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This is insane. Bitcoin,a true waste of energy.

Discussion in 'News & Current Events (Articles Required)' started by Goonie, Feb 27, 2021.

  1. Goonie

    Goonie Not so Mystic Mog. Supporter

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  2. durangodawood

    durangodawood Dis Member

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    Totally agree. Its disgusting.

    Nothing against digital currency in principle. But the maintenance of the bitcoin blockchain is obscene, and no one should have anything to do with it.
     
  3. Shemjaza

    Shemjaza Regular Member Supporter

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  4. Aussie Pete

    Aussie Pete Well-Known Member Supporter

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  5. Tinker Grey

    Tinker Grey Wanderer Supporter

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    Here's another article: BadEconomics: Putting $400M of Bitcoin on your company balance sheet

    The telling bit, if it is accurate, is this:
    A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.​

    Bitcoin almost certainly will collapse.
     
  6. Nithavela

    Nithavela Touch Fluffy Tail

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    Isn't most of that energy consumption used for the generation of new bit coins, instead of the handling of the transactions with the old bitcoins?
     
  7. Goonie

    Goonie Not so Mystic Mog. Supporter

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    Possibly. I wonder how much energy will be required to mine them all?
     
  8. Nithavela

    Nithavela Touch Fluffy Tail

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    I find this whole blockchain thing confusing. I've read that a single bitcoin transaction costs about 30 dollars.

    Bitcoin proponents tout this as not much. If my bank charged 30 dollars per transaction, I'd be stuffing my money under the mattress.
     
  9. Goonie

    Goonie Not so Mystic Mog. Supporter

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    Wow! Though if like a friend of mine you had bought 10 bit coins at £8 each at the start, the 30 dollar transaction fees are not much.
     
  10. Nithavela

    Nithavela Touch Fluffy Tail

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    I guess it comes with the territory. Bitcoin is only usefull for speculation and buying illicit goods.
     
  11. Goonie

    Goonie Not so Mystic Mog. Supporter

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    One wonders, with much of the mining being done in China, when the Chinese state will try to crack down, take control of it, I can't see an unregulated digital currency being something that will escape their attention.
     
  12. Nithavela

    Nithavela Touch Fluffy Tail

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    I think they're working on creating their own crypto currency.
     
  13. *Starlight*

    *Starlight* Let the Dragon ride again on the winds of time

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    Even if Bitcoin is inefficient, generally the idea of cryptocurrencies is great, and I wonder if there could be one that's much more energy efficient than Bitcoin.

    The use of physical cash is decreasing, especially since it's impossible to use it for online shopping. Cryptocurrencies are a really good replacement. They enable you to actually own your money, and send it to someone else without going through any third party like a bank, paypal, etc. So there really should be a digital currency, either Bitcoin or something else.
     
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