while gaming. Consoles are famously more popular than gaming PCs, so the total amount of high-power gaming devices is probably much closer to 300million than 1 billion. So, let's say 300 million…
But you do also have to include the power cost of displays when the game machine doesn’t have one built in, adding 10-120W.
And the older consoles didn’t all vanish into the ether when new models arrived; my brother still has an original Xbox 360, and not for lack of money to upgrade. So I expect many of its contemporaries to also contribute to the total number of gaming units, not just total sales of most recent Xbox + most recent PlayStation + most recent Nintendo console.
I can't wait for this bubble to burst so I never have to hear about these tulips again.