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BBC News - How Bitcoin's vast energy use could burst its bubble
Mad_Son
Member Posts: 10,194
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.
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.
Comments
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that article struck me as being driven by an agenda
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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 said:that article struck me as being driven by an agenda
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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.Mad_Son said:
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 said:that article struck me as being driven by an agenda
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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?DerekJohnson said:
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.Mad_Son said:
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 said:that article struck me as being driven by an agenda
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.
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Didn’t read, but considering most is mined in China it’s just another reason they are laughing at the stupidity of the West.
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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.PurpleThrobber said:
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?DerekJohnson said:
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.Mad_Son said:
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 said:that article struck me as being driven by an agenda
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.
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.creepycoug said:
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.PurpleThrobber said:
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?DerekJohnson said:
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.Mad_Son said:
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 said:that article struck me as being driven by an agenda
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.
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?
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.
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Well its either that or be a racist. So do you support a white ethnostate?DerekJohnson said:
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.Mad_Son said:
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 said:that article struck me as being driven by an agenda
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I get how it works. But I dont get how you actually sell it.PurpleThrobber said:
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.creepycoug said:
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.PurpleThrobber said:
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?DerekJohnson said:
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.Mad_Son said:
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 said:that article struck me as being driven by an agenda
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.
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?
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. -
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.
