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Topic: Energy consumption will become an issue if bitcoin really breaks through - page 4. (Read 23459 times)

hero member
Activity: 575
Merit: 500
The North Remembers
I'm in prime wind power territory. Anyone want to invest in HashFarm? Buy some ASICs, a couple turbines, and sell extra electricity back to the grid to buy more ASICs. Use it to show energy conscious skeptics that we're not all "wasting" power. Who's with me?

/half joking
//it would be cool

Unfortunately, you are still "wasting" energy. You could be using that energy to power your house instead.

That's taken out of the extra.
legendary
Activity: 4466
Merit: 3391
I'm in prime wind power territory. Anyone want to invest in HashFarm? Buy some ASICs, a couple turbines, and sell extra electricity back to the grid to buy more ASICs. Use it to show energy conscious skeptics that we're not all "wasting" power. Who's with me?

/half joking
//it would be cool

Unfortunately, you are still "wasting" energy. You could be using that energy to power your house instead.
jr. member
Activity: 42
Merit: 1000
In times of famine every plant (or weed)
is a lovely food... Wink
Humans count too, they are more tasty.
hero member
Activity: 798
Merit: 1000
Well, since you brought it up: Report: 97% of scientists believe global warming is real.  Don't listen to us, listen to the experts.  

Even if what you said was true, there is still a limited amount of resources on the planet, and the point that the bitcoin infrastructure is wasteful in resource terms alone is entirely valid.

I'm pretty sure Ukigo's post was dripping with sarcasm (more humans == more slaves kinda gives it away). But it can be hard to detect over the internet sometimes. Tongue
hero member
Activity: 490
Merit: 500
There is no CO2 problem.
Global Warming craze is a scam.

Humans can tolerate up to 4% of CO2 in the air.
A lot of CO2 will be good for plants.
More plants == more food for humans.
more humans == more slaves for us.
Et cetera ...

Well, since you brought it up: Report: 97% of scientists believe global warming is real.  Don't listen to us, listen to the experts.  

Even if what you said was true, there is still a limited amount of resources on the planet, and the point that the bitcoin infrastructure is wasteful in resource terms alone is entirely valid.
member
Activity: 110
Merit: 10
🙏
There is no CO2 problem.
Global Warming craze is a scam.

Humans can tolerate up to 4% of CO2 in the air.
A lot of CO2 will be good for plants.
More plants == more food for humans.
more humans == more slaves for us.
Et cetera ...
"There was an echo."
hero member
Activity: 575
Merit: 500
The North Remembers
I'm in prime wind power territory. Anyone want to invest in HashFarm? Buy some ASICs, a couple turbines, and sell extra electricity back to the grid to buy more ASICs. Use it to show energy conscious skeptics that we're not all "wasting" power. Who's with me?

/half joking
//it would be cool
jr. member
Activity: 42
Merit: 1000
There is no CO2 problem.
Global Warming craze is a scam.

Humans can tolerate up to 4% of CO2 in the air.
A lot of CO2 will be good for plants.
More plants == more food for humans.
more humans == more slaves for us.
Et cetera ...
member
Activity: 110
Merit: 10
🙏
This means that the bitcoin network by itself would raise global electricity consumption by up to 7%

Please show me where I'm wrong!

You are wrongly assuming that bitcoins will still be used then.
People will switch to LTC, or any other altcoins easier to mine ...
If that's true it means there will never be a global cryptocurrency that's not controlled by any government.
legendary
Activity: 1400
Merit: 1013
I looked at those a while back and determined that the physics was flawed, stress strain and tidal forces would never allow such a thing to exist.  It's a real shame because the Matrioska brains could provide us with lots  of free beer.
Imagine a membrane with a sufficiently high strength to weight ratio that it could support itself and a tethered load against solar gravity based on the pressure of the solar wind without requiring orbital motion.

Now imagine building enough of these that they form a sphere around the sun.
legendary
Activity: 2926
Merit: 1386
There is no CO2 problem.
Global Warming craze is a scam.

Humans can tolerate up to 4% of CO2 in the air.
A lot of CO2 will be good for plants.
More plants == more food for humans.
more humans == more slaves for us.
Et cetera ...

Hmm....maybe not 4%, that'd be 40,000 ppm, and we are currently < 400 ppm.  Seems like 7000 ppm is the max IIRC.  So but yeah, your point is that weed would grow better with the higher CO2...

OOPS, never mind.  I see you were referring to food.
legendary
Activity: 2926
Merit: 1386
Synechococcus bacteria, solves the problem of too much carbon dioxide in the atmosphere, we found the answer to this problem years ago.
Even if that would be true and these bacteria would solve our CO2 problem without causing even worse side effects (hear my doubt?), there would still be the other side of energy supply: limited resources.

gotta start building a dyson sphere or two  Wink
I looked at those a while back and determined that the physics was flawed, stress strain and tidal forces would never allow such a thing to exist.  It's a real shame because the Matrioska brains could provide us with lots  of free beer.

legendary
Activity: 1540
Merit: 1000
Synechococcus bacteria, solves the problem of too much carbon dioxide in the atmosphere, we found the answer to this problem years ago.
Even if that would be true and these bacteria would solve our CO2 problem without causing even worse side effects (hear my doubt?), there would still be the other side of energy supply: limited resources.

True, it may well be that this kind of bacteria is a key component in terraforming though which I find pretty interesting Cheesy
member
Activity: 113
Merit: 10
Synechococcus bacteria, solves the problem of too much carbon dioxide in the atmosphere, we found the answer to this problem years ago.
Even if that would be true and these bacteria would solve our CO2 problem without causing even worse side effects (hear my doubt?), there would still be the other side of energy supply: limited resources.
legendary
Activity: 1540
Merit: 1000
Synechococcus bacteria, solves the problem of too much carbon dioxide in the atmosphere, we found the answer to this problem years ago.

You're welcome Smiley

http://microbewiki.kenyon.edu/index.php/Synechococcus_elongatus

Quote
   Synechococcus elongatus uses carbon dioxide (CO2) as its carbon source through the Calvin cycle. During photosynthesis, Synechococcus elongatus uses water (H2O) for the electron donor, which produces oxygen (O2) as the by-product. Carbon dioxide is then converted to glucose through the Calvin cycle and is used for biosynthesis or other energetic needs.
sr. member
Activity: 826
Merit: 250
CryptoTalk.Org - Get Paid for every Post!
Seriously people, any comparison to the energy consumption of the current financial infrastructure would conclude that BTC is HUGELY WASTEFUL, because BTC is performing so few transactions.  Just look here at the cost per transaction, the miners are getting paid on the order of 8 dollars per transaction and even before the bubble it was more then a dollar, that makes BTC easily the most costly system ever devised.  Now a lot of that cost now is just pure profit for miners but competition dictates that it will eventually become energy expenditure.

http://blockchain.info/charts/cost-per-transaction
hero member
Activity: 490
Merit: 500
I'm also not really sure I buy your point about bitcoin being unable to supply all the services you listed.  Can it supply customer services?  Probably not very well.  But funds / asset management, and loans?  I don't see why not.  I don't think bitcoin is mature enough to do it yet, but that doesn't mean that it's impossible.  The hardest part would be loans and that may very well have to be pegged to some fiat currency to be possible, so I could be wrong about it being possible.  Easy?  No, it'd be quite tricky to do based on the very nature of bitcoin.  But probably not impossible.

He is saying that bitcoin does not replace those services. e.g. they will still use the energy that they do now, even if they are operating with bitcoin. So it is not fair to use the lights that a bank uses to operate as part of the energy cost of fiat because it is related to the energy cost of money in general.

Ah, I get it, that makes more sense now.  I meant more the parts of the currency costs that wouldn't be necessary with bitcoin such as the armored cars full of trucks, all the security needed to secure credit cards, etc, but I admit that I didn't make that clear with my original post.  Technically, security (ie not losing your bitcoins) is still an issue in the bitcoin world, it's just shifted from the responsibility of the banks / companies / credit card processors to the individuals who own the bitcoins themselves.
hero member
Activity: 798
Merit: 1000
I'm also not really sure I buy your point about bitcoin being unable to supply all the services you listed.  Can it supply customer services?  Probably not very well.  But funds / asset management, and loans?  I don't see why not.  I don't think bitcoin is mature enough to do it yet, but that doesn't mean that it's impossible.  The hardest part would be loans and that may very well have to be pegged to some fiat currency to be possible, so I could be wrong about it being possible.  Easy?  No, it'd be quite tricky to do based on the very nature of bitcoin.  But probably not impossible.

He is saying that bitcoin does not replace those services. e.g. they will still use the energy that they do now, even if they are operating with bitcoin. So it is not fair to use the lights that a bank uses to operate as part of the energy cost of fiat because it is related to the energy cost of money in general.
hero member
Activity: 490
Merit: 500

I tried to estimate this in this previous post. You are right that one should compare it to today's banking usage. But keep in mind that banking is not just about issuing and transferring money. There are services included that bitcoin doesn't supply and never will (funds/asset management, customer services, loans....)
...


I would be very interested in the figures, but they might be hard to get. But please read my linked post. If you can show me with quotes to reliable sources that the ratio of (paypal transaction volume)/(paypal plus credit cards energy use) is better than in the case of bitcoin, I'll be more than glad to change my opinion. I came to the conclusion that bitcoin's ratio is worse by orders of magnitude.

I would happily give you the figures if I could, but you have a valid point that they're hard to get.  I don't work for paypal / ebay and even if I did I probably wouldn't have access to that kind of information.  I'm not arguing the original point, bitcoin IS an energy hog, that's probably its biggest weakness.  Just trying to make a comparison and unfortunately it's not a very good comparison because I simply don't have the data to compare it to.

I'm also not really sure I buy your point about bitcoin being unable to supply all the services you listed.  Can it supply customer services?  Probably not very well.  But funds / asset management, and loans?  I don't see why not.  I don't think bitcoin is mature enough to do it yet, but that doesn't mean that it's impossible.  The hardest part would be loans and that may very well have to be pegged to some fiat currency to be possible, so I could be wrong about it being possible.  Easy?  No, it'd be quite tricky to do based on the very nature of bitcoin.  But probably not impossible.
legendary
Activity: 2926
Merit: 1386
but if you look at it from the perspective that energy costs can also drive people to move toward their own energy generation (Solar, Wind, Tidal, etc), in order to be competitive in that market, the total energy consumption isn't as relavent as the source of that energy being consumed.

If you think of the trilions of gigawatts of energy that are wasted by not harnessing the Sun's power... There's not a big issue with consuming a lot of energy.

In the far future you might even be right. There are clever people around that think energy will be 100% renewable and almost for free in the future. But I think we should consider the status quo and not rely on utopia when judging weaknesses of today's bitcoin technology. Bitcoin value might rise a lot faster than renewable energy will progress.

In the case of Photovoltaics one should bear in mind that today PV cells are produced in china using non-renewable energy. So their embodied energy is not renewable at all.

As long as renewable energy is more expensive than fossil and nuclear energy, I consider excessive energy use as being bad because real costs are externalized.
....just because something is produced using another type of energy makes it not 'clean energy' is disingenuous at best. In order for that statement to be true, it would require that every cell produced consumes more 'dirty' energy in the the production process than it will produce in its working lifetime, which, if that were the case, solar energy would already make ZERO economic sense. People would never be able to come out ahead, as the solar installation would cost more in energy costs alone to produce, than would ever be recovered...
Haven't you just disproved your own argument?

But in so doing you asserted based on the absolutes..."every cell produced"..."zero economic sense"...

and economics of A vs B is never based on absolutes.  We see solar cells used for ranch gate openers - GOOD.  For city stop signs and other markers where there'd be a high cost to run the power wires - GOOD.  For a city stop sign right next to a power line - STUPID.

This isn't terribly complicated unless you preface the argument with a moral premise such as SOLAR = GOOD, then proceed in a twisted and warped fashion to ignore actual numbers because you've predefined GOOD.

In fact, you've argued against the other poster who simply stated that externalized costs (and pollution) have to be entered into the equation.  Sorry, you can't do that.
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