Incentivizing renewables by demanding energy consumption. It’s a waste. Not wasting evergy at all is better that than incentivizing renewables. It does something poorly that nobody needed at huge cost. Nothing crypto should be considered legal tender.
Bitcoin used to be valuable as permissionless peer-to-peer currency, but then it was ruined when it zoomed in price. Nobody transacts with it anymore, because it is a StOrE oF vAlUe.
The energy thing is a solvable problem, once Bitcoiners see the problem. BTC’s PoW algorithm simply doesn’t scale. The devs could slot in a new algorithm if they wanted to, and dramatically reduce BTC’s power footprint. But they see the large energy expenditure as a feature, because they can say that all that energy is being used to secure the network.
Nobody in this community cares about opening a tab on Lightning and needing to continually police it to make sure you don’t lose your coins, but let me explain the Power thing a bit more.
Bitcoin’s block confirmation algorithm is based on SHA-256, which is an algorithm that just uses computing capacity to work. Custom ASIC chips have been developed to solve that problem at a very high rate, and current Bitcoin mining farms just use a bunch of these in parallel to go faster and make more hashes. More chips = more power consumed.
But computing power is not the only resource that you can use for Proof-of-work. Other algorithms are designed to use a large amount of memory also, and memory is harder to scale than computing power. Other algorithms enforce that multiple nodes need to work in concert, and the network delays between them also enforce an additional cost. These make it harder to make things go faster simply by spamming more units. These are just as secure as the SHA256 algorithm that BTC uses. But fewer units = less power.
BTC Maxis think the enormous amount of power consumed on the network is a selling point, when in reality it is the only feasable excuse for governments to ban it. Governments can never ban the protocol itself – it’s just math, after all – but can severely restrict where mining can happen if they think it is burning too much power and endangering other parts of the economy.
Bitcoin and crypto is dumb and a waste of resources. We should tax it at 100% to kill off this unstable energy sink.
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We could literally bank the energy in hydrogen to even the curves and be infinitely better off.
hell, I’d even take direct carbon capture
Incentivizing renewables by demanding energy consumption. It’s a waste. Not wasting evergy at all is better that than incentivizing renewables. It does something poorly that nobody needed at huge cost. Nothing crypto should be considered legal tender.
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Waste. Of. Energy.
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Bitcoin used to be valuable as permissionless peer-to-peer currency, but then it was ruined when it zoomed in price. Nobody transacts with it anymore, because it is a StOrE oF vAlUe.
The energy thing is a solvable problem, once Bitcoiners see the problem. BTC’s PoW algorithm simply doesn’t scale. The devs could slot in a new algorithm if they wanted to, and dramatically reduce BTC’s power footprint. But they see the large energy expenditure as a feature, because they can say that all that energy is being used to secure the network.
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This post triggered my /r/Bitcoin PTSD…
Nobody in this community cares about opening a tab on Lightning and needing to continually police it to make sure you don’t lose your coins, but let me explain the Power thing a bit more.
Bitcoin’s block confirmation algorithm is based on SHA-256, which is an algorithm that just uses computing capacity to work. Custom ASIC chips have been developed to solve that problem at a very high rate, and current Bitcoin mining farms just use a bunch of these in parallel to go faster and make more hashes. More chips = more power consumed.
But computing power is not the only resource that you can use for Proof-of-work. Other algorithms are designed to use a large amount of memory also, and memory is harder to scale than computing power. Other algorithms enforce that multiple nodes need to work in concert, and the network delays between them also enforce an additional cost. These make it harder to make things go faster simply by spamming more units. These are just as secure as the SHA256 algorithm that BTC uses. But fewer units = less power.
BTC Maxis think the enormous amount of power consumed on the network is a selling point, when in reality it is the only feasable excuse for governments to ban it. Governments can never ban the protocol itself – it’s just math, after all – but can severely restrict where mining can happen if they think it is burning too much power and endangering other parts of the economy.
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