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Inside One of the World's Largest Bitcoin Mines

thecoinsman.com

101–105 of 105 posts

Re: Inside One of the World's Largest Bitcoin Mines

#101
post #62
post #42

Earlier quoted context omitted.

Quid Pro Quo: Bank bailouts had positive returns. Mt. Gox collapsing was a worse wealth loss than bank bail outs, by far.

> Bank bailouts had positive returns. Compared to what? You can't compare it to the results of not having done bailouts, so the comparison is largely a matter of economic prediction, and economic prediction is obviously very controversial. The only non-controversial part is that the bailouts were certainly very good for the banks receiving them.

Compared to adding to the transnational cost of USD, which is the context of this entire comment thread.

The bail outs stabilized the currency in lieu of massive wealth loss (e.g. toxic debt), while not adding to transnational costs because the returns were positive.

Most bitcoin evangelists fail to grasp the negative impact that volatility has on currencies, and instead think of bitcoins like assets, even hording them.

Re: Inside One of the World's Largest Bitcoin Mines

#102
post #52

Earlier quoted context omitted.

Wouldn't that mean you could only have new transactions when the next magic number comes out?

Currently, all bitcoin transactions have to wait until they get into the next mined block, which is about every 10 minutes (I think?)

But that time serves a purpose for security. So for the proposed solution the time would have to increase from 10 minutes to 10 minutes + how ever much time we want to save hashing energy for.

Re: Inside One of the World's Largest Bitcoin Mines

#103

Earlier quoted context omitted.

It is a crying shame that all the CO2 is being pissed away to produce imaginary points. What hubris humans have.

The cost of producing dollars is much higher (both in terms of energy waste, and in terms of human rights violations) and it is just as imaginary.

That's interesting - does printing (not earning!) a dollar cost as much in energy? Valid idea.

The 'human rights violation' part seems thrown in there. I imagine some Treasury sweatshop with rooms full of slave engravers covered in ink, working 20 hours a day.

Re: Inside One of the World's Largest Bitcoin Mines

#104

Earlier quoted context omitted.

The cost of producing dollars is much higher (both in terms of energy waste, and in terms of human rights violations) and it is just as imaginary.

That's interesting - does printing (not earning!) a dollar cost as much in energy? Valid idea. The 'human rights violation' part seems thrown in there. I imagine some Treasury sweatshop with rooms full of slave engravers covered in ink, working 20 hours a day.

It is a human rights violation because printing more money steals value from currency holders. Stealing is immoral.

Re: Inside One of the World's Largest Bitcoin Mines

#105

Earlier quoted context omitted.

That's interesting - does printing (not earning!) a dollar cost as much in energy? Valid idea. The 'human rights violation' part seems thrown in there. I imagine some Treasury sweatshop with rooms full of slave engravers covered in ink, working 20 hours a day.

It is a human rights violation because printing more money steals value from currency holders. Stealing is immoral.

Where do you stop with that? Everybody needs money; there are more people around all the time; you have to print more money. And is it 'stealing' to put more value-tokens into circulation - they have no intrinsic value?
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