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

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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    linearchaos@lemmy.world ⁨9⁩ ⁨months⁩ ago
    Yeah I think that’s our major problem here.
    
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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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