An insight on Bitcoin

[Frandistal]

i saw that turkish lad nicked 2 billion and then coinbase listed tether lmao

No one is really paying any attention to you, which is quite a feat given how intellectually vapid most of the posters here are. It is like being excluded from a village idiots convention. Come up with pithy incoherent response, I'm sure it will be funny in your own mind...

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That's my issue as well- Bitcoin, and crypto as a whole for now, is a victim of its own success to some degree. There's not much financial incentive to refine the process if just investing in crypto or setting up mining groups/farms is as profitable as it is in fiat currencies that are actually useful right now, and not in some indeterminate maybe future where decentralized finance will somehow be both superior and widely adopted- an uncertain future to begin with IMO even if there were incentive.

You, like literally almost everyone else in this thread does not understand why crypto works and is an effective method of transferring value for millions of people.

Bitcoin can be sent anywhere in the world without needing an intermediary or third-party. That is the point. That's a huge breakthrough. That is why this matters.

A universal constant among the stupid who loudly declare that it is all a scam/ponzi scheme is that they do not understand this point or why it matters, though they generally pretend that they do after you state this fact in order to avoid exposing their ignorance.

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Oh yes, the time the clueless "boomers" come out of the woordwork to regurgitate things they heard once on CNN. Go back to bed grandpa.

Not to contradict your essential argument, but I'm closer to boomer than most here (gen x) and part of the reason I get the point of crypto is that I remember people saying the same crap about amazon and a dozen other things. Basically they are just too stupid to envisage that a technology might become dominant and society might change.

[Mister K]

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.

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.

He is hardly attempting to predict the future with this statement, the statement is not wrong.

Civilisations only get greater with larger power consumptions and if we can't handle mining crypto we might as well go into caves again because the use of silicon is only going to get greater. Hey sure we could use all that power for greater good like folding but I am pretty sure most of us here aren't exactly eco-friendly, no matter how many oat drinks we might drink.

We need to look at improving harnessing of energy than handicapping experiments such as a blockchains. Transport, food production, plastic waste, nuclear weapons are all much more important issues than bloody crypto which is an extremely vital "experiment" that is being unfolded.

[Zan15]

https://en.wikipedia.org/wiki/Mt._Gox

This too, though I didn't know they'd found 200K of the nearly million bitcoins lost in that.

https://www.bloomberg.com/news/artic...hange-collapse


seems to be a problem in turkey all of a sudden

Thodex had about 390,000 users according to a lawyer for the victims and losses could be as high as $2 billion


another 2 billion, poof

[jonnysensible]

He is hardly attempting to predict the future with this statement, the statement is not wrong.

Civilisations only get greater with larger power consumptions and if we can't handle mining crypto we might as well go into caves again because the use of silicon is only going to get greater. Hey sure we could use all that power for greater good like folding but I am pretty sure most of us here aren't exactly eco-friendly, no matter how many oat drinks we might drink.

We need to look at improving harnessing of energy than handicapping experiments such as a blockchains. Transport, food production, plastic waste, nuclear weapons are all much more important issues than bloody crypto which is an extremely vital "experiment" that is being unfolded.

might as well go into the caves again? lmao

you admit crypto energy is better used on....well...anything and then pretend its vital. Its not its garbage and completely unimportant.

[PC2]

might as well go into the caves again? lmao

you admit crypto energy is better used on....well...anything and then pretend its vital. Its not its garbage and completely unimportant.

If people feel they get value from mining Bitcoin then they should be free to do so just as videogame players feel they get value from videogames. According to an article I read videogames also use around a hundred TWh per year of electricity which is similar to Bitcoin mining. If we use the logic of environmentalists then we would need to limit the way people use electricity for videogames and everything else that isn't deemed absolutely necessary. Which is absurd.

[jonnysensible]

If people feel they get value from mining Bitcoin then they should be free to do so just as videogame players feel they get value from videogames. An article I read estimate that videogames use around a hundred TWh per year which is similar to Bitcoin mining. If we use the logic of environmentalists then we would need to limit the way people use electricity for videogames and everything else. Which is absurd and unnecessary.

the amount of energy bitcoin mining takes vs video games is an insane comparison. a bitcoin miner talking about how mining isnt bad is like a fox talking about how leaving the chicken coop open isnt bad.

[PC2]

the amount of energy bitcoin mining takes vs video games is an insane comparison. a bitcoin miner talking about how mining isnt bad is like a fox talking about how leaving the chicken coop open isnt bad.

Actually it's not an insane comparison, the numbers are pretty close.

[jonnysensible]

Actually it's not an insane comparison, the numbers are pretty close.

this might be the worst thing ive read

Considering that the US accounts for 32% of global gaming revenue, we’re going to make the (admittedly far from perfect) assumption that it also accounts for about 32% of global energy consumption from gaming. In that case, we arrive to a grand total of 104.7 TWh per year consumed by video game play worldwide.

random bitcoin miners writing flawed articles on medium shouldn't be considered an authoritative source.

Based on our very rough estimates, we found that the worldwide electricity consumption of people playing video games is 46% higher than the total consumption of Bitcoin mining as of November 2019. However, since these are such imprecise estimates, the bigger takeaway is simply that the two amounts are pretty close to each other.

did you think i wouldnt read this garbage or something?

[PC2]

this might be the worst thing ive read

random bitcoin miners writing flawed articles on medium shouldn't be considered an authoritative source.

did you think i wouldnt read this garbage or something?

Okay so let's say gaming only took half as much as the estimate, that's still more than smaller countries. Why discriminate against cryptocurrencies but not other applications? It's a double standard.

[Jastall]

Actually it's not an insane comparison, the numbers are pretty close.

Most gamers don't play 24/7 (hopefully), while miners do leave their machines on literally all the time, and the comparison only gets more lopsided if the miner has a rig instead of mining on literally one GPU which isn't that profitable anyway.

Now I do think this point is kind of overblown, mining isn't energy efficient but it's very far from the worst usage of energy ever devised (I've read a paper about people overheating their homes and it wasn't pretty either). But the carbon footprint of the average miner is definitely magnitudes higher than that of the average gamer; the main difference being that for now the latter grossly outnumber the former.

[Edge-]

Why discriminate against cryptocurrencies but not other applications? It's a double standard.

Yo, you got the numbers on the per-user power usage for gaming vs. say a cryptocurrency mining operation?

[PC2]

Yo, you got the numbers on the per-user power usage for gaming vs. say a cryptocurrency mining operation?

Since when should electricity be used equally by each person? That's like getting mad that business owners use more electricity for their business than an average person uses in their personal life. It's completely fine for some people to use and pay for more. People are basically worrying about nothing here.

[jonnysensible]

Since when should electricity be used equally by each person? That's like getting mad that business owners use more electricity for their business then an average person uses in their personal life. It's completely fine and people are basically worrying about nothing here.

worrying about the climate getting set on fire by a useless commodity fetish is nothing? behave.

you have attempted to obfuscate the conversation away from bitcoin, its very dishonest

this ideology of yours that doesn't let you contemplate current real harm by hand waving 'so what it will all be better later trust me' is fucking toilet thinking.

[Edge-]

Since when should electricity be used equally by each person? That's like getting mad that business owners use more electricity for their business than an average person uses in their personal life. It's completely fine for some people to use and pay for more. People are basically worrying about nothing here.

You're trying to compare gamers to miners. Put up or shut up to prove that it's a fair comparison.

[callipygoustp]

My favorite comments in Bitcoin related threads are the "Bitcoin is awesome. If you don't realize it its because you don't understand Bitcoin!" comments.

I'm converted!

[jonnysensible]

My favorite comments in Bitcoin related threads are the "Bitcoin is awesome. If you don't realize it its because you don't understand Bitcoin!" comments.

I'm converted!

please hand over your inferior fiat currency!

[hellhamster]

We'll see who's laughing in 5-20 years time. If you really can't see why decentralisation and transparency through a blockchain is the correct way forward in finance, then I really can't do anything to help you and you will be left behind.

Cryptocurrencies are like the invention of the car in finance. Sure, it's bad for the environment (note that only Bitcoin is, other crypto's are environmentally friendly) and for the people who are invested in horse carriages, and the first iterations are bad, but the car will win out eventually.

I'm also doubling down on my earlier statement that more than half the people who posted here have 0 idea how any of this works, like for example proof of stake, delegators, consensus (hell, even the very basics of blockchain technology) etc, and will likely say no to learning any more about it because their head is so far down the sand, thinking they are right and everyone else is wrong.

At least educate yourselves, please. It's not about who's wrong and who's right, but isn't it unfair if you are debating against something if you have no idea how it works?

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You're trying to compare gamers to miners. Put up or shut up to prove that it's a fair comparison.

There are a lot more gamers than miners as well. I don't support his argument because it's impossible to make a comparison, but he can definitely make the argument that gamers also hurt the planet, even if it's kinda absurd in the grand scheme of things.

[Edge-]

We'll see who's laughing in 5-20 years time. If you really can't see why decentralisation and transparency through a blockchain is the correct way forward in finance, then I really can't do anything to help you and you will be left behind.

My favorite comments in Bitcoin related threads are the "Bitcoin is awesome. If you don't realize it its because you don't understand Bitcoin!" comments!

I can't tell if you're making a joke based off of this or if like, you honestly believe this and simply can't explain to anyone else why.

Cryptocurrencies are like the invention of the car in finance. Sure, it's bad for the environment (note that only Bitcoin is, other crypto's are environmentally friendly) and for the people who are invested in horse carriages, and the first iterations are bad, but the car will win out eventually.

Except we know about its harmful effects on the environment like, already, not decades/generations after it's created. Crypto itself isn't environmentally friendly, nor damaging actually. It's based purely on where the power is sourced, and unfortunately it's largely still sourced from older power plants and not things like solar/wind farms.

And what does it do that fiat currency doesn't already achieve, and largely better/faster/more easily? I've heard the vague arguments around "security", but I still fail to see any benefit in using crypto in legal transactions compared to some cash or a debit/credit card. Or a check, those still exist too!

At least educate yourselves, please. It's not about who's wrong and who's right, but isn't it unfair if you are debating against something if you have no idea how it works?

Help a brotha out, where are we supposed to look to convert to the crypto?

[crewskater]

We'll see who's laughing in 5-20 years time. If you really can't see why decentralisation and transparency through a blockchain is the correct way forward in finance, then I really can't do anything to help you and you will be left behind.

Cryptocurrencies are like the invention of the car in finance. Sure, it's bad for the environment (note that only Bitcoin is, other crypto's are environmentally friendly) and for the people who are invested in horse carriages, and the first iterations are bad, but the car will win out eventually.

I'm also doubling down on my earlier statement that more than half the people who posted here have 0 idea how any of this works, like for example proof of stake, delegators, consensus (hell, even the very basics of blockchain technology) etc, and will likely say no to learning any more about it because their head is so far down the sand, thinking they are right and everyone else is wrong.

At least educate yourselves, please. It's not about who's wrong and who's right, but isn't it unfair if you are debating against something if you have no idea how it works?

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There are a lot more gamers than miners as well. I don't support his argument because it's impossible to make a comparison, but he can definitely make the argument that gamers also hurt the planet, even if it's kinda absurd in the grand scheme of things.

People referring to cryptocurrency as a pyramid or ponzi scheme is pretty cringe. All they have to do is watch a 10minute video on the blockchain technology to see it's potential benefits.

[Edge-]

People referring to cryptocurrency as a pyramid or ponzi scheme is pretty cringe. All they have to do is watch a 10minute video on the blockchain technology to see it's potential benefits.

Are there any good ones to watch that aren't from a blockchain company trying to sell its product/service?