31–40 of 131 posts
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…
Earlier quoted context omitted.
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?
There was no comment about BTC difficulty. It's a comment about the pernicious impact of BTC on the world with practically no benefit to show for it.
Another anti-Bitcoin article focusing on energy consumption, how original. HN has discussed this to death.
If they are going to ban ICE vehicles, crypto mining is worth considering for the same fate, especially when energy efficient alternatives exist
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…
How much energy do the following consume in total: - mining metal for coins of fiat currency - mining gold because people don't trust fiat (digging otherwise useless-in-that-quantity rocks out of the earth, a Proof of... hmm... WORK?) - running stock exchanges because people don't trust gold either (tungsten has almost the same density) - smelting the plain metal and gold - the US military which backs the dollar, and…
- space exploration
- streaming videos
- grocery stores
- cars
- shipping containers full of fidget spinners
- building and maintaining zoos
- giant casinos in Las Vegas
- hospitals
And all the other things associated with the so-called "green" USD ecosystem.
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…
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?
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…
Personally, I would rather see a reasonable tax on emissions.
Earlier quoted context omitted.
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…
Ripping myself off from another "bitcoin will destroy the world because climate change" thread: > 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…