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Coinbase outages

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Re: Coinbase outages

#141

Post by jonrcooper »

amelius wrote: post #135
dougmwne wrote: post #103

I was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm…

> BTC is using over a megawatt hour PER transaction! A transaction meaning transferring money from one wallet to another?

Nope - the author is incorrectly using total energy / total transactions to get this number. Which, is understandable. However, if there were 2x the transactions, the total energy would stay very close to the same. So no.

There's a lot of energy to secure the network, but the actual energy usage per transaction itself is a small fraction of that misquoted number.

Re: Coinbase outages

#142

Post by kevingadd »

AlexandrB wrote: post #117
program_whiz wrote: post #42

Earlier quoted context omitted.

Its due to that, automated selling probably, but mostly because of China adding increased scrutiny. CN is one of the biggest bases of bitcoin: https://www.cnn.com/2021/05/19/investing/bitcoin-price-drop-...

Bitcoin is a "decentralized" digital currency.

Only if hashrate is decentralized, and it's not. A significant portion of all hashrate is in China.

Re: Coinbase outages

#148

Post by throwkeep »

dougmwne wrote: post #103

I was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm…

Then you'll need to moralize air conditioning and entertainment and everything else too. These use cases aren't the problem, dirty energy is the problem. Fix the source of energy. We need to do that anyway.

Bitcoin and the Nakamoto Consensus is a breakthrough that provides a secure, global, uncensorable, decentralized store of value. With defined rules that can't be changed on the whims of a central actor. The energy is used to prevent bad actors from being able to rewrite the blockchain. Per transaction is a misleading metric (plus there are layer 2 solutions). You have to consider the energy used by militaries and banks to secure fiat.

When your government fails, as they have in many countries and eventually do in the long span of history, having such a store of value will be, well... invaluable.

Re: Coinbase outages

#149

Post by thefounder »

throwaway_kufu wrote: post #125
thefounder wrote: post #100

Earlier quoted context omitted.

so many FBI inquiries started from the GME fiasco, right?

You seem to be sarcastic but in fact yes the Robinhood/GameStop BS resulted in both a congressional probe and it skipped the FBI and went straight to the prosecutors at the Department of Justice.

Looks like very serious stuff happened indeed. I'm not sure about why I forgot about the congressional probe. Perhaps it's because for the people who lost or made money out of this nothing changed. It's good to know that when bad stuffs happens on regulated markets there will be a congressional probe while on the crypto market you have no prime BS on tv.

Re: Coinbase outages

#150

Post by microtherion »

ramboldio wrote: post #70

I recommend to look at the tether trading volume. If too many people are requesting their dollars at the same time, tether will go bankrupt and with it the bulk of the 'value' of the crypto empire. (hard to get a site that is up and has a good chart for that rn..)

According to their Terms and Conditions, Tether has no obligation whatsoever to redeem their currency for dollars, so while they may not be backed (and almost certainly are not), a bank run is not really their problem.
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