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Every $1 of BTC value responsible for $0.49 in health and climate damages in US
221–230 of 436 posts
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#222Earlier quoted context omitted.
Without BTC miners using this cheap power, it could be used to replace coal and gas plants.
No, without those miners, the energy supply wouldn't have increased in the first place. In the energy market, demand drives supply, not the other way around. It's very uncommon to spend money on converting energy supply from coal/gas to other sources, as it doesn't make sense in terms of money for the companies. Instead they focus on creating new supply with renewables.
So we built hydro plants and disrupted the local ecosystems to run bitcoin miners?
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#223While this is sad, this is a self correcting problem. Miners and other people using bitcoins are going to get tired at some point of the loss from buying all this energy to keep their bitcoin assets going. The most scary part of cryptocoins is the deflationary cycle that makes these crypto asset potentially displace productive investment on an economy wide scale. This is not self correcting. This is Moloch, it's a pr…
"... a bad Nash equilibrium where the incentives are to keep the vicious cycle going as long as possible because the first to leave the cycle are disadvantaged."
This is why Bitcoin is compared to a Ponzi-MLM scheme - and if the game doesn't continue then the latest adopters, who haven't sold or made any profit, are then left "holding the bag." This matching pattern is denied by pretty much every person in the army/mob of HODLers:
- Bill Gates recently said only someone as rich as Elon should be willing to risk buying Bitcoin; Elon being the richest person on the planet
- Elon Musk even recently tweeted that "Bitcoin is almost as much bs as fiat money", so even he doesn't believe it's the best or ideal final solution
- I can't find the article, however within the last few weeks, an article by a senior partner at an international investment firm wrote about his thoughts on Bitcoin, and in the first few paragraphs he highlighted how people with a counter-narrative are hiding/afraid to speak out against it [because of the mob].
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#224> responsible for $0.49 in health and climate damages red flag this article is steeped in pseudoscience. you could spend a lifetime trying to model and predict global weather patterns _with no outside intervention_. the idea that you could even make an attempt at attaching a number to this phenomena is laughable. what are the error bars here, 10,000%? lets pretend, for example, you tried to estimate the impact of tsu…
People are playing with big enough money trading crypto that they throw in social media campaigns just for kicks.
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#225Earlier quoted context omitted.
If you're going to question the validity of an assertion please provide more than just a counterassertion.
You could say that to GP who just dismissed a published study without actually taking on any of the claims made therein.
They questioned the methodology specifically. So it's not just an assertion.
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#226I don't understand where all these "cryptocurrency vs the environment" posts are coming from recently. The core problem is energy use, no? Things using electricity - of which bitcoin is a huge one - are powered by environmentally damaging supplies. I don't care about BTC at all, but if it were to be wiped out of existence tomorrow it would prevent further damage to the environment in exactly the same way that getting…
BTC is explicitly called out because people are essentially burning energy, Golgafrincham-style, solely to make money.
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#227While this is sad, this is a self correcting problem. Miners and other people using bitcoins are going to get tired at some point of the loss from buying all this energy to keep their bitcoin assets going. The most scary part of cryptocoins is the deflationary cycle that makes these crypto asset potentially displace productive investment on an economy wide scale. This is not self correcting. This is Moloch, it's a pr…
> While this is sad, this is a self correcting problem. Miners and other people using bitcoins are going to get tired at some point of the loss from buying all this energy to keep their bitcoin assets going.
Except with deflating nature of BTC, and no accurate price prediction models, people always assume their BTC will be worth mor, so they justify mining at a loss currently for future speculative value. Not to mention this exact statement has been parroted while BTC move from CPU, to GPU, and finally to ASICs. There has always been someone there saying it’ll correct, except it never has.
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#228Earlier quoted context omitted.
If you were sitting on billions and wanted to accelerate climate change then investing in BTC is probably the most inefficient way to do that. I doubt that idea ever even crossed his mind. It’s just about the profit.
That's exactly how I understood the parent: Musk goes after anything that brings profits, and doesn't care about climate. Neither acceleration or deceleration.
Then why specifically make the claim that he profits from acceleration?
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#229Earlier quoted context omitted.
Many I just listed use more energy than btc...so yes, they are.
So what are you saying, that because other things are also bad we can't have a discussion how bad one thing is?
Im saying you were being sarcastic thereby making the claim that those things are not harmful, and they are. Im not sure whats confusing here.
Re: Every $1 of BTC value responsible for $0.49 in health and climate damages in US
#230Does this factor in home heating as well? If your house uses electric heat, the power used by a mining rig would pretty much 1:1 offset the power used by an electric heater. There's even people who build miners specifically to serve as space heaters
https://medium.com/swlh/heating-my-home-with-crypto-mining-1...