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Coinexchange.io is Closing Down

coinexchange.io

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Re: Coinexchange.io is Closing Down

#11

Post by wesammikhail »

bdcravens wrote: post #7
wesammikhail wrote: post #6

Earlier quoted context omitted.

This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... not…

When you encounter your typical Bitcoiner, they'll do logical gymnastics and typically go the playbook, which is to deflect and talk about how much energy banks or treasuries use. However, the true answer is always greed.

Who gives a shit about energy usage if it is used for a cause that could potentially help humanity overcome adversity? Granted, energy usage is important but it is a question about trade-offs.

If bitcoin helped solve cancer or some genetic diseases, I doubt anyone would say: "yea but it uses too much electricity!". The world is based on trade-offs, so why not have that electricity that the bitcoin network generate be used to solve actual real world problems?

Re: Coinexchange.io is Closing Down

#12

Post by Aperocky »

wesammikhail wrote: post #6
ConcernedCoder wrote: post #3

Hey if anyone wants to use their computer spare cycles on something a little more worthwhile ( as far as humanity is concerned ) try: https://foldingathome.org/

This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... not…

Because that would just be another more regular token .. like the dollar. Everything will default to the easiest path - crypto worked mostly because people are actually using it for reasons that prevent them from using regular currency. There’s nothing nefarious about science work that need to jump the crypto hoop.

Re: Coinexchange.io is Closing Down

#13

Post by wesammikhail »

koolba wrote: post #9
wesammikhail wrote: post #6

Earlier quoted context omitted.

This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... not…

Can you give an example of a scientifically important problem that can be massively distributed in its calculation yet quick to verify? The second part of that is the real hitch for mining. You must throw tons of CPU to "mine" the hash but it's a single evaluation to verify it for the proof.

Basically any NP problem fits that category. Protein folding is one but so are many other problems. But even if the verification itself is hard (EXP problem) that could still work as at least that energy we are putting into the network will eventually produce an answer (less efficiently, granted!) but it is far better than having energy be for literally 0 gain as the produced outcome right now is tossed out as "junk".

Re: Coinexchange.io is Closing Down

#14

Post by pmezard »

ConcernedCoder wrote: post #3

Hey if anyone wants to use their computer spare cycles on something a little more worthwhile ( as far as humanity is concerned ) try: https://foldingathome.org/

Given the natural tendency of cryptocurrency artists to try stealing other people cycles, haven't they tried already to rewrite their hashing problems into protein folding ones?

Re: Coinexchange.io is Closing Down

#15

Post by nicky0 »

bdcravens wrote: post #7
wesammikhail wrote: post #6

Earlier quoted context omitted.

This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... not…

When you encounter your typical Bitcoiner, they'll do logical gymnastics and typically go the playbook, which is to deflect and talk about how much energy banks or treasuries use. However, the true answer is always greed.

That's what a typical anti-Bitcoiner would say.

Re: Coinexchange.io is Closing Down

#16

Post by wesammikhail »

Aperocky wrote: post #12
wesammikhail wrote: post #6

Earlier quoted context omitted.

This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... not…

Because that would just be another more regular token .. like the dollar. Everything will default to the easiest path - crypto worked mostly because people are actually using it for reasons that prevent them from using regular currency. There’s nothing nefarious about science work that need to jump the crypto hoop.

huh? Not sure you follow.

Nothing would change in the fundamental nature of bitcoin or any other currency. The only difference is the algorithm that you run on the back-end to mine the coin would be one of scientific importance rather than one with 0 societal value. The algorithm run right now is based on an NP problem. So why not just use another NP problem worth actually solving?

Re: Coinexchange.io is Closing Down

#17

Post by nicky0 »

wesammikhail wrote: post #13
koolba wrote: post #9

Earlier quoted context omitted.

Can you give an example of a scientifically important problem that can be massively distributed in its calculation yet quick to verify? The second part of that is the real hitch for mining. You must throw tons of CPU to "mine" the hash but it's a single evaluation to verify it for the proof.

Basically any NP problem fits that category. Protein folding is one but so are many other problems. But even if the verification itself is hard (EXP problem) that could still work as at least that energy we are putting into the network will eventually produce an answer (less efficiently, granted!) but it is far better than having energy be for literally 0 gain as the produced outcome right now is tossed out as "junk"…

The gain is in the security of the currency. You can argue about how valuable that is, but it is not "literally zero".

Re: Coinexchange.io is Closing Down

#19

Post by nicky0 »

j-pb wrote: post #5
moonbug wrote: post #2

and nothing of value was lost..

I can't wait for the Tulip... err Blockchain hype to die down. Using the energy of a mid size european country for what is now essentially a pyramid scheme is just shitty. (And I make that statement after having made a few thousand bucks by mining BTC at 5$ per coin.)

Bitcoin seems to be just quietly sticking around for now.

Re: Coinexchange.io is Closing Down

#20

Post by Aperocky »

wesammikhail wrote: post #16
Aperocky wrote: post #12

Earlier quoted context omitted.

Because that would just be another more regular token .. like the dollar. Everything will default to the easiest path - crypto worked mostly because people are actually using it for reasons that prevent them from using regular currency. There’s nothing nefarious about science work that need to jump the crypto hoop.

huh? Not sure you follow. Nothing would change in the fundamental nature of bitcoin or any other currency. The only difference is the algorithm that you run on the back-end to mine the coin would be one of scientific importance rather than one with 0 societal value. The algorithm run right now is based on an NP problem. So why not just use another NP problem worth actually solving?

I’m saying that transaction need not be denoted by crypto. There’s no point to create something that already exist (buying computing power at AWS/ voluntary compute power sharing) just so it could be a crypto
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