Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

nytimes.com

Post reply on HN
Print view View original

11–20 of 66 posts

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#11

Post by drharby »

ilamont wrote: post #2

This area of Northern New York is very economically depressed, and it's interesting to see some of the businesses that set up shop there, or set up their supply chains to draw from that region. They often promise lots of jobs, but few deliver. Chobani was one of the few that has helped the economy (through support for the local dairy industry, see https://magicvalley.com/news/local/chobani-not-a-windfall-fo... ) but…

I grew up in that neck of the woods. Drove through aroumd 2012. It very much is economically depressed but not THAT depressed. It feels just, cozy and small townish.

Lovely piece of Americana, imo

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#12

Post by saalweachter »

paulddraper wrote: post #10
badge wrote: post #7

Earlier quoted context omitted.

The real irony here is that the Bitcoin/Ethereum miners are setting up hardware which runs software designed to maximize inefficiency for the sake of maintaining a system designed for money laundering and tax evasion. Rather than use their equipment for work that's useful to humanity like Folding@Home or BOINC these mining operations are running what amounts to a foundry of space heaters trying to compute a lottery n…

> work that's useful to humanity You could argue that having currency transactions based on distributed trust is useful to humanity.

You could, but no one ever seems to do a good job of it.

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#13

Post by awt »

badge wrote: post #7
DINKDINK wrote: post #4

>Mr. Recny asked why an enterprise that required only a few people to run it should be able to drive up the operating costs of a company that employed about 500. Why should an enterprise that requires only about 500 people to run it be able to drive up the operating costs of a company that employed about 2,000? and other such logic from "the only justified subsidy is my subsidy" camp. >The concerns are part of a broa…

The real irony here is that the Bitcoin/Ethereum miners are setting up hardware which runs software designed to maximize inefficiency for the sake of maintaining a system designed for money laundering and tax evasion. Rather than use their equipment for work that's useful to humanity like Folding@Home or BOINC these mining operations are running what amounts to a foundry of space heaters trying to compute a lottery n…

Money laundering and tax evasion: also known as failing to pay the men with guns for "protection."

Stalin was also quite sure he knew what was useful for humanity.

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#14

Post by ENGNR »

badge wrote: post #7
DINKDINK wrote: post #4

>Mr. Recny asked why an enterprise that required only a few people to run it should be able to drive up the operating costs of a company that employed about 500. Why should an enterprise that requires only about 500 people to run it be able to drive up the operating costs of a company that employed about 2,000? and other such logic from "the only justified subsidy is my subsidy" camp. >The concerns are part of a broa…

The real irony here is that the Bitcoin/Ethereum miners are setting up hardware which runs software designed to maximize inefficiency for the sake of maintaining a system designed for money laundering and tax evasion. Rather than use their equipment for work that's useful to humanity like Folding@Home or BOINC these mining operations are running what amounts to a foundry of space heaters trying to compute a lottery n…

There’s a real need for a currency that’s actually backed by something real, given the amount of silly money sloshing around the system these days

Linking a currency to wasted energy isn’t great, but what solution would you put forward? A few countries out there have tried to go back to gold or use their oil but it doesn’t end well for them

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#15

Post by nyolfen »

badge wrote: post #7
DINKDINK wrote: post #4

>Mr. Recny asked why an enterprise that required only a few people to run it should be able to drive up the operating costs of a company that employed about 500. Why should an enterprise that requires only about 500 people to run it be able to drive up the operating costs of a company that employed about 2,000? and other such logic from "the only justified subsidy is my subsidy" camp. >The concerns are part of a broa…

The real irony here is that the Bitcoin/Ethereum miners are setting up hardware which runs software designed to maximize inefficiency for the sake of maintaining a system designed for money laundering and tax evasion. Rather than use their equipment for work that's useful to humanity like Folding@Home or BOINC these mining operations are running what amounts to a foundry of space heaters trying to compute a lottery n…

damn, truly fucked up that these people are using their skills and resources to seek profit

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#16

Post by Retric »

ENGNR wrote: post #14
badge wrote: post #7

Earlier quoted context omitted.

The real irony here is that the Bitcoin/Ethereum miners are setting up hardware which runs software designed to maximize inefficiency for the sake of maintaining a system designed for money laundering and tax evasion. Rather than use their equipment for work that's useful to humanity like Folding@Home or BOINC these mining operations are running what amounts to a foundry of space heaters trying to compute a lottery n…

There’s a real need for a currency that’s actually backed by something real, given the amount of silly money sloshing around the system these days Linking a currency to wasted energy isn’t great, but what solution would you put forward? A few countries out there have tried to go back to gold or use their oil but it doesn’t end well for them

> backed by something real

Which is why USD backed up by the worlds strongest economy are used for vastly more international transactions than all cripto coins combined. Coins have nothing but belief in their value backing them up and are thus extremely unstable.

At the end of the day people need to pay taxes and debts and that’s what gives nation states currency value. As long as the nation does not go on a long term printing spree things stabilize.

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#17

Post by MereKatMoves »

saalweachter wrote: post #12
paulddraper wrote: post #10

Earlier quoted context omitted.

> work that's useful to humanity You could argue that having currency transactions based on distributed trust is useful to humanity.

You could, but no one ever seems to do a good job of it.

if your viewpoint is doing a "good job"then what would you prefer?

Bad job by a bunch of idiots. Some of them get paid by the system, most are high calibre and can milk the teat of corporate inquisitions. They absolutely know their subject material, so it comes down to opinion....

or

Bad specs from a bunch of profiteering idiots?

Why would anyone who was ahead of the curve ever give this stuff away? The path for Bitcoin and all other cryptos actually lies far away from the 'internet money" crossover dilemnas we have today. Big blocks of silicon heating snowdrifts is already out of date

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#18

Post by bobcat9 »

badge wrote: post #7
DINKDINK wrote: post #4

>Mr. Recny asked why an enterprise that required only a few people to run it should be able to drive up the operating costs of a company that employed about 500. Why should an enterprise that requires only about 500 people to run it be able to drive up the operating costs of a company that employed about 2,000? and other such logic from "the only justified subsidy is my subsidy" camp. >The concerns are part of a broa…

The real irony here is that the Bitcoin/Ethereum miners are setting up hardware which runs software designed to maximize inefficiency for the sake of maintaining a system designed for money laundering and tax evasion. Rather than use their equipment for work that's useful to humanity like Folding@Home or BOINC these mining operations are running what amounts to a foundry of space heaters trying to compute a lottery n…

"designed for money laundering and tax evasion."

That's reaching. Just because some people use it for that doesn't mean that's what it's designed for.

Re: Bitcoin Miners Flock to New York’s Remote Corners, but Get Chilly Reception

#19

Post by a1369209993 »

saalweachter wrote: post #12
paulddraper wrote: post #10

Earlier quoted context omitted.

> work that's useful to humanity You could argue that having currency transactions based on distributed trust is useful to humanity.

You could, but no one ever seems to do a good job of it.

There are a lot of things no one ever does a good job of, but that doesn't make them not useful, nor does it mean that they wouldn't by more useful if they did a better-but-still-not-good job of it. Bitcoin is at least doing a less-awful job than any previous attempt managed.
Post reply on HN