Bitcoin Mining Now Consuming More Electricity Than 159 Countries

signal · Nov 23, 2017

Lucky241 said:
I suspect most of these guys are living in apartments where the electricity is paid by the landlord.

And then people will wonder why rent is going up $500 a month. Thanks assholes.

You should look up photos or videos of Bitcoin mining farms. These aren't apartment operations.

Brandson · Nov 23, 2017

Smoothcb said:
Great PoS explanation. Can you point me to sources that I can quote for reasesrch?

Thanks. That's my own summary of PoS based on assimilating info from the past year. If you want the full-fat version, here is the primary source (which I warn is much harder to follow than my layman's explanation): https://github.com/ethereum/research/blob/master/papers/CasperTFG/CasperTFG.pdf

Here is another one, that is easier to follow: https://medium.com/@VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51

To quote Vitalik Buterin: 'The "one-sentence philosophy" of proof of stake is thus not "security comes from burning energy", but rather "security comes from putting up economic value-at-loss".'

hydrophilic attack · Nov 23, 2017

Can't wait until this cryptocurrency shit comes crashing down

Smoothcb · Nov 23, 2017

Brandson said:
Thanks. That's my own summary of PoS based on assimilating info from the past year. If you want the full-fat version, here is the primary source (which I warn is much harder to follow than my layman's explanation): https://github.com/ethereum/research/blob/master/papers/CasperTFG/CasperTFG.pdf

Here is another one, that is easier to follow: https://medium.com/@VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51

To quote Vitalik Buterin: 'The "one-sentence philosophy" of proof of stake is thus not "security comes from burning energy", but rather "security comes from putting up economic value-at-loss".'

Thanks! I have a pretty good understanding of the concept but have been trying to summarize for the lay crowd.

Brandson · Nov 23, 2017

hydrophilic attack said:
Can't wait until this cryptocurrency shit comes crashing down

Crypto assets are extremely volatile due to price exploration and market manipulation and may go through many crashes or corrections, but in terms of totally failing and disappearing, that doesn't seem likely anytime soon.

Valhalla_Nights · Nov 23, 2017

Xe4 said:
It's not like that at all. The differences between bitcoin and real world currencies tend to avoid growth like this because its impossible to maintain. Currencies dont grow like this because they like to be stable, and this isn't stable. Its very clearly a bubble, and bubbles always pop.

It's not going to pop in the market because the market doesnt account for global warming.

Cipherr · Nov 23, 2017

Xe4 said:
It's not like that at all.

Except it is like that, you won't directly deny it, but its been called for "crashing" since its inception. 9 years ago. And for that entire 9 years, its always been at most 2 years away from disaster according to people like you. I don't have a problem with people being skeptical. But trying to handwave a decade of growth expansion and evolution by pretending "It's not like that!" is a joke. At least attempt to account for the decade you have spent saying death is right around the corner. And when doing so, bring new material. Tulipmania and all the other buzzwords were being used 8 years ago. Get new material man.

Deleted member 33887 · Nov 24, 2017

KojiKnight said:
People have been saying this for years... In all honesty, it's like investing in ANY currency, especially any unstable currency.

Right now, bitcoin is still a better investment than many real world currency.

People don't invest in currencies, they speculate in them. If any currency had the deflationary pressure of bitcoin, people would stop using it pretty quickly and start hoarding it.

Vadara · Nov 24, 2017

I'm not sure if this is an impressive achievement for Bitcoin or a somber example of how much of the world is lacking adequate electricity that 150+ countries combined can't outpace Bitcoin mining.

Naked Snake · Nov 24, 2017

For skeptics I suggest watching one or both of these videos:

Andreas Antonopoulos: How bitcoin is changing the world - Internetdagarna 2017

https://youtu.be/l6Obc_cJba4

KDR_11k · Nov 24, 2017

Vadara said:
I'm not sure if this is an impressive achievement for Bitcoin or a somber example of how much of the world is lacking adequate electricity that 150+ countries combined can't outpace Bitcoin mining.

Individually, not combined.

Bitcoin Mining Now Consuming More Electricity Than 159 Countries

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