There were too many questions posted by OP in one single post.
Regarding free energy, who says we are going to have free energy in future or is there any work going on in this aspect? Free energy means oil will lose its value and its associated stock market will also collapse. Let’s not discuss something that is not feasible, at least for now.
Topic: Theory (requires criticism) - Bitcoin after free energy disclosure? (Read 220 times)
January 07, 2020, 08:47:08 AM
January 07, 2020, 06:09:18 AM
People here say that energy can't be free, but I think it actually can happen, though I doubt it's very likely. Right now air is free because its supply is much higher than demand and its everywhere. Maybe in some super distant future same will happen to energy - scientists will be able to get energy from anti-matter or some other cool stuff so the supply of energy will just explode.
The thing is, even if that scenario comes true (and it won't be for a really, really long time), states or corporations will still need to profit from it, and it'll still be charged to citizens. I mean, hydropower in my state is practically free and in plentiful abundance to the state (other than maintenance and operations) but it still charges for it. We even have to burn off natural gas (flaring), as there's simply too much, but we're still not giving it away for free;)
There are 2 scenario's for Bitcoin (though I doubt that Bitcoin in current form will survive till then):
1. People still sticking to PoW and throwing gigantic amounts of energy into it
2, People switching to PoS or some other algo. Maybe instead of burning energy we'll be able to burn something more rare in a way that can be linked to the network.
1. People still sticking to PoW and throwing gigantic amounts of energy into it
2, People switching to PoS or some other algo. Maybe instead of burning energy we'll be able to burn something more rare in a way that can be linked to the network.
But yeah, even with a theoretically limitless amount of energy, people would simply be throwing more computing power into the network. The reward system for miners will still work. But like everyone says, no real use in matching a distant variable with a current one. Bitcoin will be very different when/if that free energy scenario comes true.
January 07, 2020, 04:24:19 AM
Just reading the title seems impossible, where is free energy? what basis will a country free energy? is this a mere hallucination?
So what will happen to bitcoin if energy is free (though not possible)? I think bitcoin will start going down not going up, why? Well the answer is why is the price of bitcoin high now? it is because of the difficulty in mining, even though it will be offset by lower blocks, the price will certainly continue to decline if energy is truly free.
So what will happen to bitcoin if energy is free (though not possible)? I think bitcoin will start going down not going up, why? Well the answer is why is the price of bitcoin high now? it is because of the difficulty in mining, even though it will be offset by lower blocks, the price will certainly continue to decline if energy is truly free.
January 07, 2020, 01:19:12 AM
People here say that energy can't be free, but I think it actually can happen, though I doubt it's very likely. Right now air is free because its supply is much higher than demand and its everywhere. Maybe in some super distant future same will happen to energy - scientists will be able to get energy from anti-matter or some other cool stuff so the supply of energy will just explode.
air is free because it doesnt need a expensive device or a o2 battery to contain it or use it.
electric however is not free.
batteries cost money to store it. solar panels cost money to gather it.
heck lets image a world where we are constantly bombarded with storm clouds of lighting zapping the surface constantly. even a long metal pole and wire costs money.
even equipments to gather electric from your silly antimatter scenario. cost money
what you dont realise is 'electric' itself is not asking for payment...but the cables to your house. the coal factories, the workers the coal miners, the transportation. those cost money. and those providing all that service to get electric to you is what your paying for. so technically 'electric' is already free. but the electric service and delivery is the payments you make. and that will never change
same concept as fruit
the fruit is free but your paying for the convenience of having it available at a local grocery store without the hassle of growing your own
January 07, 2020, 12:05:44 AM
People here say that energy can't be free, but I think it actually can happen, though I doubt it's very likely. Right now air is free because its supply is much higher than demand and its everywhere. Maybe in some super distant future same will happen to energy - scientists will be able to get energy from anti-matter or some other cool stuff so the supply of energy will just explode.
There are 2 scenario's for Bitcoin (though I doubt that Bitcoin in current form will survive till then):
1. People still sticking to PoW and throwing gigantic amounts of energy into it
2, People switching to PoS or some other algo. Maybe instead of burning energy we'll be able to burn something more rare in a way that can be linked to the network.
There are 2 scenario's for Bitcoin (though I doubt that Bitcoin in current form will survive till then):
1. People still sticking to PoW and throwing gigantic amounts of energy into it
2, People switching to PoS or some other algo. Maybe instead of burning energy we'll be able to burn something more rare in a way that can be linked to the network.
January 06, 2020, 11:36:09 PM
you should first tag your question with something indicating that you are asking it in an imaginary alternate universe where electricity could become free. otherwise in the real world that we live it, energy is never going to become free at least not in our lifetime. it may become cheaper as newer technologies come out and the efficiencies grow but never free.
January 06, 2020, 10:39:06 PM
even if a way could be made to make electric production free. there will always be a way someone will charge for it.
EG people can grow tomatoes in their garden. yet supermarkets charge $1, and they have demand
people can have sex with their wife. but prostitutions charge to service the married man
for electric. even if free some tax or set up cost or cabling inspection/insurance would develop where costs are still incurred
also as avikz says:
totally agree with this assessment..
.. screw it 10 merit
EG people can grow tomatoes in their garden. yet supermarkets charge $1, and they have demand
people can have sex with their wife. but prostitutions charge to service the married man
for electric. even if free some tax or set up cost or cabling inspection/insurance would develop where costs are still incurred
also as avikz says:
Mining can't be free even if electricity becomes free. Rather the hardware cost is likey to skyrocket because a lot of people will then become interested to start mining! It will increase the demand of mining hardware which will push the price of these already-costly equipments to another notch higher!
More people mining means, network difficulty will increase! More difficulty means, more update hardware requirement and more updated hardwar requirement will increase the initial set up investment of every wannabe miners!
Understand the chronology! It's a never ending cycle!
More people mining means, network difficulty will increase! More difficulty means, more update hardware requirement and more updated hardwar requirement will increase the initial set up investment of every wannabe miners!
Understand the chronology! It's a never ending cycle!
totally agree with this assessment..
.. screw it 10 merit
January 06, 2020, 06:42:05 PM
Are you following Vitalik's statements? I think he needs to focus a little more on advertising. It is constantly giving general useful information to the community. But if the Etehreum price does not increase, there will be no community. People need money
January 06, 2020, 01:06:03 PM
OP seems to be completely off his rocker.
Is this "free energy" of the same type that's prohibited by the first law of thermodynamics (, i.e., that you can't get something for nothing)? Just curious, because there are still some people in the current year who think they can build the world's first perpetual motion machine or tap into zero point energy or whatever. It's insanity, and much of the other stuff that OP wrote is as well.
The best you can hope for as a miner is getting electricity cheaply in terms of cost. Nothing is for free. Even if you use solar power, you still have to invest in solar panels.
Is this "free energy" of the same type that's prohibited by the first law of thermodynamics (, i.e., that you can't get something for nothing)? Just curious, because there are still some people in the current year who think they can build the world's first perpetual motion machine or tap into zero point energy or whatever. It's insanity, and much of the other stuff that OP wrote is as well.
The best you can hope for as a miner is getting electricity cheaply in terms of cost. Nothing is for free. Even if you use solar power, you still have to invest in solar panels.
January 06, 2020, 12:55:32 PM
After free energy is disclosed what will the impact on Bitcoin be?
Apart from time-spent; Mining would be free then, right?
How will it effect development?
How will if effect the price?
Apart from time-spent; Mining would be free then, right?
How will it effect development?
How will if effect the price?
Well, you have asked a lot of questions. But I will try to answer few of them!
Bitcoin is not likely to be impacted by the free energy disclosure if it happens in only few countries. It will only impact if free energy is distributed in all major countries where bitcoin is mined. As the production cost decreases, the miners will be able to sell it at a cheaper rate which may crash the price! But let's not imagine unimaginable things like free energy worldwide! That's not gonna happen, at least in our lifetime!
Mining can't be free even if electricity becomes free. Rather the hardware cost is likey to skyrocket because a lot of people will then become interested to start mining! It will increase the demand of mining hardware which will push the price of these already-costly equipments to another notch higher!
More people mining means, network difficulty will increase! More difficulty means, more update hardware requirement and more updated hardware requirement will increase the initial set up investment of every wannabe miners!
Understand the chronology! It's a never ending cycle!
January 04, 2020, 06:53:03 AM
After free energy is disclosed what will the impact on Bitcoin be?
Apart from time-spent; Mining would be free then, right?
I'll participate towards your first question, the one in the title since I've had this thought before however its certainly akin to conspiracy or ultra heavy future speculation at best. Apart from time-spent; Mining would be free then, right?
All markets will move if energy were to become free or near free and currency would be the least of our worries however Bitcoin will still have scarcity and a fair market distribution no matter the cost of mining even if free. Also at the point that energy becomes free, we may choose other metrics of value such as 'time' like you mentioned.
I really don't see free energy coming at least not while capitalism exists. Personally I hope we don't see it anytime soon. I don't believe we as a species are mature enough to handle such a responsibility yet.
December 19, 2017, 12:34:06 PM
After free energy is disclosed what will the impact on Bitcoin be?
Apart from time-spent; Mining would be free then, right?
How will it effect development?
How will if effect the price?
Will it effect Altcoins?
Has the value of the dollar has decreased by 98%?
Are the values of precious metals is being manipulated?
Would an audit of the Federal reserve effect fiats worth?
Would an audit of the Pentagon effect fiats worth?
#FirstTimeInHistory
Would a non gold backed fiat crash effect bitcoins worth?
Who recently created a gold-backed currency?
Would Bitcoin get a proper value +98%?
Would Altcoins that serve a true function (other that value transfer become very valuable)?
If a network of atomic swaps was set up between all coins would it make ETH obsolete?
Would currencies like ETH die after shown to be trying to do to much heavy lifting?
Might ETH also die when people find out they are working for the elites?
Could Bitcoins true value as a WW consensus platform stabilize the price?
Is Bitcoins true use flawless voting/record keeping?
Apart from time-spent; Mining would be free then, right?
How will it effect development?
How will if effect the price?
Will it effect Altcoins?
Has the value of the dollar has decreased by 98%?
Are the values of precious metals is being manipulated?
Would an audit of the Federal reserve effect fiats worth?
Would an audit of the Pentagon effect fiats worth?
#FirstTimeInHistory
Would a non gold backed fiat crash effect bitcoins worth?
Who recently created a gold-backed currency?
Would Bitcoin get a proper value +98%?
Would Altcoins that serve a true function (other that value transfer become very valuable)?
If a network of atomic swaps was set up between all coins would it make ETH obsolete?
Would currencies like ETH die after shown to be trying to do to much heavy lifting?
Might ETH also die when people find out they are working for the elites?
Could Bitcoins true value as a WW consensus platform stabilize the price?
Is Bitcoins true use flawless voting/record keeping?
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