Icygreen
Legendary
 Offline
Activity: 1464
Merit: 1136
|
 |
July 23, 2017, 06:19:59 PM |
|
Speculation on electricity costs vs. value:
Lets say mining costs (electricity costs) significantly decreased in the next decade or even became free. Would this pull the value out of bitcoin's POW? Or perhaps more nodes could run and value would be placed more on the security of the network.
Surely decreased energy costs would be a global change and difficult to predict.
|
|
|
|
|
bones261
Legendary
Offline
Activity: 1806
Merit: 1830
|
|
July 23, 2017, 06:25:53 PM |
|
I'm not sure why changing the POW algo to an Asic resistant GPU friendly algo would really stop a centralization trend. GPUs use electricity, correct? Part of the problem with the "Chinese mining cartel" is that they can get cheaper electricity. Correct? What's to prevent them from just establishing huge GPU mining farms and shutting out the little guys again? Not to mention that the bigger guys will be able to get a deal on the GPUS since they would be able to buy in huge bulk.
I gather you've been (are still?) a miner, so your opinion has weight for me. Please help me understand. The cheap (subsidized) electricity argument... yeah, that is probably a show-stopper  However, wouldn't an assortment of algos make life harder to monopolists/producer firms by forcing some kind of specialization? Besides, they might have GPU farms (I believe they do), but in that case they would still be competing with homespun rigs set up by people who fire their computers anyway, mining or no mining. At the moment, given the monopolist market, few independent actors have modern mining equipments able to compete. Do you think the number and power of "independent" GPU's is too small to be significant? Yes, people use their computers anyway. However, running a GPU 24/7 at maximum capacity uses a lot more electricity than a computer sitting on idle for most of the day. An assortment of algos only makes it difficult/impossible to make ASICs, which are dedicated chips designed to only do one task very well. Since GPUS are more general purpose, it's only a matter of changing the software to mine a new algo. It is true that an independent miner can possibly find ways to minimize their electricity costs. They may live in an area where it is cheaper. The may also live in a cooler climate, so their coolings costs would go down. The real kicker though is a big guy will almost always be able to buy the equipment (the GPUs) for cheaper than the independent miner. It's the same reason why Wal-mart can get their goods for way cheaper than an independent grocery. I'm not an expert, but one factor is that the cost of shipping goods does not go up proportionately with the amount of goods transported. A bus may use more gas than a taxi, but it can carry up to 50+ passengers and doesn't use 10X the gas. Plus both the bus and the taxi each need only one employee to drive. |
|
|
|
|
bones261
Legendary
Offline
Activity: 1806
Merit: 1830
|
|
July 23, 2017, 06:33:23 PM |
|
Speculation on electricity costs vs. value:
Lets say mining costs (electricity costs) significantly decreased in the next decade or even became free. Would this pull the value out of bitcoin's POW? Or perhaps more nodes could run and value would be placed more on the security of the network.
Surely decreased energy costs would be a global change and difficult to predict.
Even if electricity is free, the equipment needed to mine costs money. Plus the time spent setting up and monitoring your equipment is worth something. |
|
|
|
|
|
Ludwig Von
|
|
July 23, 2017, 07:32:49 PM
Last edit: July 23, 2017, 07:55:01 PM by Ludwig Von |
|
So the majority of the miners are Chinese? I do not know about the technicals of BTC mining, but I have some experience with Chinese business. And no doubt, these miners are fully controlled by the PBOC. And everything they do is planned at the PBOC.
|
|
|
|
|
European Central Bank
Legendary
Offline
Activity: 1288
Merit: 1087
|
|
July 23, 2017, 07:48:21 PM |
|
that thread is incomprehensible. what does it mean? |
|
|
|
|
|
orpington
|
|
July 23, 2017, 07:50:44 PM |
|
that thread is incomprehensible. what does it mean? Build your bunker now? |
|
|
|
|
|
|
K~Ehleyr
Sr. Member
Offline
Activity: 434
Merit: 250
Ooh, shiny things!!
|
|
July 23, 2017, 07:55:33 PM |
|
Please let me know when this thread gets back to discussing Bitcoin again...
|
|
|
|
|
|
|
El duderino_
Legendary
Offline
Activity: 3220
Merit: 15537
“They have no clue”
|
|
July 23, 2017, 08:07:35 PM |
|
The damage is already done, there will be now 42 million bitcoins, exchanges and merchants are already scrambling to deal with it. That would also mean I now have twice as many bitcoins. Exchanges can dump bcc with insane volume. So it is just a dead altcoin. And if you held both? Any risk in that? No risk, just stupid. Dump when there is any value. This game with bcc will end when big exchanges will announce at monday that they will not support bcc in anyway atall never ever..! Via will be left alone with its fake volume halting its users real coins. To be avoided: Bitbank Inc. Bitpoint Japan Co. Ltd. Quoine Co. Ltd. Fisco Cryptocurrency Exchange Inc. Coincheck Co. Ltd. Btc Box Co. Ltd. Tech Bureau Co. Ltd. (Zaif Exchange) GMO-Z.com Coin Co. Ltd. Campfire Corporation Bit Trade Co. Ltd. Bitcrements Bitcoin Exchange Tokyo Bitcoin Co. Ltd. Minnano Bitcoin You have the 24th I think e Lets be lucky 😊 |
|
|
|
|
Slow death
Legendary
Offline
Activity: 3738
Merit: 1154
Leading Crypto Sports Betting & Casino Platform
|
|
July 23, 2017, 08:24:33 PM |
|
|
|
|
|
|
|
|
megashira1
Legendary
Offline
Activity: 1146
Merit: 1000
|
|
July 23, 2017, 08:57:19 PM |
|
Why is the UAHF considered just an altcoin when the UASF would have been deemed the true BTC?
If UAHF gains significant support and hashing power how is it not a threat?
|
|
|
|
|
|
David48l
|
|
July 23, 2017, 09:03:08 PM |
|
we have bitcoin gold and bitcoin cash, great
|
|
|
|
|
|
David48l
|
|
July 23, 2017, 09:04:51 PM |
|
Why is the UAHF considered just an altcoin when the UASF would have been deemed the true BTC?
If UAHF gains significant support and hashing power how is it not a threat?
It's called hypocrisy |
|
|
|
|
|
Ted E. Bare
|
|
July 23, 2017, 09:25:31 PM |
|
Average FUD in an attempt at cheap coins. You will not get mine.
|
|
|
|
|
BlindMayorBitcorn
Legendary
Offline
Activity: 1260
Merit: 1116
|
|
July 23, 2017, 09:39:59 PM |
|
Average FUD in an attempt at cheap coins. You will not get mine.
Nobody cares what you do with your coins. I swear, the ego on some people. |
|
|
|
|
bitserve
Legendary
Offline
Activity: 2072
Merit: 1772
Self made HODLER ✓
|
|
July 23, 2017, 10:14:07 PM |
|
The damage is already done, there will be now 42 million bitcoins, exchanges and merchants are already scrambling to deal with it. Using bitcoin.com as a source for its FUD material is exactly what a Monero shill would do. I'm glad I don't live in your world. Monero is what Bitcoin was suppose to be. I was against any kind of HFs unless the 2x part is not honored by the Core supporters. I don't view it as a good news at all, its worse than the UASF movement because they are actually forking away from hard earned consensus before the time to rightfully do so. Also, what is wrong with bitcoin.com? bitcoin.com is the site of Roger Ver, who owns ViaBTC, which launchs Bitcoin Cash. So, a bit biased, don't you think? Bitcoin Cash is NOT a HF of Bitcoin. Monero is ok for what it is (anonymous cash tx's)... for some reason it is #5 in my portfolio but it isnt nor intends to be a store of value. |
|
|
|
|
|
lemmyK
|
|
July 23, 2017, 10:16:58 PM |
|
o boy .. Former 'Plunge Protection Team' Member Warns "Blockchain Is Freaking Governments Out"  |
|
|
|
|
petemoss2
Newbie
Offline
Activity: 5
Merit: 0
|
|
July 23, 2017, 10:20:56 PM |
|
BCC looks like a winner to me. Wish I wasn't an American citizen so I could bet on it. |
|
|
|
|
|
Poll
