How Bitcoin's vast energy use could burst its bubble - BBC

Pekelo said:
So let's go back to the title of this thread and instead of "but other things are also wasteful" shit, let's discuss the issues:

1. Do you think this huge energy usage is normal? (and technologically perfectly OK and acceptable)

2. Can this be sustained for years or decades? (specially that it is supposed to increase)

3. Is it a systematic risk to the existence of the network? (due to mining ban, un sustainability, etc.)

These are the real issues, not driers...
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1. Yes, because it's securing a trillion+$ of value. The energy usage makes me sleep well at night. Also, an important point with energy usage is if one pays for that energy (and they're not taking it from somebody else who needs it perhaps by paying more) then nobody has a right to tell them how to spend that energy. Same with a job, if I pay you $10 to mow my lawn, I have zero right to tell you not to spend it on a pack of fags (even though I don't like smoking).

2. Yes, because we humans can make more cheap energy if need be. Bitcoin is already starting to look for more excess energy that's being wasted, and turning it into usage with less pollution, oil well flaring for example. Expect more of this in the future and when combined with new inventions re energy development/production, the future looks great to me.

3. No because it's a global market. If one country 'does something about it' then other countries will say 'thanks, and step in. One man's loss is another's gain.

But the country that does something will also be forced to start looking into all the other areas of energy use, and they might not like what people say or find out.

For example, people might start to question the massive and ever increasing size of their governments and whether that's a good use of energy re the results delivered? They might also start questioning whether the inflationary policies so beloved of governments are hurting the environment via the growth at all costs mantra. Questioning Bitcoin's energy use can't start and stop with Bitcoin so it's a real third rail, ie just don't go near it.
 
johnarb said:
Mountain of gold

https://twitter.com/x/status/1366751421941579782
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Yes I know.

I got a message to help them smuggle all the profits abroad. I should first send some money for some costs to be made. I got that email from a Nigerian lawyer. I will make millions in commission!!!! Taxfree!!!
Much better than bitcoin.

I can post any video on Twitter, fake or real. People who believe all they read on social media are, according to a study, part of the lower (marginal) part of society. That study was published on all social media too. :D
 
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virtusa said:
Yes I know.

I got a message to help them smuggle all the profits abroad. I should first send some money for some costs to be made. I got that email from Nigeria. I will make millions in commission!!!!
Much better than bitcoin.

I can post any video on Twitter, fake or real. People who believe all they read on social media are, according to a study, part of the lower (marginal) part of society. That study was published on all social media too. :D
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I don't know if the video is real, I don't care as I don't have investment in gold.

I replied to your post it might interest you to investigate since you were virtue signaling about your concerns for worldwide supplies of gold :D

Now you're talking about money and commissions, wtf happened to being worried about gold supplies? :sneaky:

Don't trust, verify, go to the source, bro!

https://www.distancefromto.net/distance-from-democratic-republic-of-the-congo-to-nigeria

https://twitter.com/x/status/1366754035928285191
 
AbbotAle said:
1. Yes, because it's securing a trillion+$ of value.

2. Yes, because we humans can make more cheap energy if need be.

3. No because it's a global market. If one country 'does something about it' then other countries will say 'thanks, and step in.
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1. Other coins can secure just as much value with much less energy waste. Also the system was secure 5 years ago when energy usage was 10% of today's. And the wasteful energy usage is growing while not adding more security. Why don't you advocate a coin like Nano that is actually environment friendly?

2. But even if energy is cheap, when you use A LOT, it ads up and is still wasteful. Just imagine, Bitcoin is using a whole country's energy for generating numbers on a computer. How insane is that? Learn about Nano's energy usage in comparison.

3. Maybe so, but if the Chinese miners go down, price will collapse immediately, so it is an obvious systematic risk. Price may recover later but do you really want to have a 60% drop???
 
I have a friendly proposal to solve the energy waste:

We should switch from Bitcoin to GME stock as a store of value. Energy to keep those stocks is minimal, there can be no more original stock created (you see what I did with the new stock issued/fork analogy?), and it is actually ownership in a company (as bad as it is, but BTC technology is also obsolete).

So switch to GME and you have a fan in me.... :)
 
johnarb said:
I replied to your post it might interest you to investigate since you were virtue signaling about your concerns for worldwide supplies of gold :D
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I was never concerned about gold, and also not about bitcoins.
It is a fact that if there would be no gold there would be a lot of electronic devices that would not exist in their actual form.
Bitcoin is not needed for anything, we can perfectly live without it (we did that since many decades).

My previous post was sarcastic, just in case you did not notice that.
 
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