Earlier quoted context omitted.
I had the same reaction. Isn't Bitcoin wasting enough energy as it is?
What if it’s 100% green energy? Is it a waste?
You still have to pay infrastructure deprecation costs, financing costs and labor costs.
Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
51–60 of 428 posts
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#52Earlier quoted context omitted.
What if it’s 100% green energy? Is it a waste?
I would argue that it's still a waste, because that energy could be put to an otherwise better use. Now that energy has to be replaced by a non-green counterpart since it's been spent.
What if you're using that energy in your hot tub, or to heat your house during the winter?
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#53Earlier quoted context omitted.
Why?
Can't we come up with puzzles where at least something of value is created when the puzzle is solved (and a tremendous amount of resources is not wasted)?
We can and do, all the time. And all puzzles are a "waste of resources", really.
I'm not into crypto and I do think Bitcoin is stupid and wasteful, but I don't find it "sick" or all what upsetting that this kind of puzzle exists, though I think some smart contract-based Ethereum puzzles could be much more interesting, demanding solutions to more interesting problems that don't directly relate to the blockchain itself. Imagine a smart contract with a pot anybody can pay into that pays out to whoever could crack a particular previously unsolvable problem. Basically a public bounty. The only downside is that it has to be a problem that can be validated algorithmically.
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#54Do they have a buyer for that $400k? If not, it's not worth $400K.
1. Create Coinbase account 2. Deposit bitcoin 3. Market order sell all 4. Withdraw USD
Step 2.5 Argue with Coinbase about if you're a legitimate owner or not
Step 2.6 Coinbase blocks your account citing "Suspicious activity"
Step 2.7 Sign up to three other exchanges, split the loot across them
Step 5 Argue with the bank about the source of funds
Step 6 Argue with tax agency that you'll fill out your taxes correctly
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#55Discussion thread here: https://bitcointalk.org/index.php?topic=1306983.msg64526037#... Bitcoin puzzles are private keys with just a few unknown bits so that anyone can bruteforce them to collect a reward. Puzzle 66 contained 66 unknown bits and had 6.6 BTC deposited into it by the initial puzzle creator. The private key was 0x000000000000000000000000000000000000000000000002832ed74f2b5e35ee or 256 bits with mostly ze…
Am I correct in assuming that beyond a certain point, this is basically an existence proof for somebody having a quantum-supreme solution to Shor's Algorithm? "Here's $400,000 sitting on the table, hope nobody takes it" which triggers an alarm telling us to replace all our old prequantum cryptography.
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Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#56Earlier quoted context omitted.
I had the same reaction. Isn't Bitcoin wasting enough energy as it is?
What if it’s 100% green energy? Is it a waste?
There may not be a continuous fuel expenditure, but there is a maintenance cost for the grid infrastructure, keeping panels or turbines in good working condition, etc. -- not to mention the manufacturing costs and, since no organizations are currently engaged in microwave power transmission from solar-power satellites in space -- not insignificant associated monetary and opportunity costs to the land used.
Conclusion: yes, it's still a waste, unless that energy was surplus absolutely not going to be used for anything better or able to be stored, although even then the compute resources could have probably been used for more useful problems.
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#57Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#58Earlier quoted context omitted.
What if it’s 100% green energy? Is it a waste?
I would argue that it's still a waste, because that energy could be put to an otherwise better use. Now that energy has to be replaced by a non-green counterpart since it's been spent.
Since energy isn't easily transported, wouldn't that really depend on where the energy was produced?
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#59Discussion thread here: https://bitcointalk.org/index.php?topic=1306983.msg64526037#... Bitcoin puzzles are private keys with just a few unknown bits so that anyone can bruteforce them to collect a reward. Puzzle 66 contained 66 unknown bits and had 6.6 BTC deposited into it by the initial puzzle creator. The private key was 0x000000000000000000000000000000000000000000000002832ed74f2b5e35ee or 256 bits with mostly ze…
Am I correct in assuming that beyond a certain point, this is basically an existence proof for somebody having a quantum-supreme solution to Shor's Algorithm? "Here's $400,000 sitting on the table, hope nobody takes it" which triggers an alarm telling us to replace all our old prequantum cryptography.
If anyone developed a solution to integer factorization, I'm sure they would be after larger prices than mere 400k in crypto. A practical application of this puzzle could be to have an estimation of how long it takes to break a public key by conventional means. The moment one of these prices can be claimed in mere months you know it's time to double the size of the Bitcoin public keys.
Re: Bitcoin puzzle #66 was solved: 6.6 BTC (~$400k) withdrawn
#60Earlier quoted context omitted.
Why?
Can't we come up with puzzles where at least something of value is created when the puzzle is solved (and a tremendous amount of resources is not wasted)?
The use of the word “we” is curious. You didn’t come up with the puzzle, you didn’t “waste” the resources. The purpose of the we is to appoint yourself judge and arbiter and to steal yourself into the in-group. Just post your judgement: you don’t like that someone else did something you don’t like with their resources.