Bitcoin's and the future of online banking - Page 59

commie party in norway wants to outlaw bitcoin mining, can't say I disagree with them.

Yeah proof of stake doesn't use up energy much

There's no PoS currencies out there that are reliable from what I understand. Ethereum has been trying to switch from PoW to PoS since its very beginning and they still haven't managed to do so, and expectations is that it would happen within a few years

On March 03 2021 18:41 Stroggoz wrote: Opportunity cost though, renewables could be done for something else. This is a very serious design flaw in bitcoin mining and honestly, it is rent-seeking. There are enough bitcoins out there and mining the last small % of them doesn't add anything to the currency from what i can tell? Between 20-70% is renewable according to the site. Are there other cryptocurrencies that don't cost the world to mint or is this just a design feature in all of them? I would'nt be too suprised if there was some international agreement amoung nations to stop bitcoin mining at some very near point in the future, especially if there is another price spike, (or China specifically cracks down on it, since they are the ones using coal to mine coins).

but these aren't renewables built by governments or private energy contractors, so these renwable generators would not exist, so there is no opportunity cost lost.

Adding bitcoin to the pool isn't the point of mining, but validating the transactions.

Most crypto are proof of work (POW) which requires a lot of energy, other methods are being tested and are quite new, like Proo of stake, which is more efficient but it has its flaws and is more rent-seeky, it rewards the one who puts more money in without even having to buy and manage the infrastrucutre like in POW.

I would be very surprised of a global organized ban on mining, the chance of every country cooperating is close to 0, and even if it happened, it would be unenforzable given the economical incentive to dodge the ban, so basically you would be fighting the "global war on drugs #2", good luck with that.


I dont think its a design flaw, I think it was impossible to predict what would happen with the inception of BTC's whitepaper, hell many of the early adopters separted with their own failed forks like BCH and BSV, Bitcoin is an ungoing project and open project, it got a Segwit hard fork and if POS turns out to be a better option it might fork into it, and BTC has even more hurdles like the # of transactions is tiny per block for a global currency but they will be dealt with as it moves forward.

On March 03 2021 19:29 Liquid`Drone wrote: commie party in norway wants to outlaw bitcoin mining, can't say I disagree with them.

totalitarian ideologies want to outlaw descentralized currency systems, shocker.


Anybody who considers themselves on the libertarian left or right part of the political compass and not support crypto are either fools or hypocrites.

On March 03 2021 19:29 Liquid`Drone wrote: commie party in norway wants to outlaw bitcoin mining, can't say I disagree with them.

It takes energy to maintain a financial system. I've not verified it but... BTC probably uses less energy than the legacy financial system. IE Bitcoin is more efficient than what we've been using.

POS systems do exist and may be better than POW (I can't verify that.) But BTC energy consumption should be compared vs legacy systems before being dismissed. Just 2 cents I heard repeated. I may be wrong. Cheers

Bitcoin is used as an asset to store value similar to gold. There's an argument that gold can be used for blah blah blah stuff, but in reality the majority of it is investment gold. Either way, bitcoin's mining is much less energy demanding than gold.

Legacy systems don't use much energy storing ledgers in servers dont require much energy, they are way less secure though and it adds a financial inefficiency, a good chunk of the fees/interests is used to cover fraud losses but al lthese things are secondary to how important is a decentralized and censorship resistant monetary system.

On March 05 2021 08:33 Spitfiree wrote: Bitcoin is used as an asset to store value similar to gold. There's an argument that gold can be used for blah blah blah stuff, but in reality the majority of it is investment gold. Either way, bitcoin's mining is much less energy demanding than gold.

I doubt the latter is true, given a quick googling. Either way that is a good point, gold mining seems like a huge waste of energy as well.

On March 06 2021 06:13 Stroggoz wrote: Show nested quote + On March 05 2021 08:33 Spitfiree wrote: Bitcoin is used as an asset to store value similar to gold. There's an argument that gold can be used for blah blah blah stuff, but in reality the majority of it is investment gold. Either way, bitcoin's mining is much less energy demanding than gold. I doubt the latter is true, given a quick googling. Either way that is a good point, gold mining seems like a huge waste of energy as well.

Appears that you're correct, even though there is no specific, accurate data. There're only ranges of energy consumption when mining bitcoin, but it's probably fair to say that it takes more than gold given everything.

my claim to fame on page 5 oh yeah baby

On March 28 2013 23:47 spets1 wrote: i cant believe what is happening to bitcoin. i bought some back when it was 12 bucks, and sold at $42, but now its almost at 100 per btc.. wtf's this

I can not really understand Bitcoin, it's really difficult for me to be confident to buy, I should get more knowledge before doing it. Good luck to all who are trading with crypto.

we don't understand it either no worries. We buy because we dont wanna miss out-

On March 15 2021 13:15 Harvey55 wrote: I can not really understand Bitcoin, it's really difficult for me to be confident to buy, I should get more knowledge before doing it. Good luck to all who are trading with crypto.

It's not relevant to trading, what actually matters is whether you understand if other people understand it or not, or at least that's what Keynes said about trading. Obviously there's more to that. I don't understand if others understand it or not btw.

Is it time to buy yet or should i wait another few years?

On bit on a dip if you can time it before it takes off again, get in.

On March 23 2021 20:11 NotSorry wrote: On bit on a dip if you can time it before it takes off again, get in.

nobody can fucking time it ffs, at least nobody who isn't sitting in hundreds of millions.

Buy and hold.

Fair enough. Replace "time it" with gamble on how low you think it will go. Either way get in the game

i dont trade but every end of month for past few months theres been some market manipulation going on with the expiration of options and btc always takes a massive dump its pretty ridiculous. Very likely till friday for it to go down more even getting into the 40's

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