The Bubbly Bitcoin Thread -- Merged Threads

[MonsieurCopperCrutch]

 

[markyh]

3 hours ago, 14stFlyer said:

 

I am afraid, just like stopping oil companies from flaring gas at oil fields, 

You do know there is a company using waste energy from oil platforms gas flares to run leccy turbines to mine Bitcoin, so the there is no waste there to protest against!

[markyh]

6 hours ago, PeanutButter said:

 

Why can't governments require carbon offset or credits for digital currency? Why can't they levy a carbon tax on holders of emissions heavy coins? 

How would you find and identify these crypto Holders? 

[dugsbody]

4 minutes ago, markyh said:

How would you find and identify these crypto Holders? 

By the shining lights coming out of their eyes.

[MonsieurCopperCrutch]

 

[Jonesy74]

7 hours ago, PeanutButter said:

What is the point in pursuing any climate change mitigation if btc - a product designed to waste ever more energy - continues to be promoted and used? Have you read https://www.waterstones.com/book/the-uninhabitable-earth/david-wallace-wells/9780141988870

Why can't governments require carbon offset or credits for digital currency? Why can't they levy a carbon tax on holders of emissions heavy coins? 

People rant about property-hoarding boomers on here 'stealing their children's futures' but here's a thread dedicated to espousing the wonders of a completely needless product (at least property provides shelter) that is actively killing the habitable zones of our planet. 

1. Its not designed to waste energy.  It uses energy as part of its design, much like your dishwasher uses energy in its design, to heat water to clean your plates better.

2. Let them tax carbon releasing energy sources and its use to encourage the move to cleaner energy sources.  Tackling climate change means using cleaner energy sources, not banning the use of energy.  Why do you want tax on crypto use but not on other energy uses?  Seems like you have an irrational agenda against cryptocurrencies.

3. Its not a completely needless product. This is the basic mistake in your logic that leads you to the conclusion that it should be banned/taxed because of its energy use.  If it was needless you might have a leg to stand on, but millions disagree with you.

[Confusion of VIs]

4 hours ago, markyh said:

But the bitcoin citadels will be enclose bioshperes with pleasent controled climates for their Bitcoin owning dwellers, what's the problem?

Your problem will be that the citadels will be for whales only, maybe +1,000 BC to be considered for entry to a lower level citadel.  

[Peter Hun]

1 hour ago, markyh said:

How would you find and identify these crypto Holders? 

Look at their bank account 

[Jonesy74]

3 minutes ago, Peter Hun said:

Look at their bank account 

You've not grasped crypto have you 😂

[markyh]

2 hours ago, dugsbody said:

By the shining lights coming out of their eyes.

Only if BTC is under $100k.  😉

[markyh]

2 hours ago, Confusion of VIs said:

Your problem will be that the citadels will be for whales only, maybe +1,000 BC to be considered for entry to a lower level citadel.  

Come 2029, 1BTC puts you in the top 1% of the global wealthy. 

[markyh]

1 hour ago, Peter Hun said:

Look at their bank account 

How will this help, there are zero links, UK disclosed, to any of my crypto assets to any of my UK bank accounts?

[MonsieurCopperCrutch]

2 hours ago, Confusion of VIs said:

Your problem will be that the citadels will be for whales only, maybe +1,000 BC to be considered for entry to a lower level citadel.  

Not much of a citadel then. From what I gather only 2000 addresses have more than 1000 BTC and 8,000,000 have 1 BTC.

BTW are we frens again?

[MonsieurCopperCrutch]

12 minutes ago, markyh said:

Come 2029, 1BTC puts you in the top 1% of the global wealthy. 

Currently only 8 million addresses have at least 1 BTC. Considering that I have a few addresses with more than 1 BTC, I reckon that you will be proven correct. 

[Roman Roady]

I have never really understood the concept of “proof of work “.

It takes up a load of energy for the mining computers to complete the block chain entries.

So what?

Where is the value in doing work that wasn’t needed?

If I do star jumps for half an hour, do I get some reward?

[MonsieurCopperCrutch]

14 minutes ago, Roman Roady said:

I have never really understood the concept of “proof of work “.

It takes up a load of energy for the mining computers to complete the block chain entries.

So what?

Where is the value in doing work that wasn’t needed?

If I do star jumps for half an hour, do I get some reward?

Indeed. I see no value in Netflix and see it as a total waste of energy, so maybe I should be as indignantly outraged at others wasteful usages also. 

Edited April 8, 2021 by MonsieurCopperCrutch

[dugsbody]

18 minutes ago, Roman Roady said:

I have never really understood the concept of “proof of work “.

It takes up a load of energy for the mining computers to complete the block chain entries.

So what?

Where is the value in doing work that wasn’t needed?

If I do star jumps for half an hour, do I get some reward?

The work is needed to ensure the decentralised security of the blockchain. This is the very basics of bitcoin.

There are alternatives but mostly the suffer from the problem that they may be secure but they're not decentralised, therefore they don't really offer anything that a database doesn't.

Some alternatives like "proof of stake" are interesting because they do offer decentralisation and are much (much, much, much) more energy efficient than "proof of work".

Ethereum will (all being well) transition to POS soon and that will be very interesting. 

(If your question is more "why do we need decentralised secure blockchain in the first place" then that is also an interesting topic)

Edited April 8, 2021 by dugsbody

[Roman Roady]

12 minutes ago, MonsieurCopperCrutch said:

Indeed. I see no value in Netflix and see it as a total waste of energy, so maybe I should be as indignantly outraged at others wasteful usages also. 

But there is a point in the energy  spent in the competition  to gain subscribers.

11 minutes ago, dugsbody said:

The work is needed to ensure the decentralised security of the blockchain. This is the very basics of bitcoin.

There are alternatives but mostly the suffer from the problem that they may be secure but they're not decentralised, therefore they don't really offer anything that a database doesn't.

Some alternatives like "proof of stake" are interesting because they do offer decentralisation and are much (much, much, much) more energy efficient than "proof of work".

Ethereum will (all being well) transition to POS soon and that will be very interesting. 

(If your question is more "why do we need decentralised secure blockchain in the first place" then that is also an interesting topic)

I understand the reason for de-centralisation but not the need to waste energy for no real reason.

[dugsbody]

2 minutes ago, Roman Roady said:

But there is a point in the energy  spent in the competition  to gain subscribers.

I understand the reason for de-centralisation but not the need to waste energy for no real reason.

You understand the reason but not the reason...?

[Roman Roady]

6 minutes ago, dugsbody said:

You understand the reason but not the reason...?

Sigh

Just saying

[dugsbody]

1 minute ago, Roman Roady said:

Sigh

Just saying

I'm not trying to sound nasty, I just don't understand what you're saying.

If you want a decentralised secure blockchain then some scheme is needed to achieve that and for bitcoin it uses a "proof of work" scheme which involves intense computational power to discover by brute force a solution to a problem. 

https://en.bitcoin.it/wiki/Help:FAQ#How_does_the_proof-of-work_system_help_secure_Bitcoin.3F

If you don't want a decentralised secure blockchain, then yes, there is "no reason" do waste the energy doing these computations.

[BufferBear Bitcoin Bull]

5 hours ago, dugsbody said:

By the shining lights coming out of their eyes.

😂

4 hours ago, dannyf said:

You've not grasped crypto have you 😂

😂

46 minutes ago, MonsieurCopperCrutch said:

Indeed. I see no value in Netflix and see it as a total waste of energy, so maybe I should be as indignantly outraged at others wasteful usages also. 

Yes be outraged.  Everyone has a carbon-print sin.

 

https://www.seetee.io

See the shareholder letter for a different perspective, energy company or not.  They even link BTC as being method to meet the objectives of the Paris Agreement. 

@14stFlyer

 

[MonsieurCopperCrutch]

5 minutes ago, Roman Roady said:

But there is a point in the energy  spent in the competition  to gain subscribers.

I understand the reason for de-centralisation but not the need to waste energy for no real reason.

I guess energy consumption is subjective. Some people see the value in the worlds most secure and immutable financial network, others see it in watching cat flicks on repeat. 

[BufferBear Bitcoin Bull]

Another good interview with some key players...

https://podcasts.apple.com/gb/podcast/bitcoin-quarterly-report-preston-pysh-and-andy-edstrom-e55/id1503581478?i=1000515510022

[Londonkid]

Not seen jiltedhands around for a while. Shame for him he did the textbook what not to do.

Really liking this price movement from BTC and eth. I've a feeling that 55-60k will be the new floor like 3k was in the last winter. Will see a lot more money flow into the alts over the next few weeks if there's still this sideways movement. 

So much new money is coming in, think good times until May then might get a pull back for a summer run for a blow out top.