| Well Elon tweeted me and said if I send 1 btc to him, he'll send 2 back. Clearly he's sharing the spoils. |
Cryptocurrency (Bitcoin, Ethereum etc) • Page 33
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sport 17,064 posts
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Registered 16 years ago -
JYM60 19,085 posts
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Registered 15 years agoI've seen tinfoilers saying that the China thing was a ruse so that China could buy into crypto cheap. lol -
Load_2.0 33,582 posts
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Registered 18 years agosport wrote:
The exchange rate is 2.5 BTC to 1 Lekkercoin.
Well Elon tweeted me and said if I send 1 btc to him, he'll send 2 back. Clearly he's sharing the spoils. -
JYM60 19,085 posts
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Registered 15 years agoWhat about Cum Rocket coin? It is bound to get bigger and bigger. -
MasterOfSpin 133 posts
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Registered 6 months agoJYM60 wrote:
Isn't this like the 6th time they've 'banned' crypto?
I've seen tinfoilers saying that the China thing was a ruse so that China could buy into crypto cheap. lol -
Tonka 31,979 posts
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Registered 18 years agoMasterOfSpin wrote:
No.
JYM60 wrote:
Isn't this like the 6th time they've 'banned' crypto?
I've seen tinfoilers saying that the China thing was a ruse so that China could buy into crypto cheap. lol
In 2017 they banned domestic crypto exchanges
In 2019 they banned trading on foreign crypto exchanges
In 2021 they banned their domestic banks from allowing people to buy crypto
There's has never been an outright ban on holding or mining crypto.
Yet. -
askew 24,121 posts
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Registered 16 years agoI presume that's when it'll collapse like a house of cards. -
Tonka 31,979 posts
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Registered 18 years agoWell, to be fair to the crypto community, the blockchain is scalable. A bunch of miners disappearing would only mean that the vast energy consumption drops by about half.
On the other hand it might crash from all the Chinese tax dodgers trying to put their money in other dodgy shit. So, you've got a point. -
hedben2013 2,261 posts
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Registered 9 years agoaskew wrote:
Are we sure this isn't happening already?
I presume that's when it'll collapse like a house of cards. -
sport 17,064 posts
Seen 20 hours ago
Registered 16 years agohedben2013 wrote:
Where were you in 2017?
askew wrote:
Are we sure this isn't happening already?
I presume that's when it'll collapse like a house of cards. -
hedben2013 2,261 posts
Seen 18 hours ago
Registered 9 years agoNot looking at crypto markets, that's for sure... I'm only here now because I had a bit of cash sat doing nothing in some betting exchanges.
Fair to say it's at least doing *something* now -
askew 24,121 posts
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Load_2.0 33,582 posts
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Registered 18 years agoWho'd have thought that possible, it's such a secure industry!
But you have to feel for the people who would have gone all in on some of these currencies. Lives destroyed. -
richardiox 10,097 posts
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Registered 17 years ago@Load_2.0
Don't feel one shred of remorse for those people. It's gambling. They'd happily take and gloat about the gains. -
MasterOfSpin 133 posts
Seen 5 days ago
Registered 6 months agoTonka wrote:
I think this is what people don't get. Bitcoin doesn't need that amount of energy to function. There are some considerations around security, but essentially it would function on a tiny fraction of current mining activity.
Well, to be fair to the crypto community, the blockchain is scalable. A bunch of miners disappearing would only mean that the vast energy consumption drops by about half.
On the other hand it might crash from all the Chinese tax dodgers trying to put their money in other dodgy shit. So, you've got a point.
If it becomes harder to mine due to local regulation, it makes no difference to the network. It just scales the difficulty accordingly. -
RunningMan 3,098 posts
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Registered 15 years agoBut you need a ton of energy to mine, no? -
Frogofdoom 17,973 posts
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Registered 9 years agoYes -
Tonka 31,979 posts
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Registered 18 years agoIn theory the difficulty of the math puzzles that decide who gets to mine a block should scale with the processing power of the entire network.
So if it's only two guys with their old Pentium processors, then the puzzle and therefore the energy requirement, would drop to almost nothing.
How well this works though.... I really don't know. -
MasterOfSpin 133 posts
Seen 5 days ago
Registered 6 months agoTonka wrote:
It would work perfectly well. The issue comes with security - in your example, it would be trivial to create a competing and longer chain - allowing you to manipulate the ledger to your will.
In theory the difficulty of the math puzzles that decide who gets to mine a block should scale with the processing power of the entire network.
So if it's only two guys with their old Pentium processors, then the puzzle and therefore the energy requirement, would drop to almost nothing.
How well this works though.... I really don't know.
However, in a more realistic situation, the network could function perfectly securely with a tiny fraction of the current hash power.
Edited by MasterOfSpin at 23:03:00 22-05-2021 -
MasterOfSpin 133 posts
Seen 5 days ago
Registered 6 months agoFrogofdoom wrote:
No.
Yes
The huge amount of processing power comes from people wanting to mine. The network doesn't require it.
Satoshi did the initial mining on his PC, on his own. The network scales difficulty depending on hash power. -
MasterOfSpin 133 posts
Seen 5 days ago
Registered 6 months agohedben2013 wrote:
When you consider that Bitcoin was worth a few thousand dollars just a couple years ago, claiming that it sitting at around 40k represents it collapsing like a house of cards is pretty comical.
askew wrote:
Are we sure this isn't happening already?
I presume that's when it'll collapse like a house of cards. -
Frogofdoom 17,973 posts
Seen 10 hours ago
Registered 9 years ago@MasterOfSpin well done for naming the exception rather than the astronomical amount of energy being constantly consumed by other coins causing a huge amount of unnecessary power consumption. -
Nanocrystal 2,575 posts
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Registered 12 years agoMasterOfSpin wrote:
CO2 emissions also scale with the number of people burning fossil fuels. How the fuck does that help us?
Satoshi did the initial mining on his PC, on his own. The network scales difficulty depending on hash power. -
MasterOfSpin 133 posts
Seen 5 days ago
Registered 6 months agoFrogofdoom wrote:
I'm just pointing out that something like Bitcoin doesn't need even a fraction of the energy used to mine. Nothing inherent in the protocol demands it. It's people choosing, of their own free will, to mine.
@MasterOfSpin well done for naming the exception rather than the astronomical amount of energy being constantly consumed by other coins causing a huge amount of unnecessary power consumption.
All I'm saying is that if governments started strictly regulating mining activity (which might not be a bad idea) it wouldn't actually damage the bitcoin network or its ability to operate.
I just wanted to clear up a misconception that many people have, that Bitcoin actually requires this power to operate.
Edited by MasterOfSpin at 23:31:36 22-05-2021 -
MasterOfSpin 133 posts
Seen 5 days ago
Registered 6 months agoNanocrystal wrote:
I'm just saying that the hash power contributed to the bitcoin network and the hash power required to securely run the bitcoin network are completely different things.
MasterOfSpin wrote:
CO2 emissions also scale with the number of people burning fossil fuels. How the fuck does that help us?
Satoshi did the initial mining on his PC, on his own. The network scales difficulty depending on hash power.
I personally think the energy usage outrage is actually quite hypocritical, given that most that spout it don't really care about, I don't know, Christmas lights that use far more energy. But if we are going to focus on that as the main challenge of crypto, let's at least do it properly and without the arm waving. -
Tonka 31,979 posts
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Registered 18 years agoMasterOfSpin wrote:
My issue is that Bitcoin is designed in a way that actively rewards those that waste the most energy.
I just wanted to clear up a misconception that many people have, that Bitcoin actually requires this power to operate.
The Chia chaos points towards PoS having similar issues. The design of the blockchain was cute in theory, but it just doesn't work in practice.
Shut it all down. Let grifters go back to plain old paper certificate pyramid schemes instead. -
brokenkey 11,128 posts
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Registered 20 years ago -
brokenkey 11,128 posts
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Registered 20 years ago. -
Dirt3 1,775 posts
Seen 18 hours ago
Registered 7 years agoMasterOfSpin wrote:
The mining process is a key part of the recruitment into the ponzi.
Frogofdoom wrote:
I'm just pointing out that something like Bitcoin doesn't need even a fraction of the energy used to mine. Nothing inherent in the protocol demands it. It's people choosing, of their own free will, to mine.
@MasterOfSpin well done for naming the exception rather than the astronomical amount of energy being constantly consumed by other coins causing a huge amount of unnecessary power consumption.
All I'm saying is that if governments started strictly regulating mining activity (which might not be a bad idea) it wouldn't actually damage the bitcoin network or its ability to operate.
I just wanted to clear up a misconception that many people have, that Bitcoin actually requires this power to operate.
If you don't have mining or some process of work performed to allocate the coins, how do you distribute the coins and how will that distribution affect the willingness of people to accept the coin as a valid money proposition ?
I agree that the focus on energy consumption is someone hypocritical. It depends really on your entire life stance. To me if you are pro flying 4000 miles and lying on a beach somewhere knowing that that destroys the environment, it is no more or less justifiable than mining digital currency. -
Dirt3 wrote:
I see your point but I disagree. It's perfectly reasonable to point out what a massive waste of energy the blockchain is.
I agree that the focus on energy consumption is someone hypocritical. It depends really on your entire life stance.
No matter if you live a carbon neutral life or not, two facts remain:
!) the blockchain consumes vast amount of energy.
2) The blockchain isn't used for anything other than the pyramid scheme that is crypto speculation
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