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Bitcoins costs too much carbon says the greens
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2021-03-11 at 11:02 AM UTC
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2021-03-11 at 1:38 PM UTC
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2021-03-11 at 1:41 PM UTC
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2021-03-11 at 1:43 PM UTC
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2021-03-11 at 1:48 PM UTC
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2021-03-14 at 9:01 PM UTCedited for privacy
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2021-03-14 at 11:47 PM UTCIt's even worse than that. But i'm going to sound like an idiot trying to put my thoughts to 'paper'. So i'm gonna mull it over but the gist of it BTC is broken on purpose. The million coins "Satoshi" mined are contingency for when the real project fails to produce the desired outcome.
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2021-03-15 at 2:48 PM UTC
Originally posted by Sophie It's even worse than that. But i'm going to sound like an idiot trying to put my thoughts to 'paper'. So i'm gonna mull it over but the gist of it BTC is broken on purpose. The million coins "Satoshi" mined are contingency for when the real project fails to produce the desired outcome.
What could the plot be? -
2021-03-15 at 2:50 PM UTCSatoshi Nakamoto did 9/11.
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2021-03-15 at 3:05 PM UTCit is a problem, yeah. but that is the tradeoff that comes with decentralization. if every transaction has to be democratically verified, it is that much more number crunching to do than a centralized system would. but you also have to give all those people the incentive to run a node in the first place. this is the end result, financial freedom but bloody expensive.
more modern cryptocurrencies mitigate this by making it impossible to mine in silicon so there is no incentive to use anything more power-hungry than a personal computer to mine.
bitcoin will be replaced, it will get better. -
2021-03-15 at 9:45 PM UTCCrypto is almost certainly doomed to always be "unofficial" currency, as centralized digital currencies are now beginning to take off. Eventually crypto might start getting banned especially due to its high inefficiency, it's already been banned in some countries like Bolivia due to it actually being used by organized crime and to evade taxes etc.
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2021-03-16 at 6:06 PM UTCbanned money sounds cool
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2021-03-16 at 6:37 PM UTCIt wouldn't cause emissions if we didn't use fucking greenhouse gasses.
That's the real problem here. Technology is never the problem. It is the solution. -
2021-03-17 at 2:23 AM UTCedited for privacy
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2021-03-17 at 1:57 PM UTC
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2021-03-17 at 2:06 PM UTCWhat's the advantage of crypto currency over regular currency if all your transactions are legal ones?
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2021-03-17 at 2:57 PM UTC
Originally posted by Jiggaboo_Johnson What's the advantage of crypto currency over regular currency if all your transactions are legal ones?
You can avoid bank fees for international transfers. It also transfers as soon as the transaction is processed rather than when the bank processes the transaction. There's no 'pending' or waiting like there currently is with banks. It really depends tho. Bitcoin is slow as fuck to process sometimes, but a lot of them are instant. Bitcoin is kinda outdated.
I think the main appeal is that this is decentralized currency though. You could for example keep your money in crypto instead of a bank by storing it in something like USDT/Tether which stays stable at the value of a US dollar (1:1). This means the banks don't get to benefit by holding your money, and your accounts can't be closed with a lot of crypto keys (I use ledger nano but you could just as well use a piece of paper to 'store' crypto.)
There are also services like nex.io which will give you a better interest rate than any bank. We're not really at the place where this is becoming widely popular for personal finance, but wait 10-20 years. It's going to evolve and become a lot more consumer friendly, like it already has with places like Coinbase and all the bitcoin ATMs popping up in major cities.
It's really the technology behind the idea that's promising. Not the current implementation. Like, most people weren't really convinced on getting a personal computer in the 80's. Now everyone has one. Banks have such a bloated framework for processing transactions. There's even stuff like nano which uses your computer to process the transactions, instead of requiring a 3rd party miner for verification.
Going to be a massive game changer. Banks are already starting to implement crypto systems. This is also completely ignoring the non-money uses for blockchains which is really promising.
GAME CHANGERThe following users say it would be alright if the author of this post didn't die in a fire! -
2021-03-17 at 4:42 PM UTC
Originally posted by Jiggaboo_Johnson What's the advantage of crypto currency over regular currency if all your transactions are legal ones?
Regular currency needs to be controlled by some central party that can in principle verify what is or isn't a legitimate transaction.
No central party can control a cryptocurrency unless they somehow acquire more than 51% of computing power on the network, which is borderline impossible in practice with a large coin. -
2021-03-18 at 1:54 PM UTC
Originally posted by Solomon Thunder Regular currency needs to be controlled by some central party that can in principle verify what is or isn't a legitimate transaction.
No central party can control a cryptocurrency unless they somehow acquire more than 51% of computing power on the network, which is borderline impossible in practice with a large coin.
one company controls like 75% of the bitcoin computing power. -
2021-03-18 at 1:57 PM UTCblow them up with a bomb
