221–230 of 319 posts
What the hell is is with cryptocurrency proponents and trying to redefine words to suit their narrative? First Bitcoin was NOT fiat currency (despite being one of the most fiat currencies by definition), then it was also a store of value (despite it being a horrible store of value, a high-risk high-reward investment is more accurate). Now it's supposed to be a battery? When the energy being put into it is basically p…
You don't think bitcoin should be valuable. Your point is fine, but it really doesn't address the article at all! Assuming bitcoin stays valuable, does it make sense to use bitcoin mining to augment some power projects? Like using otherwise wasted energy to mine or to mine in places where it might not be easy to transmit the electricity?
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If bitcoin would be fully powered by renewables, do you still think its energy consumption would be a problem?
All energy generation is bad for the environment, just more or less bad. Solar cells and wind power might be "renewable", but it requires a lot of metals and material to build (and also energy), they disturb natural habitat etc. They are much better than coal, oil and gas, but they are not harmless. It's better to avoid using energy if possible than using renewable energy.
>>>Response to Dan added here due to rate limit.
> waste power
Infinite energy in the universe and everything mankind has achieved has been in large part due to energy consumption. The idea that we should now stop that trend is antihuman/antihuman-progress at its core.
Let the individual/market decide the best uses for energy... not your money = not your choice.
BTW off-planet mining using the sun/stars is a great idea for the future and doesn't require them to be blacked out.
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I agree with the sentiment, but this part is way off: > [...] despite being one of the most fiat currencies by definition [...] FIAT currencies are by design inflationary to enhance spending. Bitcoin is deflationary _by design_. Since there's no bank or state backing Bitcoin, the only way that bitcoin makes sense was/is deflation. This quality makes BTC an asset and that's what it is, a digital asset. As a currency B…
how would you quality VISA and Tesla accepting bitcoin ? does it qualify as asset tranfer or currency ? (open question)
Whenever I read something this far off the mark, I genuinely wonder if it's total lack of intellectual honesty, or, having drank so much kool aid that this argument genuinely makes sense. Bitcoin transactions require the solution of a completely useless and expensive to compute mathematical computation. THIS IS BY DESIGN, TO MAKE IT SCARCE. In the short term, we are facing a critical shortage of computer chips becaus…
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This is an excellent take on why the Grossman's idea is plainly idiotic [0]. You don't get more bitcoin for more electricity, you just get more security. The system itself can reach a state when you need 51% of whole planet electricity and computation devices locked into it to be perfectly secure. Thats frankly scary. [0] https://elad-verbin.medium.com/bitcoin-is-not-a-battery-it-i...
Yes, to me this response seems intuitive if you know anything about bitcoin and PoW blockchains. The original article seems based on misconceptions. I find it strange that even people at a prominent firm like Union Square Ventures are perpetuating such misconceptions.
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A waste by most societal measures. Purely imaginary point backed by nothing that is easily defrauded and highly volatile. With no societal or personal value. And we've chosen to burn gigawatts of energy on this foolish game. Its easy to see it as enormous waste.
A waste by your societal measures. It's easy to see it as enormous waste, for you Speaking of "burnt gigawatts", if our society is still using coal to produce energy, are you blaming also Bitcoin for this? Too easy, sorry.
So yes, it's arithmetically a total waste.
Whenever I read something this far off the mark, I genuinely wonder if it's total lack of intellectual honesty, or, having drank so much kool aid that this argument genuinely makes sense. Bitcoin transactions require the solution of a completely useless and expensive to compute mathematical computation. THIS IS BY DESIGN, TO MAKE IT SCARCE. In the short term, we are facing a critical shortage of computer chips becaus…
Correction: we need to solve climate change in a short term, not long term.