At least Musk is responsible for the crash we are having for the last 2-3 days. The first PoS coin came in to circulation many years ago. If PoS was so much superior to PoW, then it could have overtaken Bitcoin and the other PoW coins already. That hasn't happened because PoS algorithm has a lot of vulnerabilities. It is a free market and no one is forcing others to use PoW coins. Now you can't just badmouth the PoW coins, because the PoS coins are not making much movement in the market.

It's unbelieveable how many threads get started here about Elon Musk this and Elon Musk that....

Have you actually read the news recently?! Just a few hours ago it was reported that Binance is being investigated by the IRS and the Department of Justice (aka DOJ) in the US.

2 days ago Yahoo/Coindesk published an article about many Binance users who have their accounts locked and waiting weeks/months to unlock it without any success, despite sending all the proper KYC verification documents etc.

If European governments will join the party then it would be a much bigger disaster for Binance!

We already posted this thread that exemplifies one problem that Binance has - you gain interest, report and pay 0 tax on it (we don't mind but the governments do).

If you think this is just a "DIP", just a market correction, you're in it for a surprise.

It's not for nothing that the Bank of England's governor warned investors and told them to stay away from Crypto in the near future.

How all this will roll out? no one knows. Yes, Crypto is a game changer, but the governments around the world seem to step up against it, we're in it for a rollercoaster ride now.

For the last 12.5 years, tens of millions have been using Bitcoin without an issue. And a few months ago, a rich asshole enters the scene and create a lot of hype. And then he dictates that we should change the way Bitcoin works. I don't think that it is going to work like that. PoW has worked so well for the last 12 years and I really don't want any changes to the algorithm. Those who want PoS are free to migrate to any other coin, which they feel is more energy efficient. But I am not in favor of any changes, just because Elon doesn't like the current setup. 

Hi there.  Thank you for your advise.  I wll head to that section now and try to find  MinerJones.

Sure some people indeed make such decisions with vehicles, but they're a huge minority. But take note that it's not really that much of a good analogy. Whether a certain miner uses renewable energy or not, it really won't affect the ability of the bitcoiner to use bitcoin. Whereas people who use EVs might be monetarily incentivized.

Bitcoin losing marketshare has always been a possibility and has been fluctuating a lot since forever(see: dominance metric). But Bitcoin not being king because of the energy usage? Lol no.

I remember reading the other day that the Visa/Mastercard type payment networks collectively use only 20% of the energy consumption by Bitcoin. They are also engaged in exponentially more transactions every day - tens of millions. The fees associated with Bitcoin tend to cost more than comparative credit/debit card networks and ironically the time that people want to liquidate holdings (a stampede to the exit) can take a hefty chunk from a small scale "investor" due to fluctuating costs. At that point, the main positive working for bitcoin is the anonymity factor - which is slowly being diminished as retail or institutional investors gravitate towards fewer exchanges. Governments only like a certain amount of anonymity when it comes to the money supply, because too much can be abused by criminal actors, so this might lead to future regulatory crackdowns. It's getting harder to paint a hopeful future for Bitcoin, but as you say - others might be able to at least be more "green".

Glad to hear it.  Then tell me please, what is the total worldwide energy expenditure right now behind the worlds leading alternative system (U.S. Dollars)?
Please include ALL energy that would stop being used if the Dollar (or other fiat currencies) didn't exist. Include the minting of the physical currency, the securing and transporting of that physical currency, the secret service effort to prevent counterfeiting and fraud, the banking system, vaults, branches, ATMs, tellers, all the fuel spent on all the vehicles by all the employees getting to and from work, all the databases and computers for storing balances all over the world, the networks needed for inter-bank transfers, the consumer level electronic payment systems, card readers, routers, security systems, etc.  While you're at it, please consider the amount of energy the U.S. military uses in its efforts to make sure that its currency keeps its status as the reserve currency of the world.

Once you've calculated all that, come back and compare it for me to the costs of Bitcoin's network.


Bitcoin mining is driven by profits.  If you want mining to use more eco-friendly sources of energy, make them cheaper.  As eco friendly electricity becomes cheaper, bitcoin mining will automatically switch over to more eco-friendly sources.


Heard this at $1, $10, $100, $1000, and now $10,000.  Picking an arbitrary number close to the current number on any given day and saying it "topped out" at that number is just silly.  $10,000 is no more of a magic number than $1000 or $100,000.

Furthermore, let's imagine for a moment that you are correct. That would be a GOOD thing.  Once price discovery ends, volatility dies down, and the exchange rate
stabilizes, it will be MUCH easier for merchants to price things in bitcoins and for consumers to understand what that price means in terms of value.  An eventual stabilized exchange rate that adjusts over time due mostly to deflation is the end goal.


Nothing to get over.  I'd be thrilled that the price stabilized and Bitcoin's volatility stops being a common complaint.  It doesn't change the fact that Bitcoin mining can not and will not be changed away from Proof of Work.

Please name such "green" alternatives? What coin is mined out of thin air? In my opinion, this is the opinion that the mining of cryptocurrency can become "environmentally" clean, just a gimmick like the whole topic of "green energy". Since in the global energy generation "green technologies" occupy a negligible percentage - so it is the same with the mining of bitcoins and alternative coins. This is a utopia which in the near future is not destined to come true in reality.

Downfall? Can someone please remind me how many times Bitcoin died so far because of various fud and bad news?
We should not blindly listen and trust mainstream media and clowns like Elon Musk who is probably spending more energy on his posts and space rockets than all Bitcoin network.

Bitcoin is eco friendly.  Those saying otherwise are uninformed or intentionally obtuse.


No.

Bitcoin is POW. It is. It always has been. It was the intention from the beginning. It always will be.  Get over it.

If you don't like it, there are thousands of shitcoins for you to choose from.

With many options becoming available with less carbon footprint the store of value will be trickling to the likes of ADA NANO and Harmony  

However I don't like these fake arguments made at all.
This is not about protecting the environment it is all a game of manipulation. Suddenly Tesla and Square are all eco-friendly out of nowhere.
When they were investing in Bitcoin they knew of course.

My guess that it's the good-sized miners that are likely to move to eco-friendly energy; maybe due to regulations, or simply to maximize profits.

Sure, some people will move to PoS alts; but nothing's going to beat Bitcoin in terms of security, decentralization, monetary policy, and adoption. simply not a single alt comes close to Bitcoin in terms of these characteristics.