✨✨✨ Are we wasting resources to make digital currencies? ✨✨✨ - page 3.

HasHe

hero member

Activity: 952

Merit: 500

Quote from: shursight on December 11, 2017, 05:46:20 PM

When are you going to get tired of always posting this crap? I Sent you a private message to you a few days ago because i wanted to ask you why are you creating this crap in here.

I sent "do you have some privileged information? because you are posting that kind of fud that is very sensitive"

And you did not even replied to me, it seems that you are trying to post as much fud as possible in order to make people lose their money.

You said "came on! Short all your coins in order to leave this system!" when bitcoin was $13,000 each one.

Now it is $17,200, and i haven't seen you posting in those threads anymore.

Quote from: ShortCoins on December 11, 2017, 05:02:58 PM

On the other hand our current banking system does use up a lot of resources to produce and maintain currency. I just wish there was a way to be more planet friendly when producing a digital currency.

Came on fucking newbie, if you are jealous because you did not buy bitcoin when it was $1000, then it is your fault.

I have made enough money to retire myself before my 25 years old because of cryptos, so i dont think that they are a "ponzi" just like you are saying.

GTFO

We could see such threads nowadays showing that they are very much concerned about electricity being wasted for mining bitcoins and they speak in a way as if no other projects make use of more electricity.The only motive is that they want to blame bitcoin by any way.At first,they blamed it for being used for illegal activities,then complained for high transaction fee and when nothing works,they are trying to shed fake tears that more electricity being used.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: ShortCoins on December 15, 2017, 02:30:43 AM

What? I think you just aren't comprehending.
Bitcoin network will "use as much electricity as the entire world does today" by early 2020
Can you think of anything valuable to add to the discussion?

Ok, suppose you are correct and that is the actual intent of the statement. Then, here is another freebie:

2. Let's assume energy production increases 10% in the next 2 years (by 2020). It's a reasonable assumption. If in 2020 Bitcoin uses today's total energy consumption, then there is only 10% left for everything else. That would never happen. I will leave it to you to figure out why.

nc50lc

legendary

Activity: 2534

Merit: 6080

Self-proclaimed Genius

"The Design, the needs and the greed".
So much for a digital currency.

With the current difficulty setting of 10 minutes a block just for " fairness' " sake till we mined that maximum amount of btc doesn't work with today's events.
It was designed to be an equal opportunity to everyone who are mining. There are no "everyone" now.

The Hashrate is too damn high and the difficulty will rise with it.
(Read what others said) That electricity should have beed used for something else.

It depends on what is "waste" for you. That's why language is unconventional sometimes.

ShortCoins

newbie

Activity: 14

Merit: 0

What? I think you just aren't comprehending.

Bitcoin network will "use as much electricity as the entire world does today" by early 2020

Honestly I can't see what contribution you are adding to the thread, if anything at all. Except maybe arguing semantics and wording

Can you think of anything valuable to add to the discussion?

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: ShortCoins on December 15, 2017, 01:49:05 AM

Quote

that could never happen

Strongly disagree with your use of the word never in this case. Especially when you provide no supporting details

Be careful making such egregious statements

Ok, I'll give you the easy one.

1. It is impossible for mining Bitcoins (or any other usage, for that matter) to exceed 100% of total energy consumption.

Can you think of any others?

ShortCoins

newbie

Activity: 14

Merit: 0

Quote

that could never happen

Strongly disagree with your use of the word never in this case. Especially when you provide no supporting details

Be careful making such egregious statements

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: ShortCoins on December 14, 2017, 01:45:18 PM

http://www.newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036

Bitcoin Mining is on pace to exceed the World's energy use by 2020! Cry

Your homework for tonight is to think of 3 reasons why that could never happen.

Marry Finch

full member

Activity: 364

Merit: 101

To create a crypto currency is really wasted a lot of electricity. However, this can not be the reason not to create and not use crypto currency. Humanity has great opportunities to use the energy of wind, sun and other alternative energy sources, which are almost inexhaustible. Therefore, I see no reason to not use this energy in part to the crypto currency, which provides us with additional and new features and usability when using it.

ShortCoins

newbie

Activity: 14

Merit: 0

http://www.newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036

Bitcoin Mining is on pace to exceed the World's energy use by 2020! Cry

andamers

member

Activity: 104

Merit: 10

we make weapons,booms and fighting and destroy many resources bitcoin better

we need devices and power (sun & wind power )

ShortCoins

newbie

Activity: 14

Merit: 0

The problem is Bitcoin is intentionally designed to waste resources. The way bitcoin works, more and more resources will need to be consumed to make it. BTC doesn't need to work like that. We can make crypto currencies without destroying billions of dollars worth of man power, electricity, and hardware. It is scary that everyone is overlooking how wasteful it is. And that bitcoin's value is derived from how many resources were destroyed to mine it. Mining fees could be minimal compared to what they are

senne

hero member

Activity: 1078

Merit: 507

Every investment need some types of resources and in this case if we see Bitcoin or other digital currency as a currency then compare it with another fiat currency. I think fiat currency uses more resources than Bitcoin as they need to build banks, pay electricity bills and pay for employees and so on. If you see on the wider aspect you will notice that Bitcoin or other digital currency is much more cheap and convenient to use than fiat.

Zekemporium

member

Activity: 64

Merit: 100

Quote from: ShortCoins on December 11, 2017, 04:56:11 PM

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

Yes I agree with you. Already we have limited natural resources, and use of these resources during mining is much high as compared with output. Energy consuption during bitcoin mining is much high and today billions of people doing mining due high price of bitcoin. Thats the alarm for us to stop wastage of energy.
To save natural resources we can go through Green way.... In this by using solar systems and wind energy, we can save energy and also cost for it.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

Imagine a low life beggar like me was able to mine Bitcoin without doing anything special or having to spend money on hardware and electricity, then beggars like emperor Wu and the gang of jumpers (note that when I say jumpers, I mean people jumping 18 years old girls without sharing with me at least) would mine a billion times more than me. you could also adopt my activity tokens on Waves platform, it costs 0.01 Waves per transaction.

Batmain

full member

Activity: 151

Merit: 100

Quote from: ShortCoins on December 11, 2017, 04:56:11 PM

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

The adoption of cryptocurrencies are still small so that only medium to average companies are doing the mining, but still there are so many alternatives energy too, it just need a lot of budget in order to implement that. A solar powered mining farm is a pretty good example or that and some people are using the alternatives.
Creating the cryptocurrencies? Wasted? NO this is just its development and the efforts are not wasted. Look at the potential it can bring that to fiat. Destroyed what? Man hours? no what is destroying the world are the crude oils and fossil fuels. If we're serious about having the alternative supplies or using it, the government can do it in a mere time, the only problem is that the resources is a trillion dollar industry. There are so many businesses that will be affected, and then money will speaks again.

ShortCoins

newbie

Activity: 14

Merit: 0

https://www.youtube.com/watch?v=yI8tBH_qch8

We are spending around 10 billion a year on bitcoin mining at the current costs (which keep increasing)

kissme09

full member

Activity: 658

Merit: 100

PayAccept - Worldwide payments accepted in seconds

Quote from: ShortCoins on December 11, 2017, 04:56:11 PM

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

People who are not interested in using resources, they are interested in their pocket money. They only care about profit from that resource but the resource is endless.

orka39

member

Activity: 168

Merit: 47

Quote from: odolvlobo on December 11, 2017, 06:24:49 PM

We need to ban TV. Do you realize how much energy is wasted by people watching TV? Surely, it is orders of magnitude more than the energy spent on securing Bitcoin.

Good comparison, bitcoin vs electricity stuffs. Which one is needing more resources?
Which one is more important. I will choose bitcoin for future.

bambazamba

sr. member

Activity: 348

Merit: 250

No, this is the future of currency. When you watch future movies, they are suggested from our present behavior and soon the trees are going to reduce, hence we will not be able to print much paper currency. So, one will need to shift to digital currency soon. I think these digital currency might be government backed but this is the future coming up, where we will use only digital methods. It not might happen in 10-15 years but think beyond and even you may realize about its possibility.

ShortCoins

newbie

Activity: 14

Merit: 0

Quote

I will say that proof of stake is superior than proof of work

What do you mean by this? I'm not familiar with the concept.

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