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Merged Bitcoin - Part 3

JoeMorgue said:
None. And by definition they never will.

Crypto can't decide if it's a currency, a Pay Pal Alternative for when you want to buy child porn and black tar heroin on the Dark Web, a get rich quick scheme, or financial guerilla warfare and every version of what it is undercuts every other version of what it is.
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It doesn't really have to decide.
 
a_unique_person said:
China didn't want to host bitcoin. Neither does Kazakhstan.
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Thanks. The Khazakhs presumably would prefer to heat their homes this January, and I can relate.

I hadn't realized how much power this thing was really consuming outside of "the power used to mint an NFT could power your home for 2 days" or whatever. I found this visualization from last April on 'visual capitalist.'
 
JoeMorgue said:
None. And by definition they never will.

Crypto can't decide if it's a currency, a Pay Pal Alternative for when you want to buy child porn and black tar heroin on the Dark Web, a get rich quick scheme, or financial guerilla warfare and every version of what it is undercuts every other version of what it is.
Click to expand...

This is largely true of cryptos whose only use is a store of value such as bitcoin or monero but I think you need to update your understanding if you think this is the case for all cryptos.
 
JoeMorgue said:
None. And by definition they never will.

Crypto can't decide if it's a currency, a Pay Pal Alternative for when you want to buy child porn and black tar heroin on the Dark Web, a get rich quick scheme, or financial guerilla warfare and every version of what it is undercuts every other version of what it is.
Click to expand...
Do you think it is 2008 or something?

Cryptos are constantly evolving and it is only a matter of time until one arises which overcomes most of the major shorcomings of using crypto as a currency.
 
How will Bitcoin evolve into something less energy wasteful?
 
psionl0 said:
Do you think it is 2008 or something?

Cryptos are constantly evolving and it is only a matter of time until one arises which overcomes most of the major shorcomings of using crypto as a currency.
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11,000 and counting.
I noticed the mirrors on James Webb are gold and not bitcoin.
 
psionl0 said:
Do you think it is 2008 or something?

Cryptos are constantly evolving and it is only a matter of time until one arises which overcomes most of the major shorcomings of using crypto as a currency.
Click to expand...

Altcoins are invented every day, most of which nobody cares about or use.

Is there any reason to believe that people will abandon the energy intensive mining for these newer, green coins?

The high energy barrier for Bitcoin is a huge part of creating the scarcity that makes these a good speculative vehicle.
 
psionl0 said:
Cryptos are constantly evolving and it is only a matter of time until one arises which overcomes most of the major shorcomings of using crypto as a currency.
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It will be the one that adopts every aspect of fiat money. This would be because in thousands of years of human history with developing mediums of exchange fiat currency has been the most successful at causing less problems than it solves.

There could be a cryptocurrency that can via an algorithm governs it's own volume to remain slightly inflationary in order to maintain liquidity, but even then it isn't all that likely that it wouldn't need retooling along the way, and at that point the choice isn't whether to have a central authority but what kind of central authority to have. Which is where balancing democratic ideals with respect for expertise by having elected officials choose a group of people to make those calls.

Of course, I'm not real sure as to the point of that...
 
psionl0 said:
Do you think it is 2008 or something?



Cryptos are constantly evolving and it is only a matter of time until one arises which overcomes most of the major shorcomings of using crypto as a currency.
Click to expand...
It's been demonstrated already that replacing Bitcoin is impossible. It is the ring that binds them all. If it falls they all fall.
 
gnome said:
How will Bitcoin evolve into something less energy wasteful?
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Strawman.

That said, changes to the bitcoin protocol do happen and it isn't impossible that the bitcoin community might accept a change to the energy intensive nature that it is mined. This would more likely be a hard fork though.

More likely, another crypto will be designed that is not so limited in its use as a currency and gains wider acceptance.

SuburbanTurkey said:
The high energy barrier for Bitcoin is a huge part of creating the scarcity that makes these a good speculative vehicle.
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Stuff and nonsense. The scarcity of bitcoin is a simple formula that has nothing to do with the amount of energy used to mine it.

a_unique_person said:
It's been demonstrated already that replacing Bitcoin is impossible. It is the ring that binds them all. If it falls they all fall.
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Who demonstrated that?

Suddenly said:
It will be the one that adopts every aspect of fiat money.
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No it won't.
 
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psionl0 said:
Stuff and nonsense. The scarcity of bitcoin is a simple formula that has nothing to do with the amount of energy used to mine it.
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Yes, a simple formula that makes mining new blocks and verifying transactions on the blockchain increasingly computationally intense, requiring increasingly more energy energy. Energy waste is inherent to the "simple formula".
 
SuburbanTurkey said:
Yes, a simple formula that makes mining new blocks and verifying transactions on the blockchain increasingly computationally intense, requiring increasingly more energy energy. Energy waste is inherent to the "simple formula".
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Wrong again. The formula is simply so many coins per block. THAT is where the scarcity comes from. It has nothing to do with the energy required to mine a block.

It is right to criticize the excessive energy devoted to mining but don't make up theories.
 
psionl0 said:
Wrong again. The formula is simply so many coins per block. THAT is where the scarcity comes from. It has nothing to do with the energy required to mine a block.

It is right to criticize the excessive energy devoted to mining but don't make up theories.
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You need to go back to the start of the age of steam engines when they discovered laws of Thermodynamics.
 
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