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Coinbase outages

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Re: Coinbase outages

#231

Post by foepys »

fsflover wrote: post #207
idreyn wrote: post #157

Earlier quoted context omitted.

But it's worth clarifying that the number is correct — Bitcoin is currently using 1 Mwh per transaction.

Except there is no connection between megawatts and transactions.

Because blocksize is fixed and blocks are consistently full, it's possible to estimate the next block's energy usage per transaction. All blocks are currently full as miners have an incentive to collect all transactions available, ordered by their attached transaction fee.

If you mean that the same amount of power would be used whether the blocks are full or empty, you are technically correct but in practice it's not relevant until blocks are consistently not full.

Re: Coinbase outages

#232

Post by sokoloff »

ninju wrote: post #227
sokoloff wrote: post #209

Earlier quoted context omitted.

There's a reasonable argument that https://en.wikipedia.org/wiki/Thomas_Midgley_Jr was a contender for that title previously.

Inventor of both * Leaded Gasoline * Freon Ouch!

And killed by one of his own inventions...

Re: Coinbase outages

#233

Post by AwaAwa »

tim333 wrote: post #190
Kiro wrote: post #169

Earlier quoted context omitted.

Satoshi is a supervillain who created the most effective weapon of mass destruction the world has ever seen. Unstoppable and fueled by the inherent greed of mankind.

But Proofofstakeman shall defeat him!

ProofofSpace man helping HDD prices

Re: Coinbase outages

#234

Post by bgroat »

dougmwne wrote: post #103

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…

Proof of Work eliminates the need for a centralized authority by identifying the planet all financial intermediaries live on and destroying it

Re: Coinbase outages

#235

Post by davewritescode »

jonrcooper wrote: post #141
amelius wrote: post #135

Earlier quoted context omitted.

> 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.

Total energy / total transactions is a completely appropriate metric to use. If you could meaninufylly scale the number of bitcoin transactions and could amortize the high fixed costs of running the blockchain I'd agree with you but as it stands right now, you can't.

Yes, I'm aware there's off chain solutions such as lighting but it's unclear to me whether those solutions are viable long term.

Re: Coinbase outages

#236

Post by jtbayly »

dcolkitt wrote: post #181
grey-area wrote: post #126

Earlier quoted context omitted.

Until it does. If everyone tries to get out of tether at once there could be a run on the currency and a collapse. If tether has been manipulating prices (seems likely) that will also come out in the crash.

As of press time, USDT (Tether) is currently trading at a slight premium to USDC[1]. There's no indication that the market is pricing an imminent collapse to Tether. [1] https://info.uniswap.org/#/pools/0x7858e59e0c01ea06df3af3d20...

Currently people are fleeing to Tether, so of course the price is up. The implication of the parent comment was that the Tether printer could be getting out today, which would cause BTC to drop.

The question then becomes what happens tomorrow. Are people going to try to get out of the Tether that they've jumped into today by going to BTC or USD? If they go to BTC, then no problem, the price goes back up (some). If they try to go to cash, BTC keeps dropping. Tether's value doesn't have to crash for the Tether machine to stop running and cause a BTC crash. Though, at some point in the process it would start dropping, and that would then cause a further BTC price drop.

Re: Coinbase outages

#238

Post by davewritescode »

doomroot wrote: post #159
Balantio wrote: post #140

Earlier quoted context omitted.

i would say but i haven't checked his data. Generally speaking, every 10 minutes! one block is mined which is incentivived with 6 btc or roughlyl the equivilent of over 150.000$. In avg there are 1000-2000 transactions per block.

We have no idea how many transactions are “in a block”. There are multiple decentralized layers aggregating thousands of transactions down into a single bitcoin block transaction. This doesn’t even begin to touch the sheer magnitude of transactions that exchanges facilitate between their users without touching the blockchain.

Yes, but when I exchange bitcoin off chain, I'm giving up a lot of the benefits of using bitcoin in the first place.

Lighting in particular solves transaction speed by introducing additional potential security problems that need to be accounted for, particular closed channel type attacks.

Re: Coinbase outages

#240

Post by fedreserved »

Kiro wrote: post #169
dougmwne wrote: post #103

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…

Satoshi is a supervillain who created the most effective weapon of mass destruction the world has ever seen. Unstoppable and fueled by the inherent greed of mankind.

Somehow I think it's a team of supervillains. I can't see any individual giving up the wealth that has accrued to bitcoins "founder"
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