Bitcoin Forum

No serious financial institution can support the energy wastefulness of Proof of work. The extreme power waste does not fly in a world combating global heating and excess wastefulness. To be caught sporting that kind of waste would be bad optics.

That means there has to be a new process for Proof of Work. With the current way of doing Proof of Work, AKA Mining, the energy used is simply wasted. People are dying of starvation around the world and the crypto-community are still advocating for wasting energy in a irresponsible manner with the PoW setup. Some are looking for PoS and DPoS as a possible solution… In my opinion it only gives power to the biggest holders making it nullifying the idea of decentralization.

Fortunately there is a new way of doing Proof of Work.All our lives is based on various of transactions, internet is based on transactions, cryptocurrencies is based on transactions, so doing a proof of work as a ‘Proof of Transaction’ makes much more sense.
Have a look at this paper, it explains the concept.

https://github.com/quantum1net/Documents/blob/master/Q1N%20Product%20Description.pdf

This makes no sense.

Chinese energy system is based on fossil fuels.  China is biggest contributor to the global "heating" (supposing that is not a polemic discussion). So, no Serious institution will ever go to china?

And bitcoin spend energy not because it's fun, but because it's the only way to secure the network.

It shows that " this file is binary and cannot be displayed online"

Well aside from that I agree from the point of view of yours where you are saying how energy wastage Hy miners should be stopped ..

You know we should understand that energy is being wasted in a lots of places besides that it's more like you get what you pay for ...I think what's needed is switching over to renewable sources of energy so that overall we could help the community and also nature .

Actually to tell you fun facts, that in public places they say they are against it because this institute support the fiat of the country and they support the banks not to support cypto. but when this employee finished their duty, then they do bitcoin in their home. It means we don't need to care for thos institute to support us but we need people in our world to increase the possibilities of coin value increase.

I agree that proof of work could be really problematic as it burns a lot of energy and will hurt the universe in the long run, but that's not something that we won't be able to solve.
Proof of stack completely solves this issue and soon it is going to be adopted in the Ethereum network, after that, I believe only few months  will pass until we will start to see some movements from the bitcoin core developers, and we will be able to switch to pos.
TLD;R , PoW is a problem, but nothing that we can't solve in the long run.

China is the biggest investor in the world when it comes to renewable energy. China is the worlds leading manufacturer of solar panels and wind panels, even they know that the future is moving away from egregious power consumption.


And that will be the downfall of Bitcoin and other Proof-of-Work based systems. The fact that they are critically depended on exorbitant power consumption menas that they will get eclipsed by systems not dependent on massive energy consumption.
That's why the future belong to Proof-of-Transaction.

As the crypto market grows, even banks will start to accept blockchain. A blockchain that the large institutions choose to support will absolutely dominate because even as big as Bitcoin is, the entire Market Capitalization is just pocket change on the scale of global banking.

Wind turbines, solar energy, hydropower, geothermal power, and more will give us plenty of options to deviate from the current heavy electrical usage system. We still most probably need a robust system like POW though to maintain an immutable and secure blockchain.

You must mean global warming, not global heating, and what's bad optics? Stop using google translate you moron!
And I'm not calling you a moron purely because of the google translate, but rather because of using the global warming argument. Global warming is not real. 2012 was the first year in 30 years when it was snowing in Rome, this year it happened again. Tell them that it's getting warmer! :D
If you're worried about energy being wasted start with your own home and turn off all those electronics that you keep on standby.

As you already say they are serious, they need to wait, to make more research and evaluate and understand everythings before taking an action related to this industry/coins etc.  :)

You should learn about statistics before you start calling people moron, lest you look stupid yourself.
One odd year out does not change a trend. Even if you are correct, the vast majority of the scientists and public still believe in global warming and that is what big institutions care about. They are all about keeping public image.
Which ties into Bad Optics. It's a media term for "looking bad in press or on television" more or less. Even if you don't know what bad optics mean, the big banks do and is why they won't ever touch Proof-of-Work.  

https://wattsupwiththat.com/2010/03/31/18010/

Take a look at this site.

It explains why scientists and many people think global warming is not real.
Even if you think it's real, it's important to know why many people think the opposite. Everyone knows why people think global warming is real, but few people know why many people don't think those reasons are real.

That i strange  ???

Can you access any of the documents?

https://github.com/quantum1net/Documents

Ok, show me that the majority believes that it's happening. What statistics are you referring to?
Calling global warming global heating sounds moronic to me, especially if you're its supporter and don't even know the proper term, but ok, let's be civil and not use invectives.
This wasn't one odd year, it happened 2 times in the last 5 years, and not even once in the previous 25 years, when nobody was even trying to use global warming arguments.
Since the world is getting hotter, we should not be seeing snow in the areas where it hasn't appeared for 25 years before.
Also, contradict this, probably the best argument against global warming.

There is always a debate but to be frank, the big institutions don't care all that much about what turns out to be true 30 years down the road. They care about how they will look in the present.
Like or dislike it, global warming is a huge deal in the eyes of the public and as such also a huge deal for big business. That is why PoW is a doomed concept.

https://i.imgur.com/XBU3jxS.gif
These numbers show different polls over how many Americans who believe in global warming. Europe tend to score even higher. Big institutions will look at these numbers and they will never risk being branded as climate villains in the court of public opinion.
That is why PoW will never catch on among big business, they will use something that can be branded green like Proof-of-Transaction or Proof-of-Stake.

Trump and Brexit and showing us that Political correctness is not that popular anymore my friend. Even in developing countries...

And Nano, Iota, all those fast and free transaction services have not been tested as bitcoin has in terms of security.

Well, let's wait to see how it goes... I believe in bitcoin

I find those polls like "do you believe in global warming" so crazy.

Global warming, if real, was supposed to be something precise, a fact, something you can prove.

These polls look like "do you believe in santa claus? Do you believe in god?"

Global Warming is like faith, religion, ideology.. anything but science. People who have never opened a science book in their lives are full of ideas and solutions about global warming.


To be precise, nobody even calls it global warming anymore!
Now it's called Climate Change. Why did they change the name? Climate change does not suppose the Earth is getting warmer, jsut that we need to change our energy system. But why? To vote in left wing parties

Not this again.. Another one of those conservative member of the society who give care for the environment and nature but blame mining particularly crypto mining.. As if it is the sole responsible about wasting power energy in this entire world.. You know,, what’s wrong with this kind of mentality is what we called unrealistic and unbalanced.. What about every banks in all the worlds wasting it..

The only reason which i understand so far is the market instability , due to that they are not able to accept bitcoin or cryptocurrency in business.

Suppose if i accept 0.001 BTC at the time of $10000 USD value so i got $10 , if it goes up then fine there is no risk in it. But if it goes $8000 before i take action and make btc into usd then $2 compensation will be head towards company which no serious business accepts.

That is the only reason i can understand.

I think you miss the point a bit. Mining is not the cause of climate change but a system that requires as much energy as a small country despite being shunned big big business has no future.
Imagine how much energy would be required if a PoW system was implemented as a global transaction system supported by banks. That is why PoT or PoS is the way of the future.

You are missing out his point too which if you do try to dissect or understand on what he mean then you will surely get his opposition about blaming out mining when it comes to energy usage.Come to think of that not only mining industry do waste of energy but there are lots for the sake of money.People do think out differently but on general aspect we can see their main purpose. Talking out acceptance on banks then I don't really bother myself with this because this is really an impossible thing to happen.

Volatility isn't a concern at all, neither are the environmental standards. If that was the case, then 'serious' institutions wouldn't be allowed to get involved in the majority of the activities their current portfolio accounts for. If the legal framework is set up in the way that it allows them to get involved in Bitcoin or any other currency, nothing will be able to stop them. Goldman Sach and JPMorgan (probably other wall street banks too), both in the very top of the most powerful institutions in the world, have all cleared various levels of crypto purchases for their wealthy clients. I think that everyone still remembers how Jamie Dimon, CEO of JPMorgen, went ahead and attacked Bitcoin, where he would even fire any employee if they are found to be involved in Bitcoin. It's hypocrisy.

I think big concerns or so called serious institution does not accept bitcoin because of its high price volatility. Apart from high market fluctuation, legal status of cryptocurrencies are also not clear which is also a major hindrance in accepting BTC as payment mode.

Many industrial mining operations in china are powered by hydroelectric energy which is considered to be renewable and environmentally friendly. Hydroelectrically generated electricity is cheaper than coal, which makes it a natural progression for bitcoin miners to utilize over emissions unfriendly hydrocarbon based forms of energy like coal or oil.

China is known for having approximately 15 of the top 30 most polluted cities on earth due to their over reliance and lack of safety and health regulation over the coal energy sector. I think they're health conscious and aware of dangers posed by pollution in that respect and if bitcoin were a major threat to public health, it may be unlikely it would receive the mainstream support and adoption it has in china.

It could help if people are aware of concepts such as "peak oil". At a certain point it could require more energy to harvest and refine oil than can be extracted from crude. The amount of energy it requires to manufacture a "green" wind turbine or "green" solar panel typically isn't factored into the equation. Neither are the hazardous and environmentally unfriendly chemicals which are produced or released into the atmosphere during the process.

I think the energy argument towards bitcoin and crypto currencies is a double standard. Sex toys like vibrators probably consume an order of magnitude more electricity than bitcoin miners. Its long been known that christmas lights and other holiday decorations are bigger offenders than bitcoin mining, within the grand scheme of things.

Yet it would seem there is a widespread campaign to mislead and misinform the public on this topic, likely funded by the same people who pay youtube content creators with large numbers of subscribers to push anti bitcoin propaganda.

Volatility is not so much of a problem as image. The risk can be dumped on the customer after all but bad image may cause the customer to go away.

You know what to handle your post had expended so much energy that it was possible to boil 2 kettles. Maybe you won't repeat the nonsense. All fighters for saving of the electric power are on financing of large companies. Their goal is not saving. Their goal is to increase demand for new technologies. Nuclear power produces a lot of cheap electricity. Therefore, environmentalists are fighting to close them. Bitcoin is now under attack by the bankers. They can easily pay the green company to fight bitcoin. The pretext for this company will be global warming and high energy consumption of cryptocurrency technology.

Indeed, the major financial institutions have already stepped in cryptocurrencies. All they were waiting was for the stability and more adoption. The CEO of Goldman Sachs, Lloyd Blankfein, have agreed that they are Bitcoin futures because some of their prime clients wanted. Moreover, Goldman Sacha was the lead investor in a fintech startup which provides liquidity for cryptocurrency exchange markets and also manages over-the-counter (OTC) trading for large institutional clients. Energy or the volatility, both aren't stopping any institution from entering the market.

The serious institutions are afraid of the fluctuations that are happening all the time. This groups of institutions have already enough income with the FIAT money and their stocks which are growing to the popularity of the institution.
Crypto market is well known to be very volatile and as you explained the reason behind their nonacceptance of the Bitcoin as a payment option is actually insecurity and fear of the possible outcome from the time they accept it and the time they are transferring it.
The future will maybe change the views of the certain directors that are responsible for the management of the institutions but for now, only small amount of the serious institutions is only considering the Bitcoin as their payment option.

There are countries in the world like Iceland that have enormous amounts of renewable energy but no manufacturing industry. Bitcoin is perfect for them as it uses what would otherwise have been wasted.

Maybe but Block chains and crypto currency as the potential to revolutionize the world and need to work globally.
Places like Germany that has shut down their nuclear plants and has little in the way of thermal or hydro uses a lot of dirty coal instead. A system like Proof-of-Transactions works better for them.

Countries such as Germany will become dependent on the energy of States that do not close nuclear power plants. But this does not mean that the Germans will not use cryptocurrencies. The countries in which there is a surplus of electricity will support the functioning of the networks. There are many countries. Maybe this will help to develop the economies of poor countries?

Sure, it's still a huge thing and up for debate, but what makes you think that the businesses will not accept BTC because of the supposed global warming/climate change?
What's the connection between a chunk of power being used by the miners and the acceptance? We as a society are accepting that huge banks need server rooms that are consuming a lot of power, we accept that they need nicely lit up spaces for their employees, that each and every one of them has a personal computer, router, phone, printer, cashiers have money counters, UV lamps, not to mention security cameras and other stuff.

Businessmen do not worry about global warming. They don't think about saving electricity. Can only be in order to reduce their costs. Businessmen are always interested in profit. If there is a lot of offers of purchase of goods with bitcoin, I'm sure that they will not refuse such temptation. Even if they don't trust bitcoin they can always quickly exchange coins for Fiat.

Honestly I doubt. People have the private life. Everybody experience how to be alone and what things we committed if we are alone. What I mean is we haven't cctv on every government sides, offices, and areas. We haven't guards to all of them just to guard them. We haven't ears to hear everything what they are saying. We aren't able to see what they are doing inside the car, inside the house. Sometimes people are hypocrites. Telling lies instead of truth. Not saying the truth because they have so called privacy. I think they accept in a secret ways.

So in this case, the Industrial Revolution is just a hoax since that is the time when Man started to harness coal, oil and other resources to further the gains in manufacturing and creating the world we live in right now. Yup, and the Chinese being one of the leading users of coal and oil are also producing a huge amount of heat as by-products on their industries, meaning no one will ever take them seriously. That's cool.


TIL that private institutions care for the welfare of the poverty-stricken people of the world.
Actually, no. These people would use any possible way they can to further their agenda, even if it means using wasteful resources, continuously oppressing the poor people (banks) and the likes. Also, the world isn't even motivated or moved by crypto and a crypto-run world is still far from happening; these institutions you are referring to would still reap the profits off of poor people's hands and they wouldn't care less what method it would take as long as they profit.


No.

"The extreme power waste"

Lol, you're saying like wasting trees and resources to make mass printed paper was any better, the real reason they won't accept btc is the price instability and US refusing to let the USD be replaced.

Problem for BTC not being used is not only POW I think. The biggest problem is volatility as we can still say crypto is not beta phase. It should find it's real price for being used.

This was never the issue here. You are not even close to uncovering the real reason why bitcoin is staying in the grey area of law and probably won't be accepted as legal tender anytime soon.
Do you ever wonder how much energy, resources and human work is needed to keep FIAT system alive? Printing money/storing physical money is hassle free?
It is far more complicated, time-consuming and generates more energy loss that Bitcoin mining.

There are certain reasons why you should not be accepted.One of the most important reasons is that the market for bitcoin is very variable.

variable market is not always a problem for banks.