Topic: For the bulls (Read 3632 times)

Making sure that I'm following you: Are you saying that if the Bitcoin market cap increases to the level that fiat money or gold currently maintain, that you think the total amount of energy required to secure the system could never be reduced by way of efficiency gains to have it be relatively similar to the total energy that is used to secure those other stores of value? Just putting this out there, but this phenomenon of increased energy efficiency developments, whenever involving something that humans value, has historically caused the total amount used to increase with most, if not all, such resources.

Stopped reading after eft shot down

Still falling..

Is this current bitcoin CENTRALIZED industry you guys are creating any better?? Please explain why

well, banks are very efficient, they create money from thin air with fractional banking, for a few cents per million

just that this is scamming and enslaving everyone, so ... yes slavery is efficient

+1
But the question is if Bitcoin as a payment network would be still more efficient than the banking system today. The math is not so easy because not every task in finance will be automated to 100% by Bitcoin.

In my opinion Bitcoin as a network is not efficient enough to stay the #1 in cryptos forever. POS and other ways to process and secure transactions are more efficient.

Just for the info, mining will cost more than half a billion of dollars at $10.000 for BTC (after next halving).

Another major advantage is everyone who is selling now can buy back double their coins at a later time! Also traders seem to be making a killing shorting this thing down

This bear rally has a major advantage - after some months you can buy cheap bitcoins from bagholders for double digits price I'm waiting patiently for the collapse of the 2011 log-linear trendline A new ATH will be within a few years, after despair phase

How much energy used is irrelevant because e=mc² or because volcanos or because sunshine.

Don't use new technology...

cuz the environment

sure, sure. I am aware of the probabilities. It doesn't matter in that respect. Compare to get 1% of the hashing power will cost you 1000$ or 1billion $. What is more secure? On the other hand the dollar investment will always get determined by the expected return. At $300 $1.1mio get created every day. So running the miners will not cost more than 1.1Mio. So if the price 10fold it is likely that mining will cost 10times more.

So efficiency doesn't solve that problem. Mining today is much more efficient compared to 2011 but much more electricity gets used.

Yess buy Buy buy!

Thanks, that's a little boring to watch since I already know what to response (I watched the prior chat about the conclusions and a little of the talk itself)

He's making one fatal error in his assessment: Bitcoin mining scales linearly with market cap.
The amount of value representing Gold & Fiat Money aren't considered in his comparisons, but they should.

The ecology should be represented in value per energy not absolute energy. The amount of value both in market cap and transaction value is so much higher with Gold and Fiat money that it distorts the conclusions he makes. I also don't think that energy efficacy will improve to that extent (it won't tend to zero if Bitcoin remains important). So far the power consumption has been increasing linearly with market price and more efficient machines simply did only offset it during the transition with even higher power consumption overall in the long run.
I'd like to see a trend of power efficiency in [Transactions/Joule] and see where that is headed. I doubt you can extrapolate an asymptotic trend. I think it's linear perhaps slightly logarithmic.

The last point is you wouldn't want to exclude the manufacturing costs of mining equipment nor the cost of exchange infrastructure if you compare it to the operational costs of banks.

LMFAO! Because you really know better than an insider who is dumping over $7mil in coins!!! Keep loading up.......

Found it. Let me know what you think about his perspective: https://www.youtube.com/watch?v=hLsKx39mWqI

Down trend didn't stop with the brief recovery.

Price chart still painting all over the place in the last 12 hours.

We'll all be rich!  

Actually that is your only hope... Have you ever considered this might actually be a market top?! 

Well, someone is always right with their predictions, in these bear markets, it's falllling and his sockpuppets... In a couple months or years, they won't be right anymore, that's the way things go! We stayed at these prices, even if the Willy bot was off for months already, I wouldn't expect too much of it, to be honest!

The 50% attack is only ever used by people that don't really understand it. The white paper itself explains why, assuming rational actors, its just not worth it. Then there is the simple fact that 50% doesn't guarantee anything (its just a bit more likely than if you had 49%). It just tips the odds slightly in your favour. In actually fact you are going to want more than half to have anything more than a marginal chance of being able to do what you want with the blockchain.

The only real threat is a malicious actor that only had the total destruction of BTC in mind. I can't argue against that possibility, stranger things have happened. Seems unlikely someone would spend all that money on mining BTC in order to see it fail? I can think of cheaper ways. (corner the market etc)