Live data from Hacker News

Bitcoin backlash as ‘miners’ stress power grids in Central Washington

seattletimes.com

151–160 of 278 posts

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#151

Earlier quoted context omitted.

Why is this being downvoted? Are there people on HN that actually think the government should tell people what they can do in the privacy of their own home? What a bunch of totalitarians. Perhaps the government should be able to dictate who people can sleep with or what media they are allowed to consume. Why are there so many people comfortable with letting governments dictate freedoms when those freedoms aren’t harm…

Did you read the part in the article where server racks set up in apartments not designed for the load are starting electrical fires in residential areas? Kind of a weird definition of “not harming anyone”.

Certain phrases in the parent ("own home") and grandparent ("property owner") would seem to make this comment about apartments somewhat inapplicable. But it really is as simple as that - if you own the equipment and/or can safely handle the load and/or can bear all the costs yourself of any un-safety, then you can do whatever you want. If what you do affects others, those others will object, either in the form of an ultimatum/eviction/lawsuit by your landlord, a complaint/lawsuit by your neighbor(s), an ultimatum or unpaid claim by your insurance company, or an ultimatum/discontinuation of service by the electricity provider. "In America we still have freedom" and calling people "totalitarians" are both a little off-the-hook which I think explains the downvotes.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#152

I like how it is done by the utility in San Francisco. Depending on the size of your place, and your main method of heating (electric or not), there are tiers setup (based on average weather in each month) where the first X kWh are the cheapest and correspond to what they think a dwelling of that size should need. Then the next Y kWh are about 30% more expensive, then after that there is a final tier which is 60% mor…

Why do you like it? To me it sounds stupid, it's the same electricity, it costs the same to produce and all other side effects effects like network load or pollution are the same too. Why first X units would cost less? Even more idiotic is that it apparently depends on the size of your house, so if you have a larger home, you get more cheap electricity.

It does not cost the same amount to distribute different amounts of energy, as a matter of fact. If you build infrastructure capable of handling a certain amount of electricity plus some overhead, you want to disincentivise eating into that overhead before you can build better infrastructure.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#153
post #97

It's hard to explain the levels of stupidity in this. - people trading 'coins' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off electricity and giving a load of shitty excuses 'it could be like Seattle's. I don't know where to begin with this Bitcoin crap; it's gotten crazy that so…

I find myself hoping it implodes sooner rather than later. Purely selfish on my part - but I would like to be able to buy a new graphics card some day. I'm already dreading the insane scramble when Nvidia announces their new cards (likely this summer).

bitcoin is already 65% off the highs. many other coins down 80% + more. I think that is pretty much close to imploded

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#154
post #91

Earlier quoted context omitted.

Who cares? If people want to play in Bitcoin, what difference does it make. Nobody is being forced.

Did you read the article? I believe it highlights the difference it makes.

It'll force us to fix our infrastructure and be prepared for the future, sounds like a good thing.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#155
post #121

Earlier quoted context omitted.

What makes an investment in 'this Bitcoin crap' any different from an investment in say Facebook shares or Snap shares? Aren't they just unnecessary digital crap too that nobody actually needs? Bitcoin has become the gold standard for crypto and many people invest on the basis that there'll be huge growth in the area of blockchain technology and tokenised digital assets in the years to come. If Bitcoin remains the go…

Facebook and Snap became part of most people’s lives within a few years. Bitcoin has been around for 10, and aside from trading bitcoin, has found very limited use. That’s what makes it different. Every prediction for what Bitcoin would be good for, and what would justify its price has failed to come to fruition.

I believe Venezuela proves you completely wrong. You should read up on what is going on there with Bitcoin. What Satoshi envisioned is actually happening there.

The fact that bitcoin has gone 10 years, with limited use, to me signals just how amazing the technology is. Ten years is nothing for a tech that can last 1000 (or more..).

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#156
post #97

Earlier quoted context omitted.

I find myself hoping it implodes sooner rather than later. Purely selfish on my part - but I would like to be able to buy a new graphics card some day. I'm already dreading the insane scramble when Nvidia announces their new cards (likely this summer).

bitcoin is already 65% off the highs. many other coins down 80% + more. I think that is pretty much close to imploded

That has happened like half a dozen times before in the history of Bitcoin. Not really a sign of demise.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#157
post #142
post #106

Earlier quoted context omitted.

This comment applies to any revolutionary technology. Let's substitute cryptocurrencies with "the internet" in 1999: - people trading 'stocks' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off capital and giving a load of shitty excuses 'it could be like Detroit at the beginning of…

The difference is that the Internet had clear useful applications at that point and billions of dollars in real business (not just speculation) was happening annually. Yes, there were plenty VC misfires with no plausible path to profitability — my favorite was cement.com, with free shipping! — but there were tons of existing businesses finding significant value from it and new companies like Amazon, eBay, Travelocity…

Saying that there is no reason to buy a crypto-currency is absolutely false. You probably live in a Western country where you mostly trust the banking system and stability of your own currency. That is not the case in many other countries. You will probably say that most crypto-currencies are extremely volatile, which is true, but there are already existing and active projects that have addressed that issue, for example the DAI stablecoin. In Russia there's been a banking crisis recently, stablecoins, tokens tied to commodities and such would have directly benefited people keeping their money in these opaque and vulnerable institutions.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#158
post #106

Earlier quoted context omitted.

This comment applies to any revolutionary technology. Let's substitute cryptocurrencies with "the internet" in 1999: - people trading 'stocks' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off capital and giving a load of shitty excuses 'it could be like Detroit at the beginning of…

Pointing out that other revolutionary tech looked stupid to some people at first doesn't mean that things that look stupid are going to be revolutionary. You could just as easily point out that investing in beanie babies looked stupid, or any of a number of other totally failed ideas seemed stupid. Most things fail. Your comparison adds no meaningful information and is attempting to mislead based on fallacious reason…

I think you missed the point I was trying to make; I was mentioning that OP has made a too broad of a statement which could apply to any successful technology too.

I wasn't trying to make any comparisons, since these are two very different situations.

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#159
post #147

Earlier quoted context omitted.

>Cryptocurrencies have been around for 9+ years, and there has been literally 0 use for it apart from conning rubes on the internet. That's weird, I've been using it to buy stuff off amazon and aliexpress. Am I a conned rube? Does that mean Visa is conning rubes as well?

> That's weird, I've been using it to buy stuff off amazon and aliexpress. How? Neither company seems to accept Bitcoin directly.

Purse.io lets you buy from Amazon

Re: Bitcoin backlash as ‘miners’ stress power grids in Central Washington

#160
post #142
post #106

Earlier quoted context omitted.

This comment applies to any revolutionary technology. Let's substitute cryptocurrencies with "the internet" in 1999: - people trading 'stocks' in the same way Pokemon / WWF kids trade cards. - thinking this is actually a long-term 'investment' strategy (well its idiots trading with each other ...) - to top it off, siphoning off capital and giving a load of shitty excuses 'it could be like Detroit at the beginning of…

The difference is that the Internet had clear useful applications at that point and billions of dollars in real business (not just speculation) was happening annually. Yes, there were plenty VC misfires with no plausible path to profitability — my favorite was cement.com, with free shipping! — but there were tons of existing businesses finding significant value from it and new companies like Amazon, eBay, Travelocity…

I get lots of bitcoin payments.

>10 years into Bitcoin there's still no reason for someone to buy in other than speculation

This is simply completely wrong, perhaps you should research the subject a little bit more.

Post reply on HN