51–60 of 224 posts
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Since when is incentivizing low cost renewable energy horrifying?
My first link shows that Bitcoin consumes roughly 40GW and my second link shows that the UK roughly does too. There are a lot of ifs and buts here ... but the amount of power used to support the BT mechanism worldwide is roughly the same as the power consumption of the entirety of the UK.
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Since when is incentivizing low cost renewable energy horrifying?
Because every unit of electricity causes climate change and burns resources (even renewable sources of electricity - they just burn them slower). From a societal point of view we are dumping huge amounts of electricity and resources into a hole to accomplish nothing that couldn’t be accomplished with a database and a trusted third party at a billionth of the cost (or less). The vast majority of transactions are specu…
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Unless they didn’t. There’s nothing inherently valuable about crypto beyond what value people assign to it in their minds.
Same with all money. Please research more before parroting this argument. You are not the first person to think of it.
This article is FUD. No one is spending $30B+ for an attack that gasp extends the required confirmations to a few hours until a re-org can be achieved and accounts settled. In fact, wiping out the derivative markets would be seen as a net-postive by most individual hodlers.
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What this site does not show is how much of the power used to maintain the network is waste power such as gas that's normally burned off at the well site or hydro electric that goes to waste. Unlike AI, there's a strong incentive to find the cheapest electricity possible. Because that's what everyone else is doing. With Bitcoin, you now exactly what your costs are and what your yields are. There's a clear threshold,…
> What this site does not show is how much of the power used to maintain the network is waste power such as gas that's normally burned off at the well site or hydro electric that goes to waste. WTF? Hydro is rarely wasted because it's so dispatchable. Typically, it can only happen during high water seasons. Same for the gas power plants. > Unlike AI, there's a strong incentive to find the cheapest electricity possibl…
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Unless they didn’t. There’s nothing inherently valuable about crypto beyond what value people assign to it in their minds.
Same with all money. Please research more before parroting this argument. You are not the first person to think of it.
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Same with all money. Please research more before parroting this argument. You are not the first person to think of it.
False. Gold and silver have intrinsic value beyond their use as currency.
For most people the value is what they can receive for it in trade. Which holds for all money.
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Unless they didn’t. There’s nothing inherently valuable about crypto beyond what value people assign to it in their minds.
Same with all money. Please research more before parroting this argument. You are not the first person to think of it.
Ultimately the populace could repudiate the whole social contract, which is also just consensus, but that's a far bigger deal than mere money.
Earlier quoted context omitted.
Same with all money. Please research more before parroting this argument. You are not the first person to think of it.
False. Gold and silver have intrinsic value beyond their use as currency.
Before the AI bubble, Bitmain was only worth ~$1 billion. Now they are worth ~15, because they make chips for AI also. Either way, you could buy bitmain for the budget mentioned in the attack if it were for sale. Or bitmain could pull off the attack, if indeed they do "control ... all the major mining pools" as the article alleges. But who ultimately controls Bitmain? The Chinese state. So, by extension, bitcoin is c…