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Bitcoin's vast energy use could burst its bubble

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Re: Bitcoin's vast energy use could burst its bubble

#21

Post by amir734jj »

juanbyrge wrote: post #7

It is quite pathetic that a purported 'future of payments' is so inefficient in so many ways. This is why I will never participate in systems like bitcoin that consume hundreds of TwH (and growing) each year.

As an owner of 50 bitcoins that I bought in 2010, I must say I agree with you. I don't see bitcoin as a future of money nor payment.

Re: Bitcoin's vast energy use could burst its bubble

#22

Post by iagovar »

JulianMorrison wrote: post #5

Bitcoin needs to get mapped across 1:1 to something that doesn't require vast number crunching energy use, and the old blockchain abandoned

I've very skeptical for cryptos, specially about their regulatory survival, but I've been studying it a bit, and aside some obscure cryptos that are propably genius, I found nano worth mentioning as currency, and Cardano seems on track for a blank sheet replacement of Ethereum.

Re: Bitcoin's vast energy use could burst its bubble

#23

Post by aplummer »

Guzba wrote: post #18
SideburnsOfDoom wrote: post #9

Earlier quoted context omitted.

A database?

Who's database?

It’s ironic the premise is we trust nuclear weapons to the government but not our pithy accounts of bitcoin - which in the event of a trust-less government is worthless (because of the arsenal)

Re: Bitcoin's vast energy use could burst its bubble

#24

Post by rootusrootus »

eloff wrote: post #16
juanbyrge wrote: post #7

It is quite pathetic that a purported 'future of payments' is so inefficient in so many ways. This is why I will never participate in systems like bitcoin that consume hundreds of TwH (and growing) each year.

Its not a payment system (unless the transaction is sufficiently large). It's more like digital gold. But gold has a track record of holding value over millennia. Bitcoin is only a decade old. Will it hold up over time? Nobody actually knows.

> Nobody actually knows.

We could make an educated guess, however. Gold has intrinsic value, which gives it a significant advantage over a tiny arrangement of bits in an ocean of them.

Re: Bitcoin's vast energy use could burst its bubble

#25

Post by superkuh »

juanbyrge wrote: post #7

It is quite pathetic that a purported 'future of payments' is so inefficient in so many ways. This is why I will never participate in systems like bitcoin that consume hundreds of TwH (and growing) each year.

You better not particpate in fiat currencies that maintain themselves by spending TwHs to maintain their standing armies (or diplomatic relations with countries that do have standing armies).

Re: Bitcoin's vast energy use could burst its bubble

#28

Post by throwawayQuwcy »

capableweb wrote: post #15

What about if the supposed "bubble" lasts until it's unfeasible to continue mining on the same speed as now? Eventually, bitcoin will have been mined, and then there is no need for as much mining, depending on transaction fees only. By then the energy use is massively lowered as well.

Well, the security of Bitcoin == amount of transaction fees + block rewards. The cost to 51% attack the network is opportunity cost of mining valid transactions

So you either get secure wasteful bitcoin, or insecure bitcoin. Not really any other options with PoW

Re: Bitcoin's vast energy use could burst its bubble

#29

Post by aresant »

m00dy wrote: post #26

Hi guys, I'm trying to reach bitcoin miners or mining farms that are powered by renewable energy. Anyone can help me to get any leads ? eren@countingcarbons.co

Check out https://www.crusoeenergy.com/ - not renewable but a major enterprise capturing otherwise "wasted" energy

Re: Bitcoin's vast energy use could burst its bubble

#30

Post by trimbo »

superkuh wrote: post #25
juanbyrge wrote: post #7

It is quite pathetic that a purported 'future of payments' is so inefficient in so many ways. This is why I will never participate in systems like bitcoin that consume hundreds of TwH (and growing) each year.

You better not particpate in fiat currencies that maintain themselves by spending TwHs to maintain their standing armies (or diplomatic relations with countries that do have standing armies).

Spending energy on bitcoin would replace the need for militaries?
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