you mean proof of work? And I disagree, Ethereum moved from PoW to PoS and gained market cap since then
Proof of stake is one of the reasons why bitcoin is so valuable in the first place. I’ve seen estimates that the electricity costs combined with the equipment cost makes each bitcoin approximately $20k to mine. Not a bad thing. Anyways, energy is somewhat artificially scarce- can always just pump up more oil out of the ground.
eager_eagle@lemmy.world 4 months ago
adrian783@lemmy.world 4 months ago
bitcoin has got to be invented by an alien or something so that we would terraform for them…
Odd_so_Star_so_Odd@lemmy.world 4 months ago
Probably just a fool thinking free fusion energy was just around the corner
wizardbeard@lemmy.dbzer0.com 4 months ago
It’s more that it was originally a theoretical white paper meant to present a potential solution for a very specific problem space. Energy use wasn’t a consideration in the design, because that wasn’t part of what it was meant to address. Likewise, anonymity in the sense of hiding transactions wasn’t part of the design either, besides avoiding centralized banking’s requirement that every “wallet” is associated with a government ID.
It was a fun toy meant as a proof of concept solution to centralized banking.
Eventually market speculators saw what the nerds were getting up to, got some ideas, and everything freaking exploded. It wasn’t meant to drive speculative markets.
Skua@kbin.social 4 months ago
No, this is actually exactly the fucking problem
Jeknilah@monero.town 4 months ago
No it’s not? The fact that the energy supply can adjust to demand is a good thing rather than a problem. At least in the US. Looked into it, and it seems that there’s an estimated to be over 300 billion barrels of recoverable oil that is mostly economically viable. Compare that to a current annual consumption of 7 billion barrels a year. There’s enough to maintain current consumption for another 40 years. That is most of my remaining lifetime from domestic production alone.
Skua@kbin.social 4 months ago
I have some bad news for you about the environmental effects of burning lots of oil
nadir@lemmy.world 4 months ago
They’re a crypto bro. They probably think they’ll live on a swimming libertarian island by then.
matjoeman@lemmy.world 4 months ago
As long as there’s enough for your remaining lifetime that’s fine. We don’t have to worry about anyone else’s lifetime after that.
Jeknilah@monero.town 4 months ago
You really only have to seriously worry if you’re a parent responsible for new people. Sound like you? It doesn’t sound like me.
Here’s something I saved from Reddit a while back; it’s a bit cynical, but worth keeping in mind nonetheless.
They don’t hate us by name, mind you. The tell us they love us and they’re even empathetic to us to a degree.
But if you removed the familial relationship–if you told your parents or grandparents your exact life story but with a different name and from a different family, they’d hate that person before you got through the first sentence. They’d break out all the cliches–bootstraps, lazy millennial, entitled, all the classics. Their empathy and love is purely genealogical, an expectation placed upon them under threat of social stigmas against being a “bad parent,” which they may well abandon too if that particular tradition is broken by some political figure famous enough and depraved enough to normalize it.
Collectively, the young who will outlive you are but labor and taxpayers. Caring about anyone else’s lifetime past your death largely doesn’t exist past kin and close friends.