Page 3 of 4 [ 49 posts ]  Go to page Previous  1, 2, 3, 4  Next

auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 87,566
Location: the island of defective toy santas

24 May 2019, 12:19 am

Tollorin wrote:
Speaking of ressources scarcity; it is the Achille heel of Bitcoin: there is just not enough electricity for
it to be adopted by the mass as a currency.

that made me have a thought :o - in light of this, is there enough imagination and riches in the bitcoin community, for them to fund their own energy research so as to be able to supply themselves with sufficient watts to make more and more money? :idea:



naturalplastic
Veteran
Veteran

User avatar

Joined: 26 Aug 2010
Age: 64
Gender: Male
Posts: 21,133
Location: temperate zone

30 May 2019, 12:41 am

auntblabby wrote:
Tollorin wrote:
Speaking of ressources scarcity; it is the Achille heel of Bitcoin: there is just not enough electricity for
it to be adopted by the mass as a currency.

that made me have a thought :o - in light of this, is there enough imagination and riches in the bitcoin community, for them to fund their own energy research so as to be able to supply themselves with sufficient watts to make more and more money? :idea:


How is it possible that Bitcoin uses up "electricity"?
How could it use up any more electricity than does anything else on the Net?

As I understand it Bitcoin is just an electronic version of Monopoly money - Monopoly money that gets used as real money in its boom times, and goes back to being toy monopoly money during its bust times. So its basically just text on the internet. So it doesn't even use up much memory space. U Tube must be using more memory than bitcoin because it traffics in audio/video, and not just text. And therefor Utube must need more physical computers, ergo must use more "electricity" than bitcoin. The biggest user of memory on the net and therefore (I would assume)the most "electricity" would be the porn industry. The global limited supply of electricity doesn't stop the porn industry. So why would it effect bitcoin?



auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 87,566
Location: the island of defective toy santas

30 May 2019, 12:56 am

naturalplastic wrote:
auntblabby wrote:
Tollorin wrote:
Speaking of ressources scarcity; it is the Achille heel of Bitcoin: there is just not enough electricity for
it to be adopted by the mass as a currency.

that made me have a thought :o - in light of this, is there enough imagination and riches in the bitcoin community, for them to fund their own energy research so as to be able to supply themselves with sufficient watts to make more and more money? :idea:


How is it possible that Bitcoin uses up "electricity"?
How could it use up any more electricity than does anything else on the Net?

As I understand it Bitcoin is just an electronic version of Monopoly money - Monopoly money that gets used as real money in its boom times, and goes back to being toy monopoly money during its bust times. So its basically just text on the internet. So it doesn't even use up much memory space. U Tube must be using more memory than bitcoin because it traffics in audio/video, and not just text. And therefor Utube must need more physical computers, ergo must use more "electricity" than bitcoin. The biggest user of memory on the net and therefore (I would assume)the most "electricity" would be the porn industry. The global limited supply of electricity doesn't stop the porn industry. So why would it effect bitcoin?

i am no expert, but it is public knowledge that bitcoin does calculations at a terrific clip, much more intensely than does youtube. the pace of these calculations or numeric operations must be using lots of electricity because local power utilities are beginning to protest at these power hogs and starting to limit the number of these bitcoin operations within their zones of service. Alex de Vries, a bitcoin specialist at PwC, estimates that the current global power consumption for the servers that run bitcoin's software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year—almost the same as Ireland. the following link explains why so much energy is involved with bitcoin-
https://www.economist.com/the-economist ... uch-energy



DeepHour
Veteran
Veteran

User avatar

Joined: 1 Jun 2014
Gender: Male
Posts: 34,735
Location: United Kingdom

30 May 2019, 1:54 am

One of the main reasons for the surge in the share price of Nvidia a couple of years ago was said to be the huge increase in demand for its powerful graphics processors to create bitcoins.


_________________
On a mountain range
I'm Doctor Strange


naturalplastic
Veteran
Veteran

User avatar

Joined: 26 Aug 2010
Age: 64
Gender: Male
Posts: 21,133
Location: temperate zone

30 May 2019, 2:21 am

auntblabby wrote:
naturalplastic wrote:
auntblabby wrote:
Tollorin wrote:
Speaking of ressources scarcity; it is the Achille heel of Bitcoin: there is just not enough electricity for
it to be adopted by the mass as a currency.

that made me have a thought :o - in light of this, is there enough imagination and riches in the bitcoin community, for them to fund their own energy research so as to be able to supply themselves with sufficient watts to make more and more money? :idea:


How is it possible that Bitcoin uses up "electricity"?
How could it use up any more electricity than does anything else on the Net?

As I understand it Bitcoin is just an electronic version of Monopoly money - Monopoly money that gets used as real money in its boom times, and goes back to being toy monopoly money during its bust times. So its basically just text on the internet. So it doesn't even use up much memory space. U Tube must be using more memory than bitcoin because it traffics in audio/video, and not just text. And therefor Utube must need more physical computers, ergo must use more "electricity" than bitcoin. The biggest user of memory on the net and therefore (I would assume)the most "electricity" would be the porn industry. The global limited supply of electricity doesn't stop the porn industry. So why would it effect bitcoin?

i am no expert, but it is public knowledge that bitcoin does calculations at a terrific clip, much more intensely than does youtube. the pace of these calculations or numeric operations must be using lots of electricity because local power utilities are beginning to protest at these power hogs and starting to limit the number of these bitcoin operations within their zones of service. Alex de Vries, a bitcoin specialist at PwC, estimates that the current global power consumption for the servers that run bitcoin's software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year—almost the same as Ireland. the following link explains why so much energy is involved with bitcoin-
https://www.economist.com/the-economist ... uch-energy


Gosh!



auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 87,566
Location: the island of defective toy santas

30 May 2019, 2:25 am

i wish i had the kind of mercenary smarts to have become a bitcoin stakeholder. that seems like rocket science to me. :doh:



naturalplastic
Veteran
Veteran

User avatar

Joined: 26 Aug 2010
Age: 64
Gender: Male
Posts: 21,133
Location: temperate zone

30 May 2019, 2:43 am

auntblabby wrote:
i wish i had the kind of mercenary smarts to have become a bitcoin stakeholder. that seems like rocket science to me. :doh:

I don't know the first thing about Bitcoin. You all hafta educate me on...the first thing about it.

I thought it was just folks doing a new kind of arbitrage- something like what they've done for centuries- which is trading old fashioned money currencies issued by different countries against each other to make money for themselves- that with maybe a little bit of the monetized chain letter effect as well.

And apparently it IS that too, but the main thing is this other thing I don't understand in the economist article- that you have to "solve a puzzle" to get bitcoinage? Does that mean that you - as a human- have to solve something like a jigsaw puzzle to get at it ( in competition with other humans using their human noggins?)? Or does that mean that your computer has to solve something for you (and compete against other computers) to crack the safe?



DeepHour
Veteran
Veteran

User avatar

Joined: 1 Jun 2014
Gender: Male
Posts: 34,735
Location: United Kingdom

30 May 2019, 2:49 am

I think the 'puzzles' are complex mathematical equations. 'Solving' them apparently requires a vast amount of processing power and thus electricity usage.


_________________
On a mountain range
I'm Doctor Strange


auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 87,566
Location: the island of defective toy santas

30 May 2019, 3:46 am

DeepHour wrote:
I think the 'puzzles' are complex mathematical equations. 'Solving' them apparently requires a vast amount of processing power and thus electricity usage.

i don't grok how that can form the basis of a quasi-monetary system.



DeepHour
Veteran
Veteran

User avatar

Joined: 1 Jun 2014
Gender: Male
Posts: 34,735
Location: United Kingdom

30 May 2019, 4:06 am

I'm not really sure how the value of our official money is determined, when it can be produced in unlimited quantities with a few keystrokes by our Central Banks. Presumably the argument is that it's 'backed' by the total value of a nation's assets and economic production (GDP). So bitcoin is maybe thought to be backed by the work and resources that went into producing it?

Sounds dodgy to me, but some very shrewd people seem to believe in it.


_________________
On a mountain range
I'm Doctor Strange


auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 87,566
Location: the island of defective toy santas

30 May 2019, 4:20 am

i sorta remember a money guy named john kenneth galbraith, who said “The process by which banks create money is so simple that the mind is repelled.” they literally summon it from thin air.



naturalplastic
Veteran
Veteran

User avatar

Joined: 26 Aug 2010
Age: 64
Gender: Male
Posts: 21,133
Location: temperate zone

30 May 2019, 5:28 am

DeepHour wrote:
I think the 'puzzles' are complex mathematical equations. 'Solving' them apparently requires a vast amount of processing power and thus electricity usage.


So humans , with computers, use their computers to solve "puzzles" (way more complex than what a human could solve) in order for the the human owners of the computers to get at an allotment of bitcoin money if their computers solve these problems. Basically they are inviting you to hack into them - as long as its an honest hack.

Then ,, after your computer picks the lock to get the bitcoin, then the fun for the humans begins. Which is speculation: trying to make money trading in bitcoin to earn real dollars from the bitcoin?

I think that I have it.



BlossX
Snowy Owl
Snowy Owl

Joined: 24 May 2019
Age: 23
Gender: Male
Posts: 156

31 May 2019, 9:28 am

scam



auntblabby
Veteran
Veteran

User avatar

Joined: 12 Feb 2010
Gender: Male
Posts: 87,566
Location: the island of defective toy santas

02 Jun 2019, 2:26 am

a few people seem to be making money off of this. exceptionally lucky and/or smart.



Noca
Veteran
Veteran

User avatar

Joined: 9 May 2015
Gender: Male
Posts: 3,439
Location: Canada

02 Jun 2019, 9:48 pm

I don't recall if I posted in this thread or not and I can't be bothered to look. At the peak of the bitcoin craze as much as 1% of the world's electricity needs were spent on crypto currency mining. What a f*****g waste. I was thrilled when the price of bitcoin collapsed so I could finally upgrade my 8 year old computer as the prices(especially video cards) were once again reasonable.


_________________
The top gets higher the more that I climb...

Your neurodiverse score: 150 of 200
Your neurotypical score: 51 of 200

officially diagnosed with Asperger's as of 09/11/15

Reassessed 04/11/16
DSM-V: ASD level 2 with Social Communication Severity: level 2, Restrictive Repetitve Behaviour: level 2

ADOS-2 classification: Autism