The Red Menace
Yes, What is a digital currency that is yet another capital driven mechanism that is damaging the eco system?
They might mean the Economy...?
It could've been a mistake in wording.
But hell if I know lol.
Hell if I know either. Kinda sounds like jealousy because people are becoming millionaires off of it, or the very least decently richer. And people didn't jump on it and as such are losing out on it. Hell, I am now sitting at some 250% earnings on these investments.They might mean the Economy...?
It could've been a mistake in wording.
But hell if I know lol.
Yes the consumption of resources in the further increase in demand of components for the miner rigs to the space used up for it to the power consumed from start to end.
That's not how it works. The difficulty isn't dependent on the number of coins produced. Instead it's based on trying to keep new coin issuance at a fixed 10 minutes per successful mine. If more people put more computing power into it and start finding new coins faster, then it becomes more difficult to bring the speed back to one mine every 10 minutes. If nobody adds any more computing power, that difficulty remains the same. And if people pull out of mining and remaining people find it too hard to mine, the difficulty goes down (as it did last week after a lot of miners temporarily stopped mining in China). This difficulty adjustment works automatically roughly every two weeks. The only thing that has been making mining and energy use go up is Bitcoin's price. Because mining costs A LOT of money, if the difficulty goes up too much you may not earn any profit or even lose money. But if Bitcoin price goes up, what you can earn is worth more, so more people start to mine to get some of that profit. Until the difficulty goes up again and makes the payment lower. In simple terms, this automatic difficulty adjustment keeps making the profitability of Bitcoin trend to zero, but as long as Bitcoin grows in value there's still a bit of money to be made.Each time a coin is mined it gets harder and harder to mine the next and since miners are in a race against each other they buy a lot of computers to increase processing speed, this in turn increases electricity consumption
It's that thing that makes my plans to upgrade my video card for, you know, GAMING, an annoying-as-hell endeavour. -_-
Bitcoin has nothing to do with it. You can't mine Bitcoin with video cards. It's all the other shitty coins that people created, hoping to get in on the "blockchain" fad, that use GPUs. Hopefully they will die off soon.I realize that the above is still my own suspicions, so having no hard proof I was still rather tolerant towards the whole thing. But more recently, as it started hurting both on personal levels (by sucking the market dry of electronics)...
One of Bitcoin's greatest innovations is to be able to make something that is both digital and cannot be duplicated like every other digital thing. It's the first time in history that you're able to send something digital to someone else, and guarantee that you will no longer have it yourself. So because of this mathematically guaranteed scarcity no one can make any more of it, not even the richest most powerful people or governments (who historically have been able to amass their wealth and power mainly by being able to print more money). You can hold a gun to a 2+2=4 math problem and demand that it be equal to 5, but it will always be equal to 4, and it's the same with Bitcoin's math.But Bitcoin is digital. You could literally type more money, vs printing it?
I can't legally invest into anything until I can figure out how to restore my missing i.ds anyway so it technically doesn't affect me much, but I have seen the negatives more than the positive. Like people are just desperately trying to convince you it's good, but the people on board only want to get richer.
One of Bitcoin's greatest innovations is to be able to make something that is both digital and cannot be duplicated like every other digital thing. It's the first time in history that you're able to send something digital to someone else, and guarantee that you will no longer have it yourself. So because of this mathematically guaranteed scarcity no one can make any more of it, not even the richest most powerful people or governments (who historically have been able to amass their wealth and power mainly by being able to print more money). You can hold a gun to a 2+2=4 math problem and demand that it be equal to 5, but it will always be equal to 4, and it's the same with Bitcoin's math.
Eh, people desperately try to tell others to exercise, eat healthy, and do things that make you better off too, because doing those things made them better off, but other people either listen or don't. It's same with bitcoin. Everyone I know who switched to hard, sound money with a good monetary policy became much better off in the end. Everyone who stuck with their easy and manipulated money remained the same or got worse. And just like old folks who don't want to adopt the internet doesn't really affect the internet, people who don't want to adopt new money won't really affect it either.
Although I am not sure if you are trying to imply that "getting richer" is a bad thing?
From my understanding, they started as a way to sort of unite the world under one currency and I really liked the sound of that idea. But now, in 2021, you've got more and more people trying to start their own. It's no longer a mission, it's a competition.
Getting wealthier (in my situation) wouldn't be terrible. But the psychological tactics of a promoting something as good, and then dipping once you've gotten your fill (aka playing the stock market) is more likely to be the issue than when it first started up. It doesn't make sense to me to promote cryptocurrency if you're still banking your success on the amount of cash you have to spend everywhere else that doesn't accept Bitcoin.
The concept of a digital currency having absolutely no way of being altered sounds very unrealistic to me. Unless I'm just misunderstanding something, it'd be like saying 'we made a safe no robber can break through', but you had to break down the materials in order to get it into that shape, not to mention, you still have to have employees coming and going from that safe every day. Someone had to make it in order to put it there. It doesn't matter how many layers it has, it can still be abused or manipulated in some way. So clearly something can, and will, happen at some point.
People can hack or develop malware to get into it. People can lose their entire wallet just for not being able to remember their password after x amount of times. That wouldn't go over well with a lot of older folks, I'm sure. If people are desperate enough, they will find a way to exploit it. I guess what I'm trying to say is, same shit, different currency. XD
All in all, this doesn't really affect me 'cause I'm in Canada and nobody uses it over here. But this is just my skepticism on it.
Those who end up making money from Bitcoin don't "dip" if you mean "take their profits and run." Bitcoin*is* money. Just keep your savings in it and spend it when you need to. It's going up mainly because more and more people are realizing that it's better money than all alternatives, and dumping their old money to move into it. Some even moving hundreds of millions or billions into it. I guess the point is to not be the last one left holding the old money that by then will be worthless. Earlier you move in, better off you'll be. If you move in late, you'll still be able to use it just fine, but you'd have missed out on the growth. That's why people are trying to get their friends and family into it. They don't want them to miss the growth part.
Just use it same as any money. Like deciding you don't want to use euros anymore and converting them to dollars. You just keep your money in it and use it to pay for things, such as reloading your VISA card, or paying for things online directly with merchants who support accepting payments in it. Only difference is that, while you need to go through the same banking setup hassle to convert your currency into it using online means, if you just want to set up an account to accept it all you need to do is download a simple wallet app. A lot of people who can't get a bank account use it for that reason.So how do you actually use it then? Is it 1 dollar of any currency for one bitcoin? Do you just load it up how you would buying an online gift certificate? If so, that might be more reasonable.
But if you have to fork over thousands for just one coin (like I keep hearing it is), it's not gonna help those who are stuck spending 80% of their income on basic living expenses.
It's worth noting that the disparity in opinions may be because BitCoin, by its nature, is a finite resource. The more that gets mined, the longer it takes to mine the same amount. This translates directly into more energy and more emissions. Gold is of course also a natural resource following the same general rules, but the number of companies with the money, political connections and experience to mine it are limited. Anyone with the space and knowledge to set up a home server can start mining BitCoin, and the outlay is much much lower.I see some claims that Bitcoin is lower emissions than say Gold mining.
Emissions of Bitcoin vs other things like gold mining
Seems that Bitcoin operations are responsible for more emissions than gold mining annually: