Bitcoin Requires Too Much Electricity

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Bitcoin Requires Too Much Electricity

Postby Bart Stewart » Sat Dec 09, 2017 1:22 am

Here's a piece that says Bitcoin is requiring so much electricity and computing power for its operation that it will very soon become unwieldy. As in, unsustainable. As in, requiring the total electrical output of the Earth by 2020.

I still wish I had gotten in last year, but this does not bode well for the future of the crypto-currency concept.

I hope you can read the entire article. The question I came away with is -- why are we only hearing about this now?

https://grist.org/article/bitcoin-could ... gy-future/

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Re: Bitcoin Requires Too Much Electricity

Postby TJrandom » Sat Dec 09, 2017 5:53 am

Sooo... in 2020, my PC will no longer be able to connect to the internet due to lowbatt? Somehow I think that won`t happen...

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Re: Bitcoin Requires Too Much Electricity

Postby ElectricMonk » Sat Dec 09, 2017 7:03 am

It's not so bad if you hack a bitcoin farm and steal it.

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Re: Bitcoin Requires Too Much Electricity

Postby TJrandom » Sat Dec 09, 2017 7:22 am

But then you would be responsible for that electric bill... No thanks!

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Re: Bitcoin Requires Too Much Electricity

Postby ElectricMonk » Sat Dec 09, 2017 8:17 am

TJrandom wrote:But then you would be responsible for that electric bill... No thanks!


Just pointing out that when stealing is less computational effort than mining, no one will mine it anymore.
Bitcoin might become a Gold Standard, but there are plenty of alternatives around and in use already, specifically designed to require little computation.

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Re: Bitcoin Requires Too Much Electricity

Postby bobbo_the_Pragmatist » Sat Dec 09, 2017 8:26 am

I'm just smiling at the several stories I read a year ago about various guys who had calculated 10K', 100K, or $$MM in bitcoin but lost track of where they were just because it seemed inconsequential at the time. Worth many millions today. This bit was on Big Bang just last night as a coincidence. Millions thrown away on a key chain to sell as a blank drive.

Just today I read several guys are tearing their hair out because they can't remember the password to "open" their bitcoin?

Hmmmmmm.....I think I would have bought it when I could have IF I had recognized it could be used by the criminal element to transact their diggery do. I just thought if it could work that Big Bank would have them all arrested. ....... Still could.???
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Re: Bitcoin Requires Too Much Electricity

Postby TJrandom » Sat Dec 09, 2017 9:07 am

I googled bitcoin acceptance - and found no merchant that I use, that would accept bitcoin. I cannot buy food, energy, entertainment, clothes, appliances, or pay my taxes, medical expenses, etc. - with bitcoin.

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Re: Bitcoin Requires Too Much Electricity

Postby Matthew Ellard » Sat Dec 09, 2017 11:33 pm

TJrandom wrote:I googled bitcoin acceptance - and found no merchant that I use, that would accept bitcoin. I cannot buy food, energy, entertainment, clothes, appliances, or pay my taxes, medical expenses, etc. - with bitcoin.

Amazingly a Dutch person would have had the same problem trying to buy things with his tulip bulbs in 1637.

I could sit here and match all the indicators between the Tulip Bubble and Bitcoins. I could also do the same for Bitcoins and 1980s Golden Aeroplane pyramid schemes. What would be the point. We all know how these stories end. A few people make a lot of money and lots of people lose everything.

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Re: Bitcoin Requires Too Much Electricity

Postby bobbo_the_Pragmatist » Sat Dec 09, 2017 11:48 pm

" A few people make a lot of money and lots of people lose everything. " ///// I just heard an expert say: "Its not a currency, its an investment." THAT set alarms off in my head. That and another reference that "Bitcoin" is just one of dozens of "CRYPTO-CURRENCIES." Even if one of them takes off, doesn't mean you will have picked the right one==>ie, FULL OF AllReadyTooRich manipulation, skimming, and fraud.

Its like noting the Ponzi schemes that you missed.
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Re: Bitcoin Requires Too Much Electricity

Postby ElectricMonk » Sun Dec 10, 2017 5:24 am

It's possible that Bitcoin will split again, maybe into a less computationally demanding version.
My biggest problem is that most bitcoins are held in the hands of the very few, which have more or less control over whether new versions can arise or not (they need to be adopted by vote - each coin one vote).

So in a way, Bitcoin is more like diamonds: the price artificially high because the big suppliers are sitting on their hoards.

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Re: Bitcoin Requires Too Much Electricity

Postby Matthew Ellard » Sun Dec 10, 2017 6:48 am

ElectricMonk wrote:My biggest problem is that most bitcoins are held in the hands of the very few,
That's how pyramid schemes work. The 1980s Golden Aeroplane pyramid schemes were controlled by Rajneesh. :D
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Re: Bitcoin Requires Too Much Electricity

Postby Bart Stewart » Sun May 20, 2018 9:43 pm

Just a quick update on this story. A new article claims that Bitcoin energy requirements are now equal to that of the entire country of Ireland. It can only go up, up, and up from here. By the end of the year, the Bitcoin network will be using THREE TIMES that amount. From the article . . .

"There is a finite amount of Bitcoin, and the most recent projections show it will take about another 120 years to mine all 21 million Bitcoins. There is also, theoretically, a tipping point somewhere in there where the amount of energy it takes to mine a piece of Bitcoin is more valuable than the Bitcoin itself, though it all depends on the market value. But Bitcoin transactions, not just mining, take energy (one transaction could currently power a home for a week), so the more widely used it is, the more carbon we are pumping into the atmosphere."

https://theoutline.com/post/4561/bitcoi ... i=vakzswn4

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Re: Bitcoin Requires Too Much Electricity

Postby bobbo_the_Pragmatist » Sun May 20, 2018 11:39 pm

I don't know.......but isn't the deal with crypto currency that the early coins are cheap to mine? And thats what the creators of the coins do: they totally mind the first easy low hanging fruit and thereby "reserve" millions for themselves before the scut work is allowed out into the market place.

...............or something like that.

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Re: Bitcoin Requires Too Much Electricity

Postby Gord » Mon May 21, 2018 1:42 am

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Re: Bitcoin Requires Too Much Electricity

Postby ElectricMonk » Mon May 21, 2018 4:02 am

There are lots of crypto currencies which use a tiny fraction of the computing power that Bitcoin demands - it's an artificial quirk of Bitcoin which at its inception overestimated the progress of computing.

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Re: Bitcoin Requires Too Much Electricity

Postby TJrandom » Mon May 21, 2018 5:29 am

Ireland is a country?

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Re: Bitcoin Requires Too Much Electricity

Postby Bart Stewart » Mon May 21, 2018 8:09 pm

Republic of Ireland? Yeah, I think it is. It has EU membership.

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Re: Bitcoin Requires Too Much Electricity

Postby landrew » Wed Jul 18, 2018 7:24 pm

It's still easy to mine bitcoins. Just set up near a power plant, bribe the local officials to give you free gigawatts, and set up all the computers you can to mine bitcoins.
That's how it's being done in China, anyhow.
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Re: Bitcoin Requires Too Much Electricity

Postby TJrandom » Wed Jul 18, 2018 7:27 pm

Ah... the real cause of global warming....


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