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Started By
Message
Bitcoin is Unsustainable
Posted on 5/21/18 at 9:52 am
Posted on 5/21/18 at 9:52 am
quote:
Beyond its tentative success as a get-rich-quick scheme, bitcoin has an increasingly real-world cost. The process of “mining” for coins requires a globally distributed computer network racing to solve math problems — and also helps keep any individual transaction confidential and tamper-proof. That, in turn, requires an ever-escalating arms race of computing power — and electricity use — which, at the moment, has no end in sight. A single bitcoin transaction is so energy intensive that it could power the average U.S. household for a month.
quote:
Bitcoin’s energy footprint has more than doubled since Grist first wrote about it six months ago.
It’s expected to double again by the end of the year, according to a new peer-reviewed study out Wednesday. And if that happens, bitcoin would be gobbling up 0.5 percent of the world’s electricity, about as much as the Netherlands.
But Bitcoin is the future baw!
28
Posted on 5/21/18 at 9:54 am to Sticky37
quote:
A single bitcoin transaction is so energy intensive that it could power the average U.S. household for a month
Did not know that. That's nuts
Posted on 5/21/18 at 9:54 am to Sticky37
quote:
Bitcoin’s energy footprint has more than doubled since Grist first wrote about it six months ago
They must be growing marijuana.
Posted on 5/21/18 at 9:55 am to Sticky37
Yeah it used to be nothing to mine. But even 5 or so years ago it was ridiculous.
Everyone has said crypto is, not necessarily Bitcoin. The social media analogy has been stated so many times. Myspace wasn't the future but it brought about Facebook, et al which were/are.
quote:
But Bitcoin is the future baw!
Everyone has said crypto is, not necessarily Bitcoin. The social media analogy has been stated so many times. Myspace wasn't the future but it brought about Facebook, et al which were/are.
This post was edited on 5/21/18 at 9:56 am
Posted on 5/21/18 at 9:56 am to Sticky37
What about it being linked to Hookers and blow?
Posted on 5/21/18 at 9:57 am to Sticky37
What exactly are these math problems? Is it something that needs doing or is it just busy work for the computer?
Posted on 5/21/18 at 9:58 am to Sticky37
It's already dead. I shouldn't have bought in.
Posted on 5/21/18 at 10:00 am to Jim Rockford
quote:
What exactly are these math problems? Is it something that needs doing or is it just busy work for the computer?
It’s probably just long division which to kids today is like some sort of ancient wizardry.
Posted on 5/21/18 at 10:00 am to Sticky37
quote:
its tentative success as a get-rich-quick scheme
90% of the people buying bitcoin/crypto aren't doin git becuase they think in a couple years they'll go to a gas station and use bitcoin instead of dollar bills, they're doing it to make money. And have been successful, which is the entire point.
It's like laughing at the dude that invented the pet rock. You can say "dude, it's a rock! It does nothing! It's a fad that will be forgotten about in a few weeks!" and may very well be right, but do you really think he gives the slightest frick while he's counting his millions?
Posted on 5/21/18 at 10:02 am to TH03
quote:
Myspace wasn't the future but it brought about Facebook, et al which were/are.
Wasn't FB created first? Then MS was created for the unwashed masses?
Posted on 5/21/18 at 10:03 am to Darth_Vader
quote:
It’s probably just long division which to kids today is like some sort of ancient wizardry.
Posted on 5/21/18 at 10:04 am to Sticky37
I wonder how that compares to companies working the stock/commodities markets. They can't be using your basic $500 Dell from Best Buy
Posted on 5/21/18 at 10:05 am to upgrayedd
quote:
Wasn't FB created first? Then MS was created for the unwashed masses?
MySpace was first
Posted on 5/21/18 at 10:08 am to WG_Dawg
quote:
It's like laughing at the dude that invented the pet rock. You can say "dude, it's a rock! It does nothing! It's a fad that will be forgotten about in a few weeks!" and may very well be right, but do you really think he gives the slightest frick while he's counting his millions?
Difference is 'Pet rock dude' made no pretense about his gig. For bitcoin to do what it did, a big lie about the future had to be told. Blockchain is the solid idea, I guess
Posted on 5/21/18 at 10:12 am to Sticky37
No one disputes proof of work is unsustainable. Various cryptos are developing alternatives to PoW that will be less energy intensive while maintaining network integrity and making malicious attacks prohibitively expensive to succeed.
Posted on 5/21/18 at 10:19 am to LCA131
quote:
Blockchain is the solid idea, I guess
You guess?
Good work professor.
Posted on 5/21/18 at 10:20 am to Jack Bauers HnK
quote:
No one disputes proof of work is unsustainable. Various cryptos are developing alternatives to PoW that will be less energy intensive while maintaining network integrity and making malicious attacks prohibitively expensive to succeed.
Truth.
Posted on 5/21/18 at 10:24 am to Sticky37
This is why I put all my disposable income into cultivating my own psilocybe cubensis. When the world market crashes, I will be the go-to mushroom plug in NTx to ease the panic.
Posted on 5/21/18 at 10:30 am to WG_Dawg
quote:
It's like laughing at the dude that invented the pet rock. You can say "dude, it's a rock! It does nothing! It's a fad that will be forgotten about in a few weeks!" and may very well be right, but do you really think he gives the slightest frick while he's counting his millions?
You realize there are people that will be left holding the bag, no?
Alot of people made a ton of money speculating on housing in the early to mid 2000s, and then they lost their arse.
Laughing at them in 2007 was a waste of time. Laughing at them in 2008 was a different story.
I'm not really commenting on bitcoin one way or the other, but your example is flawed unless you're out of the bitcoin game altogether.
Posted on 5/21/18 at 10:31 am to weagle99
quote:
You guess? Good work professor.
I meant relative to crypto...But also, plus, in addition, and, as the world gets smaller it may become more lesser and lesser important.
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