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

Mad_Son

https://www.bbc.co.uk/news/science-environment-56215787

I do wonder if this actually could be the Achilles heel for bitcoin. A shared general ledger makes sense but the baked-in inefficiencies could be an issue unless miners start backing out, which could in turn destabilize the system. The thing is, I don't see how bitcoin can pivot to transition to something more steady state. The crypto to rule them all may not be bitcoin.

DerekJohnson

that article struck me as being driven by an agenda

Mad_Son

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

DerekJohnson

Mad_Son said:

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

There's just a certain tone that permeated the piece that felt like manipulation. My spidey sense kicked in. Just like when I read something from the Washington Post or NYT trying to manipulate politically.

PurpleThrobber

DerekJohnson said:

Mad_Son said:

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

There's just a certain tone that permeated the piece that felt like manipulation. My spidey sense kicked in. Just like when I read something from the Washington Post or NYT trying to manipulate politically.

What bothers me about crypto - and i'm not all techie smart and shit on why my fear isn't just being alarmist - but the technology sits out there somewhere. And who's to say that decentralized network/ledger isn't somehow hacked or compromised? Or we all get on the bitcoin wagon only to realize it's been a scam to separate us from our gold or dollars and then they bait and switch and override the passwords?

Kind of @oregonblitzkrieg-esque, I know - but god knows how many hacks do we see in a year? The Throbber is still not over Macho Grande or Adult Friend Finder getting hacked.

HoustonHusky

Didn’t read, but considering most is mined in China it’s just another reason they are laughing at the stupidity of the West.

creepycoug

PurpleThrobber said:

DerekJohnson said:

Mad_Son said:

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

There's just a certain tone that permeated the piece that felt like manipulation. My spidey sense kicked in. Just like when I read something from the Washington Post or NYT trying to manipulate politically.

What bothers me about crypto - and i'm not all techie smart and shit on why my fear isn't just being alarmist - but the technology sits out there somewhere. And who's to say that decentralized network/ledger isn't somehow hacked or compromised? Or we all get on the bitcoin wagon only to realize it's been a scam to separate us from our gold or dollars and then they bait and switch and override the passwords?

Kind of @oregonblitzkrieg-esque, I know - but god knows how many hacks do we see in a year? The Throbber is still not over Macho Grande or Adult Friend Finder getting hacked.

Not alarmist at all IMO. And @HoustonHusky gives me yet another reason to be wary. I didn't know most of it was "manufactured" in China.

Like Dave says in Stalin's video. If you don't understand it (and I don't), don't throw money at it.

@backthepack what say you Fudgie?

PurpleThrobber

creepycoug said:

PurpleThrobber said:

DerekJohnson said:

Mad_Son said:

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

There's just a certain tone that permeated the piece that felt like manipulation. My spidey sense kicked in. Just like when I read something from the Washington Post or NYT trying to manipulate politically.

What bothers me about crypto - and i'm not all techie smart and shit on why my fear isn't just being alarmist - but the technology sits out there somewhere. And who's to say that decentralized network/ledger isn't somehow hacked or compromised? Or we all get on the bitcoin wagon only to realize it's been a scam to separate us from our gold or dollars and then they bait and switch and override the passwords?

Kind of @oregonblitzkrieg-esque, I know - but god knows how many hacks do we see in a year? The Throbber is still not over Macho Grande or Adult Friend Finder getting hacked.

Not alarmist at all IMO. And @HoustonHusky gives me yet another reason to be wary. I didn't know most of it was "manufactured" in China.

Like Dave says in Stalin's video. If you don't understand it (and I don't), don't throw money at it.

@backthepack what say you Fudgie?

If I totalled up all the time I've spent watching documentaries and reading blogs and prospectuses and shit on crypto, it would make you cry.

I still don't have comfort with it. Until I can go to Albertsons and buy a loaf of bread with it, it feels like a scam. The Throbber does not like being scammed.

The tulip futures analogy a few days ago made total sense to me with regards to crypto currency.

Pitchfork51

DerekJohnson said:

Mad_Son said:

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

There's just a certain tone that permeated the piece that felt like manipulation. My spidey sense kicked in. Just like when I read something from the Washington Post or NYT trying to manipulate politically.

Well its either that or be a racist. So do you support a white ethnostate?

Pitchfork51

PurpleThrobber said:

creepycoug said:

PurpleThrobber said:

DerekJohnson said:

Mad_Son said:

DerekJohnson said:

that article struck me as being driven by an agenda

How so? I don't actually wholly disagree. I certainly think the quote from Biden has an agenda (as I would expect from the leader of the country with the dominant global currency), but I think there are salient points in there about bitcoin specifically, as opposed to crypto in general, which would give me pause. When maintaining the general ledger becomes too expensive, then what?

There's just a certain tone that permeated the piece that felt like manipulation. My spidey sense kicked in. Just like when I read something from the Washington Post or NYT trying to manipulate politically.

What bothers me about crypto - and i'm not all techie smart and shit on why my fear isn't just being alarmist - but the technology sits out there somewhere. And who's to say that decentralized network/ledger isn't somehow hacked or compromised? Or we all get on the bitcoin wagon only to realize it's been a scam to separate us from our gold or dollars and then they bait and switch and override the passwords?

Kind of @oregonblitzkrieg-esque, I know - but god knows how many hacks do we see in a year? The Throbber is still not over Macho Grande or Adult Friend Finder getting hacked.

Not alarmist at all IMO. And @HoustonHusky gives me yet another reason to be wary. I didn't know most of it was "manufactured" in China.

Like Dave says in Stalin's video. If you don't understand it (and I don't), don't throw money at it.

@backthepack what say you Fudgie?

If I totalled up all the time I've spent watching documentaries and reading blogs and prospectuses and shit on crypto, it would make you cry.

I still don't have comfort with it. Until I can go to Albertsons and buy a loaf of bread with it, it feels like a scam. The Throbber does not like being scammed.

The tulip futures analogy a few days ago made total sense to me with regards to crypto currency.

I get how it works. But I dont get how you actually sell it.

BuffBuffPass

Bitcoin's energy use is what secures it. It's also a great use of otherwise wasted energy, from hydropower that goes unused in remote regions to the oil/gas industry using it rather than flaring off excess. If proof of stake proves to be superior, Bitcoin can switch to that.