21–30 of 131 posts
Bitcoin does not consume energy. Miners do. Before presenting your views on Bitcoin, you should have some knowledge about how the network works, in particular how mining difficulty is regulated. Bitcoin would do just fine if its energy consumption dropped to 2008 levels.
Bitcoin does not consume energy. Miners do. Before presenting your views on Bitcoin, you should have some knowledge about how the network works, in particular how mining difficulty is regulated. Bitcoin would do just fine if its energy consumption dropped to 2008 levels.
Earlier quoted context omitted.
>BTC is an anti-social Ponzi scheme speculative bubble =/= ponzi scheme https://news.ycombinator.com/item?id=26203396
To be fair, if Satoshi Nakamoto is still around and has access to 1 million bitcoins, then it's more of a Ponzi scheme.
Earlier quoted context omitted.
I say we should ban data centers instead. They're clearly a scam and no one should be allowed to use them because they waste so much power!
A lot of datacenters provide substantial utility to others. Like the customers of the services that are hosted in those datacenters. BTC mining makes the miners more wealthy. In service of the BTC network, which has what utility? There are quite a number of criminal or at least grey market uses for BTC. But what are the legitimate uses that are not as well or better served by the traditional payment networks?
There are quite a number of criminal and grey market uses for data centers.
What are the legitimate uses of data centers that are not served by traditional pen & paper?
Instead of looking for ways to curtail it (because that ALWAYS works, right?) we should be looking for cleaner ways to power it like renewables and nuclear.
Earlier quoted context omitted.
I can list so many dumb uses of energy out of my head that could be beneficial if banned...
VISA alone processes over 60,000 transactions per second [0] and only uses a tiny subset of the world's data centers. Bitcoin processes a whooping 7 transactions per second and consumes as much energy as *all data centers globally*. I'm curious to hear what dumb use of energy you have in your head that rivals this level of stupidity. edit: I'll address the "apple to oranges" replies here: you can combine the energy c…
> But visa doesn't provide most of the functions of bitcoin infrastructure. Visa does[n't] need to hold the balance of my account. Visa does[n't] need to or makes available all of my equity worth of assets for me to transfer. Visa does not custody my assets. This is literally apple to oranges (or visa to bitcoin)
Proof of work blockchains should be banned by various governments for this reason alone. At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us. I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply. A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs…
Yeah, pretty much expected these comments would appear soon. How come everytime Bitcoin thread is started, 99% of comments are people absolutely clueless about how difficulty is regulated within Bitcoin protocol?
Proof of work blockchains should be banned by various governments for this reason alone. At this point BTC is a speculative bubble that benefits a very small group to the detriment of the rest of us. I also have a lot of personal frustration with how mining (more of ETH and others) is impacting the global GPU supply. A whole cottage industry has cropped up of sites, discords, etc that provide notifications when GPUs…
Another anti-Bitcoin article focusing on energy consumption, how original. HN has discussed this to death.