The Fornicator
Active Member
You don't know a damn thing about my energy footprint. Fwiw, I don't own a passport or a car.
Apart from the high horse, how about you?
Bitcoin discussion and news
- Thread starter camouflage
- Start date
Apart from the high horse, how about you?
littlebabyjesus
one of Maxwell's demons
We do know one thing about it.
The Fornicator
Active Member
How does the cost compare with the average hip urbanite's misery and murder footprint from their weekend powder hobby?
littlebabyjesus
one of Maxwell's demons
Ironic comparison given that btc facilitates drug dealing. It's just about the only thing it's good for.
The Fornicator
Active Member
I guess it's only "these days" that matter. Dead people are already dead, right?
Crispy
The following psytrance is baṉned: All
Well, no, the bit that matters is the attempt to downplay the environmental impact of your asset speculation by pointing out other people's moral failings. It's not a zero-sum game.
If you like, I could go and get my mum to tell you how much energy a bitcoin transaction uses. I'm 99.999% certain she's never taken any cocaine.
The Fornicator
Active Member
I haven't downplayed anything. I'm just rejecting the tut-tut judgements from people not in a position to judge.
littlebabyjesus
one of Maxwell's demons
Yes you have. This whole exercise of whatabouttery is intended to downplay the destructive nature of the thing you're doing.
We’re in a perfect position to judge. We know you are happy to burn years’ worth of energy to make a few quid, and we know you don’t apparently give the first fuck about that. God, you’re even proud of it, boasting about it to the rest of us.
And no, I don’t take drugs, as if that makes any difference to your pointless energy habit.
The Fornicator
Active Member
What do you think the answer is?
Crispy
The following psytrance is baṉned: All
What's the question?
The Fornicator
Active Member
Cryptocurrency - what to do about it. So far all I see is a bunch of dads raging against Bill Haley or something.
Crispy
The following psytrance is baṉned: All
The technology probably has a future, but not with such a ridiculously inefficient and uncontrollable implementation as Bitcoin. I expect Bitcoin exchanges will be outlawed, in favour of whatever versions of the technology are supported by states and capital.
The Fornicator
Active Member
Well, they better hurry up ; almost 17 million BTC already mined so only 6 and a bit mil to go.
One of the many things to do about it is not to speculate in bitcoin unless you enjoy seeing the world warm up, and pass the message on.
The Fornicator
Active Member
You sound a little bit middle class to me, with a crusty topping of entitlement.Foreign holiday much? Nice car/company car to help with the commute?
What do you make of crypto as an opportunity to break loose of the poverty trap. For example, in order to create a stake I didn't pay the rent for two months. I'm catching up weekly now but I see more opportunities for those who rely on me?
What do you make of crypto as an opportunity to break loose of the poverty trap. For example, in order to create a stake I didn't pay the rent for two months. I'm catching up weekly now but I see more opportunities for those who rely on me?
Crispy
The following psytrance is baṉned: All
From a purely financial point of view, it is complete and utter folly. You did alright, but with every climb in price the risk gets higher and higher. The rising price requires more and more people to buy in (because the actual use value of a BTC is hardly changing at all, all of the current rise is due to speculation). When the bubble bursts, everyone who didn't cash out early, at least release their initial stake, will lose. And that will be the vast majority of people holding BTC.
The Fornicator
Active Member
We're back to opinions again, and tbh they are ten a penny on this subject. Perhaps you're not aware that the crypto market is pretty well managed now by Wall Street algorithms. We can see this every day in correlations,manipulations, etc. It's obv. the same with the stock markets - with approaching $1 trillion capitalisation and the tech bubble lessons learned .. well, we all make our choices.
ffsear
Well-Known Member
How much more power does a GPU use then a CPU ? Interesting to note that the creator of bitcoin never mentioned the possibility of using GPU's in his initial paper back in 2008.
https://bitcoin.org/bitcoin.pdf
"The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free. The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth."
https://bitcoin.org/bitcoin.pdf
"The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free. The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth."
cybershot
Well-Known Member
mauvais
on reddit or something
joustmaster
offcumdun
People don't really use GPUs any more. They've moved on to specifically built chipsets.
Eitherway, the efficiency of GPUs over CPUs is far higher. As is the new chipsets over GPUs
I didn't even mean that. I meant that, at some point in the future, when you spend the profit, who is providing the resources and labour for the goods and services that you purchase?
The Fornicator
Active Member
No idea. Jason Statham?
camouflage
gaslit at scale.
Isn't that like describing the current system as being based on debt? The only reason you have money in your bank account for example is because someone borrowed it, and therefore someone must pay it back. Someone's going to lose out because there are not enough musical chairs in the debt-based money game for everyone to get a seat. Perhaps the only difference is with bitcoin 'profits' come from appreciation (growth in mindshare- theoretically even population-growth) whereas the 'profits' from fiat comes from interest. Appreciation versus interest, deflation versus inflation.
Where the rubber meets the road in either (or both) systems is in the purchasing power init where a person actually buys that plush new sofa they've been wanting. It's about the sofa at the end of the day and the same people that make sofas for fiat purchasing power would still do so for bitcoin purchasing power even if it first exchanges to fiat purchasing power. I don't think one will replace the other tbh, just make new business-plans and methods of saving possible.
camouflage
gaslit at scale.
Wouldn't say that, you can now short bitcoin (expected to steady the volatility) and trade futures for it (which is good for miners paying their utilities and people looking to pay salaries with bitcoin). The point of the technology is not to be managed as a market, let the "invisible hand" do the tweaking. That's the kind of edgy experiment in free-markets economics that sets off alarm bells for some. Plus greedy-multitudes chasing the devils coin, plus eco-monster.
camouflage
gaslit at scale.
Not looking to downplay the ecological question- I've stated I'm more optimistic about that destiny of high-energy cost mining operations, but this Christmas Decorations Consume As Much Electricity As Bitcoin Mining – Coin Daily indicates to me that perhaps some people need to think again about putting up lot's of pointless lighting this christmas if they want to condemn people who use bitcoins without feeling like a hypocrite. Of course, this time next year a portion of bitcoin mining overall might be using even more (non-sustainable and carbon-neutral) energy than now- but still not as much for the year as glowing Santas. Maybe hold off on the christmas lights until bitcoin has overtaken them in overall consumption so that the moral mathematics work out more righteously.
Similar threads
