171–180 of 310 posts
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Or acquire it the same way you presumably acquire USD: work and get paid in it. Kinda weird you left that out but mentioned stealing, although I suppose ransomware is top of mind these days.
> acquire USD Are you saying Bitcoin and other cryptocurrencies are inherently gold-backed like the USD?
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…
I'm glad people are starting to realize this. I have been bashing bitcoin for this reason for ages only to be ridiculed.
Do you take a stance on security of untested POS coins gambling with people's money?
A senior Engineer once told me, "anyone can poke holes in an idea, we will make a change if they have a solution."
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>> Except Crypto isn’t regulated like stocks, Except that most of the time that means nothing in practice. Just look at the GME saga and you have customers liquidated, customers not being able to buy, some not even able to sell. And on top of that the CEO of Interactive Brokers setting a target price for the stock. All this so that few highly leveraged hedge funds can get away from the short squeeze cheaper along wit…
Except it doesn’t mean nothing because there are a bunch of lawsuits against Robinhood, because the law provides a remedy for the bullshit they pulled.
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…
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Can you please point me a source where Bitcoin is "desired" as a payment method? It's seen more of a store of value, not used for paying for everyday things.
The "store of value" thing was made up to keep the speculation bubble inflating when it became clear Bitcoin had no practical use.
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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…
Military and banks do more than what PoW blockchain does. I don't buy in the energy argument myself, but trying to justify the way you do sounds a little too kool-aid-y.
Shaaaaady. The NYGA report on Tether is due today. Tether is completely insolvent, and once the rug is pulled, all of the exchanges are going to realize that all of their "stable" reserves are worthless and they can't pay out what they're storing for customers, and the price will tumble all the way down as there's a run on the pseudo-banks that can't payout. Or not, what do I know.
You do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.
On the day you might think that limit matters, it's not really gonna matter.
deleting due to quality of replies
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> 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.
In a sane world, the energy use and price would be tied to the actual usefulness of the currency. They are not. In roughly 100 years the energy use will be set by transaction fees and the number of transactions, but currently it's only proportional to speculative will.
When transaction fees incentivize mining, the incentive to mine will certainly be much lower. Arguably more secure, too- the block reward creates a separate incentive for large players to dominate mining, which lowers the diversity of miners. It's not at all clear that the absolute energy consumption will be lower than it currently is.
[1]: https://digiconomist.net/bitcoin-energy-consumption/ [2]: https://ycharts.com/indicators/bitcoin_transactions_per_day [3]: https://www.coindesk.com/price/bitcoin