Is that bad? I think that him calling it energy intensive is less important than him calling it brilliant. Energy intensive isn't negative. It's simply stating the fact!
I laugh when tree huggers attack Bitcoin and at the same time they're driving cars and cooking food. Electric energy doesn't come only from sources that produce CO2. Maybe they should look for resolutions elsewhere like in the millions of cars in the streets and coal powered power plants still used by some countries.
Topic: Elon Musk calls crypto “quite energy intensive” - page 4. (Read 672 times)
At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.
And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
Have a read, and tell us what is your perspective on this subject!
And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
Have a read, and tell us what is your perspective on this subject!
It's like the only thing the people picked up from that is that he called Crypto energy intensive.
He saying that Bitcoin's structure is quite brilliant means a lot for those of us who are called crazy for pointing out the same thing. In his case he got blocked in twitter but yeah it happens. If we take into account the fate free thinkers had in the middle ages this is nothing.
I don't believe that he is wrong. Even when the architecture of Bitcoin's inner technology is brilliant it is obviously not perfect. But i don't think that it was meant to, it was meant to be a starting point for people to develop and find out amazing possibilities that could definitely make human kind advance a lot faster in the future.
"Elon Musk calls crypto quite “energy intensive”"
Says the man building electric cars.
Says the man building electric cars.
It is energy intensive, but not so much if you compare it e.g. to energy consumption of gold mining. However, eventually also Bitcoin will probably have to switch to some other way of securing the network, such POS like Ethereum plans to do.
Mining is not limited to bitcoin only so I would rather say, crypto mining can be seen as energy intensive. However, it sounds true when you don't have benchmark to compare with. But if you compare the energy consumption of minting presses with cryptos, it would look so tiny that you would not think much about it in the future.
I would encourage you to read the below article which provides a very good overview of this matter and it shows that global money printing presses consume energy worth 28 billion usd annually whereas bitcoin consumes 0.79 billion usd. It's 2.8% of global money printing consumption. Does it look so big now??
I would encourage you to read the below article which provides a very good overview of this matter and it shows that global money printing presses consume energy worth 28 billion usd annually whereas bitcoin consumes 0.79 billion usd. It's 2.8% of global money printing consumption. Does it look so big now??
Bitcoin is energy intensive because for now it's the only way to secure the network.
Other coins, which have different proposals, such as ethereum, will soon move to less energy intensive methods
As I only heard antonopoulos saying, maybe the world can't handle more than one big PoW cryptocurrency . Not all cryptocurrencies need to be using pow. But bitcoin needs now.
Other coins, which have different proposals, such as ethereum, will soon move to less energy intensive methods
As I only heard antonopoulos saying, maybe the world can't handle more than one big PoW cryptocurrency . Not all cryptocurrencies need to be using pow. But bitcoin needs now.
He isn't sure whether its something to be concerned of which I think its fair to say. But its true that Bitcoin spend so much energy upon mining blocks. There is no changing these settings any more though unless we'd have to reboot over again which is highly unlikely.
So is Bitcoin a threat to global warming?
I'm not sure too. I can't believe the media today, maybe they lied about global warming, they may even be lying about the earth being round.
Recently Elon Musk had an interview with ARK invest podcast. They mostly spoke about his company Tesla and key features of its success, but at the end of the 30-minute show, they touched cryptocurrencies as well.
At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.
And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
We elaborated on the crypto energy consumption issue in our latest article: https://bestcoininvestments.com/elon-musk-calls-crypto-quite-energy-intensive/
Have a read, and tell us what is your perspective on this subject!
At the start of this crypto segment, he laughed and told the story about how he got blocked on Twitter by making fun on the phrase “wanna buy some bitcoin”. Later he continued by saying “I've got some friends of mine that are really involved in crypto”.
And then came his legendary phrase, which all the major news sites picked up: ”I think Bitcoin's structure is quite brilliant.” Elon continued by elaborating on what he thinks are the downsides of crypto. He mentioned that one of the biggest downsides is the energy consumption. “One of the downsides of crypto is it's quite energy intensive,” said Musk.
We elaborated on the crypto energy consumption issue in our latest article: https://bestcoininvestments.com/elon-musk-calls-crypto-quite-energy-intensive/
Have a read, and tell us what is your perspective on this subject!
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