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Bitcoin as a Battery

nickgrossman.xyz

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Re: Bitcoin as a Battery

#311

Post by machawinka »

smashem wrote: post #190
audunw wrote: post #143

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…

> ...Aluminum has value to everyone in some way, not just those invested in it... A sound monetary system has more value than anything else on this planet. There's a lot of information out there, but here's one article to illustrate my point: https://breedlove22.medium.com/masters-and-slaves-of-money-2... > The energy is burned forever. Wrong. I can use it to pay someone to do work, for example. "Work" in both societ…

That assumes that someone is willing to accept Bitcoins as a payment.

Re: Bitcoin as a Battery

#313

Post by pyinstallwoes »

bryanrasmussen wrote: post #299
pyinstallwoes wrote: post #292

Earlier quoted context omitted.

You're spot on, in fact, the superposition is key. You see, bitcoin is actually a time machine. Every block entangles itself with a coordinate in spacetime. This allows anyone in the future to relive any moment in the past by just entering the block number they want to visit. Unfortunately, this same architecture gave birth to both artificial intelligence because of the way it mimics DNA, and a black hole. The inevit…

I agree 100%, but wait - is this theory following the Bitcoin Time Machine Cryptocurrency Adventist Council of 2020 or the Bitcoin Time Machine Cryptocurrency New Revelation of 2019?

Was it only two options? I thought the Vogon's branched into "Catuskoti as a Non-Deterministic Way to Handle Options Deterministically" - I thought there was at _least_ the "Council of A New World: 0 BCAD" and "Council of Thoth was First"

Oh well, on my timeline I hung out with Thoth.

Re: Bitcoin as a Battery

#314

Post by Vhano »

scotty79 wrote: post #49
notum wrote: post #6

A bit nonsensical imho. A battery by definition has to be able to produce the same type of energy that was put into it. While correlating crypto with something random every week (Easter bunnies next Sunday?) can be marginally interesting, this instance makes no sense. We can't extract electricity from aluminum or Satoshis, we can buy it though, but that's outside of the battery scope.

Human organisations don't run on energy and resources. They run on money. Crypto is a weird kind of battery, where you can put in energy, take out money, and when you need energy later, buy energy for that money. Analogy doesn't make sense at all if you skip the money part.

my underwear is a weird kind of battery actually. You put your energy in it, and when you need energy later, you use the money I paid you.

Re: Bitcoin as a Battery

#315

Post by Vhano »

scotty79 wrote: post #287
xiphias2 wrote: post #258

Earlier quoted context omitted.

,,If you could create crypto based on ML training it would be so cool.'' That would actually be a bad thing: the real value in proof of work is that it doesn't have any extra value to the miner, which stops miners from gaining a huge edge over other possible future miners. What's behind all the controversy is that proof of work has to be totally useless work, that's what makes it valuable for the blockchain :)

Could you direct me to more elaborate discussion why work in proof of work must be useless? Am I wrong thinking that any problem with hard to find, but easily verifiable solution, should be ok? It would be nice if it had easily adjustable difficulty to scale it with processing power of the miners.

is this baby's first bitcoin day out?

Re: Bitcoin as a Battery

#316

Post by Vhano »

smashem wrote: post #171
mustafa_pasi wrote: post #10

It is not a battery in the physical sense because it does not store energy. What it does is, it allows you to transfer the economic utility of cheap local energy to regions where energy is more in demand. Although, as the article itself highlights, this could also be done more efficiently with aluminum smelting, and other processes that are energy intensive but don't require much infrastructure. From a purely financi…

> ...it does not store energy. Yes it does. It stores what is called "monetary energy", and monetary energy belongs in the same class as kinetic, elastic, and chemical energies. One of the key differences between bitcoin and other monetary assets is that bitcoin is absolutely scarce (the first absolutely scare monetary asset in human history), so its energy cannot leak via inflation.

you forgot another class: big dick energy.

Re: Bitcoin as a Battery

#317

Post by Vhano »

smashem wrote: post #177
Cantinflas wrote: post #5

It is not a battery if you cannot get electricity out when needed. It's a weird analogy for something that does not store energy in any form

Since a bitcoin is a monetary form of energy, and since the bitcoin network is so readily available, we could build layers on top of the network to enable quicker conversion of monetary energy to electrical energy.

You're right. This is why I love dry underwear. You can readily stack them and put up a sewing machine on top of it after which you can make more dry underwear. It's basically free

Re: Bitcoin as a Battery

#318

Post by lottin »

lowkey wrote: post #307
lottin wrote: post #251

Earlier quoted context omitted.

A fiat currency is any currency that isn't backed by a commodity, i.e. it's not redeemable for a certain quantity of the commodity by the issuer, and bitcoin falls squarely into this category.

The definition of fiat means by decree. In other words fiat currency has value because a central government authority (formerly king) decrees that the paper has value. Bitcoin has no central authority that decrees it has value - only demand by the people drives the value of Bitcoin. Bitcoin may be a lot of thing, but it isn't a fiat currency.

A currency created "by fiat" means it's created without backing.

"A novelty of the 20th century was the issue of fiat currencies by governments. ("Fiat" means not backed by any reserve commodity, as the gold- and silver-based currencies of previous centuries were)." [1]

[1] https://nakamotoinstitute.org/shelling-out/

Re: Bitcoin as a Battery

#319

Post by jcrben »

mr_woozy wrote: post #289
verdverm wrote: post #222

Earlier quoted context omitted.

Actual batteries would be a better choice than consuming the energy at the time it is created. Investing in better transmission infrastructure would increase this benefit.

This doesn't hold for places like Iceland (where I live) as there will never be transmission of power to either continent due to distance impedance losses.

These are perfect places to do heavy industry, and in fact that's what happens now https://www.nytimes.com/2017/07/01/us/politics/american-comp...

Hydrogen production is another possible use in addition to aluminum.

Renewable energy like that provided by Iceland is a relatively rare and precious resource

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