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  1. #1

    Question An insight on Bitcoin

    Hello,

    I came across this interesting video and thought of sharing it with you intellectuals



    I'm busy and keeping myself away from the current economy because I got tired of it, I gave up expecting it to get better and my next PC build is on pause for now, cryptocurrency literally became a propaganda and although distancing myself from it gave me peace for the most part, it's still giving me an equal amount of uncomfortable ignorance on how things have developed and are still developing, I fear I won't be part of whatever revolution many internet bots do seek and will be left behind, my best bet is that it crashes as I'm not invested that is all.

    What do you guys think? Personally I feel like like it's merely a transfer of money, the new way to donate basically, and it's nothing people make it out to be, I would delete its existence if I could, the current system is pretty bad but presenting a finite commodity to the world is either an unrealistic flawed design or a "genius" breach on one of society's major operational defects and making profit from it while hiding the long term consequences as well as the true image of virtual currencies.

  2. #2
    Pit Lord smityx's Avatar
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    I prefer to invest in tulip bulbs.

  3. #3
    As someone who has a masters in Computer Science and has worked in cyber security for over 5 years, everyone involved in cryptocurrency should be beaten to death with an oar.
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  4. #4
    I'm less concerned with GPU prices as I am with these people actively contributing to the ruination of the planet all while their currency can't even keep it's value.

  5. #5
    The Unstoppable Force PC2's Avatar
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    Quote Originally Posted by uuuhname View Post
    I'm less concerned with GPU prices as I am with these people actively contributing to the ruination of the planet all while their currency can't even keep it's value.
    lol cryptocurrency and its enthusiasts are not ruining the planet. We can always create more and better GPUs and we can power them with renewable energy. I don't know if cryptocurrency will have a growing role in the evolution of society but it's good that people are experimenting with these new ideas and industries.

  6. #6
    Quote Originally Posted by PC2 View Post
    lol cryptocurrency and its enthusiasts are not ruining the planet. We can always create more and better GPUs and we can power them with renewable energy. I don't know if cryptocurrency will have a growing role in the evolution of society but it's good that people are experimenting with these new ideas and industries.
    Something something, "can't predict the future" something something.

    Also: https://www.nytimes.com/2021/03/09/b...te-change.html

    Like it already is ruining the planet. You can't magically conjure renewable energy out of thin air to power these things, you rely on existing power generation sources which in most parts where mining operations are set up are not renewable.

  7. #7
    Quote Originally Posted by smityx View Post
    I prefer to invest in tulip bulbs.
    i will stick with my pets.com investment thank you very much!!
    Buh Byeeeeeeeeeeee !!

  8. #8
    Quote Originally Posted by PC2 View Post
    lol cryptocurrency and its enthusiasts are not ruining the planet. We can always create more and better GPUs and we can power them with renewable energy. I don't know if cryptocurrency will have a growing role in the evolution of society but it's good that people are experimenting with these new ideas and industries.
    google: bitcoin and climate change.

  9. #9
    The Undying Themius's Avatar
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    Bitcoin isn't going to be a long term coin... it is too expensive.

    Ada now... could be. If I recall in one day where more ADA was transacted than Etherum, the fees were about 5,000 for the whole ada market while it was several million for the ethereum market.

    On energy consumption... ADA is also some 30k-40k more energy efficient than BTC
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  10. #10
    The Unstoppable Force PC2's Avatar
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    Quote Originally Posted by Edge- View Post
    Something something, "can't predict the future" something something.
    I wasn't predicting the future I was only talking about what can happen.
    Also: https://www.nytimes.com/2021/03/09/b...te-change.html

    Like it already is ruining the planet. You can't magically conjure renewable energy out of thin air to power these things, you rely on existing power generation sources which in most parts where mining operations are set up are not renewable.
    It causes some pollution but it's not "ruining" the planet and it's a small price to pay when we're developing emerging technologies. We can't let fear of pollution get in the way of tech progress.
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  11. #11
    Merely a Setback Sunseeker's Avatar
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    Quote Originally Posted by PC2 View Post
    I wasn't predicting the future I was only talking about what can happen.


    It causes some pollution but it's not "ruining" the planet and it's a small price to pay when we're developing emerging technologies. We can't let fear of pollution get in the way of tech progress.
    Bitcoin is not "progress", it's bullshit. It's smoke and mirrors that was invented to literally make money off of nothing. It represents nothing, it is backed by nothing, it cannot warm your home or power your car or beautify your yard. It is literally "thin air".

    That's not progress, that's a scam.
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  12. #12
    The Unstoppable Force PC2's Avatar
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    Quote Originally Posted by Sunseeker View Post
    Bitcoin is not "progress", it's bullshit. It's smoke and mirrors that was invented to literally make money off of nothing. It represents nothing, it is backed by nothing, it cannot warm your home or power your car or beautify your yard. It is literally "thin air".

    That's not progress, that's a scam.
    Maybe cryptocurrency is a waste of time/resources. Or maybe it's the future of exchanging money and goods. We can't know unless we give it a chance.

    Also, no one has the right to tell other people that they can't use or mine Bitcoins. You'd have to be a crazy authoritarian who wants to micro-manage other people's lives.
    Optimism! (HumanProgress.org)

  13. #13
    Quote Originally Posted by PC2 View Post
    It causes some pollution but it's not "ruining" the planet and it's a small price to pay when we're developing emerging technologies.
    It's hardly that. 5 years ago blockchain/cryptocurrency was going to revolutionize...literally everything! We had breathless think pieces from know-nothing tech editors about its promises, empty white papers from blockchain companies, and sexy marketing campaigns about how this new blockchain world will be so much better.

    And 5 years later it was all about as promising as the Juicero was.

    Quote Originally Posted by PC2 View Post
    We can't let fear of pollution get in the way of tech progress.
    We can, and absolutely should. We can't blame our ignorance of the topic as we once could, and technological progress should not be at the sake of the planet that literally keeps us alive. There's a balancing act.

    Not to mention that if this tech was being seriously pursued as you seem to think, there are ways of properly doing it in a carbon-neutral (or less carbon expensive) manner. It's not, because this tech is largely just consumer level tech being weaponized for potential personal profit. Not technological advancement.

    - - - Updated - - -

    Quote Originally Posted by PC2 View Post
    Maybe cryptocurrency is a waste of time/resources. Or maybe it's the future of exchanging money and goods. We can't know unless we give it a chance.
    We actually do know -

    Bitcoin and other currencies can take anywhere from 1 minute to over a day to clear. That's not remotely practical for any commerce or regular/daily use. Imagine being stuck at the 7-11 because the .00000000004 Bitcoin you tried to use to buy your Big Gulp hasn't cleared for the past 10 minutes and they won't let you leave until it does.

    It also can handle few transactions simultaneously, around 5 transactions per second. That's completely unusable at any scale.

    Credit/debit cards? 5,000 transactions...per second. A 1,000x increase.

  14. #14
    Merely a Setback Sunseeker's Avatar
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    Quote Originally Posted by PC2 View Post
    Maybe cryptocurrency is a waste of time/resources. Or maybe it's the future of exchanging money and goods. We can't know unless we give it a chance.
    We did. We know what it is. It doesn't need "more time".

    And I said nothing of the latter so keep your words out of my mouth.
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  15. #15
    Quote Originally Posted by Sunseeker View Post
    We did. We know what it is. It doesn't need "more time".
    There's an argument that the technology is still worth pursuing. But in actual R&D environments and settings, not consumer-grade "We purchased hundreds of GPU's and hooked them up in our mining operation which is powered by local sources, which are coal/natural gas." where there's really going to be no actual innovation, just the pursuit of profit.

  16. #16
    It's insanly stupid but also not really surprising that Bitcoin ever got out of hand like that.

    Billions worth of resources burned to create absolutely nothing of value. Mindblowing amounts of energy wasted at a time when we desperately try to conserve it.
    All for some useless digital numbers in hopes of finding another idiot who will pay even more for it.

    Stuff like this makes it hard to keep faith in humanity sometimes...

  17. #17
    The Unstoppable Force Bakis's Avatar
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    Quote Originally Posted by smityx View Post
    I prefer to invest in tulip bulbs.
    Dont blame the Dutch plix
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  18. #18
    Legendary! Zelk's Avatar
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    astrology for men

  19. #19
    The Unstoppable Force Theodarzna's Avatar
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    I don't get how it works, but I did conjure 800 dollars out of 20 dollars with it, so, its both super cool and definitely probably a pact with the devil.
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  20. #20
    Money is a consensus thing anyway, which is what precisely Bitcoin is. It's no more silly than these paper squares people have in physical or digital form. I bet it will keep being rollercoaster for a while, but unless governments actively legislate against it - it will only grow and become accepted currency for casual transactions.

    Not holding my breath about legislative intervention there anytime soon, too many make too much $$ of it at the top.

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