Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin

fruitycoder@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

• linearchaos@lemmy.world ⁨9⁩ ⁨months⁩ ago

  I’m not an economist or anything, but I don’t think it’s a sunk cost fallacy I think it’s just a market. They’re all mining both. Just leaning heavier on whichever one makes them more money in the moment. The market is going to have a hell of a lot of inertia.

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  • sukhmel@programming.dev ⁨9⁩ ⁨months⁩ ago

    The market is run by people, and people have been proven not to be rational. So, sunk cost easily applies to the market

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    • linearchaos@lemmy.world ⁨9⁩ ⁨months⁩ ago

      Come on, that’s logic 101

      All a are b

      some b are c

      all a are not c.

      You can’t even claim that most A are C with that logic

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      • sukhmel@programming.dev ⁨9⁩ ⁨months⁩ ago

        I can’t quite follow you beyond the fact that in your example “all A are not C” is correct

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  • fruitycoder@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

    That’s a good point a lot of the crypto markets influence is still more focused as an investment vehicle for getting more fiat wealth, that’s more reasonable to me. I guess I am just a die hard engineer and the practical uses matters a lot more than the price of tulips.

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    • linearchaos@lemmy.world ⁨9⁩ ⁨months⁩ ago

      I mean honestly you’re right. Nobody should be left on the Bitcoin side from an environmental or a cost standpoint. But I have no idea how long it’s going to take to catch up.

      I will say that at some point if there is an awakening, bitcoin’s going to crash so f****** hard. And the first ones out are going to make all the money.

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• Rooter@lemmy.world ⁨9⁩ ⁨months⁩ ago

  Yep, Ethereum uses less power than a debit/credit transaction or even a PayPal transaction.

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  • fruitycoder@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

    Have you read some of the work Visa has been doing with EVM and zero knowledge roll ups? Pretty interesting stuff.

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• TypicalHog@lemm.ee ⁨9⁩ ⁨months⁩ ago

  ETH has strong ties to CCP, no hard cap, is very broken and it’s PoS actually sucks ass.

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  • fruitycoder@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

    PoS and PoW both suffer from a centralizing of power issue IMHO so that doesn’t sound implausible, TruthLabs seems to be throwing a lot of allegations towards the network though but I am not seeing the evidence yet.

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    • TypicalHog@lemm.ee ⁨9⁩ ⁨months⁩ ago

      Did you only skim through? They are literally presenting hard on-chain facts.

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      • fruitycoder@sh.itjust.works ⁨9⁩ ⁨months⁩ ago

        Honestly just couldn’t find them just second hand outlets saying they say.

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