Why All Cryptocurrency Should Die in a Fire

Post by JonathanBeuys » Sat, May 14, 2022, 2:50 PM UTC

polygamous_bat wrote: post #248

JonathanBeuys wrote: post #56

The article starts out with: "The crypto world went into a full meltdown this week" I don't know. Look at a chart of Bitcoins price on a log scale: https://twitter.com/JonathanBeuys/status/1524810429884661761 To me, it does not look any different then it has looked for the last 10 years. Its a slowing exponential growth with a certain volatility. Nothing seems to have changed in the last week.

Ah yes, break out the log scale and the historical price. This is my favorite maneuver, break out the log scale and historical price chart to forget that a 20% dump over a week is just regular volatility for crypto.

Post by fartcannon » Sat, May 14, 2022, 2:53 PM UTC

wlll wrote: post #247

fartcannon wrote: post #225

Earlier quoted context omitted.

I don't have a horse in the race (there are other worse things that use more power that we should be focusing our concentrated effort on in my opinion) as I don't own any crypto but I do think there's some powerful PR being used and I'd like to see from where it originates.

There's things that use much more power than crypto. The regular banking system apparently uses twice as much as bitcoin, but it actually does something. It's actually useful. We can try to trim power from other things for sure, and we should, but you tell me what other system we could focus on that uses so much power for such little value.

Post by wlll » Sat, May 14, 2022, 2:56 PM UTC

olalonde wrote: post #257

wlll wrote: post #247

Earlier quoted context omitted.

There's things that use much more power than crypto. The regular banking system apparently uses twice as much as bitcoin, but it actually does something. It's actually useful. We can try to trim power from other things for sure, and we should, but you tell me what other system we could focus on that uses so much power for such little value.

Of course, if you don't see the value in cryptocurrency, it will feel as though any electricity it uses is wasteful.

Post by 6510 » Sat, May 14, 2022, 2:58 PM UTC

giaour wrote: post #259

pibechorro wrote: post #185

Earlier quoted context omitted.

Crypto proof of work mining is actually one of the most renewable friendly sectors. Its mostly waste hydro, waste gas, etc being sought after. Its not perfect, but that is the trend. You also have to compare it against what its competing against, all those fancy bank buildings with 24.7 lights and ac, the staff to mantain the paper trail (their commutes, etc), the vast security forces and militaries there to secure i…

> the vast security forces and militaries there to secure it (military being the largest polluter) I've seen several comments in this thread comparing BTC's energy consumption to that of the world's militaries; is this a new crypto meme? I hate to be the one to break this to you, but we would still need police and the military even if the world only used cryptocurrency. The irreversibility of crypto transactions incr…

Post by grogers » Sat, May 14, 2022, 3:10 PM UTC

bitL wrote: post #162

ephbit wrote: post #149

> WEAVER: Yes. So let’s take the cost of a transaction. The cost of a transaction in cryptocurrency systemically is the amount being used to protect it. I could build a system that would have the same throughput as Bitcoin, three to seven transactions per second, but with a centralized trusted entity. In fact, not even a centralized trusted entity. Ten trusted entities, only six of which need to be honest, because I…

Maybe he's a genius and solved distributed Byzantine generals with a single light bulb and majority voting?