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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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dlorah111
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August 21, 2017, 01:05:25 PM |
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Well everything costs energy.
I don't get people who are yelling that mining Bitcoin costs too much energy.
Those guys mining and sure make a profit out of it.
So the energy spent is well worth it.
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pinkflower
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August 21, 2017, 01:18:53 PM |
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Yeah and it also destroys the environment, very much like BTC mining. Maybe the next big cryptocurrency will have a
more energy efficient mining algorithm?
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aoihs00
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August 21, 2017, 02:52:22 PM |
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I believe this is coming from the thread where you read about "how bitcoin is waste of energy" :-) Yes it is true fact that everything in the universe will cost energy. There is no way anything can run free of cost. So it doesn't matter if our miners are running on high cost electricity for which we are paying the money anyway. Gold, oil or anything else needs energy to mine and we profit from its sell. Bitcoin is sold for local currency or products are exchanged with it and that is its purpose. Nothing different about energy consumption for bitcoin. |
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6Asmodeus6
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August 21, 2017, 03:04:12 PM |
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Yeah also it requires less human input and work but gold is what makes fiat valuable and fiat makes Bitcoin valuable.It's a chain.In old times people used gold to trade and now we are using fiat but you can still sell your gold and get fiat.Bitcoin will be the same.There won't be a domination of a single currency.
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thejaytiesto
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August 21, 2017, 03:18:50 PM |
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Yeah also it requires less human input and work but gold is what makes fiat valuable and fiat makes Bitcoin valuable.It's a chain.In old times people used gold to trade and now we are using fiat but you can still sell your gold and get fiat.Bitcoin will be the same.There won't be a domination of a single currency.
Lol I think this is a pretty backwards way to think about this. Fiat is no longer related to gold, fiat is it's own thing separated from gold. "Gold is what makes fiat valuable" hasn't been the case for years. What makes Bitcoin valuable is supply and demand, just like gold. We compare it to fiat because fiat is stable and has huge liquidity. |
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LeGaulois
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Top Crypto Casino
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August 21, 2017, 03:24:47 PM |
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The difference is Bitcoin is not abusing children like Gold extraction companies do for mining. Bitcoin doesn't use the poverty for its own benefits. There are thousands and thousands of children who don't have access to an education system because it is more important to make cents daily for their family instead of going to school... Even if the school is free. You won't see a 10 years old kids trying to set miners in a farm mining.
Wanna talk about ecology? Because mining gold is one of one the most polluting industries where the Mercure is used at an industrial level and thrown into the rivers without shame. Yes, you will say Bitcoin use a lot of electricity and this and that. Bitcoin uses the energy of a city with 250k-500k citizens perhaps, which is very very less than the traditional banking system, or let says less than what use Visa/Mastercard together
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Razick
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August 21, 2017, 03:45:13 PM |
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The funny thing about gold mining is it has practically the same history as Bitcoin mining.
Back at the beginning of various gold rushes, it was reported that many people found gold literally lying on top of the ground. You could just bend over and pick it up. I am not talking tons of gold, mind you, but still it was extremely easy to mine.
These days you need to get a great claim first of all, and then invest millions into proper mining gear if you want to get rich. There is no other way. Most if not all of the large pockets of gold have already been found and mined.
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ACCOUNT RECOVERED 4/27/2020. Account was previously hacked sometime in 2017. Posts between 12/31/2016 and 4/27/2020 are NOT LEGITIMATE.
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Iranus
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August 21, 2017, 04:08:43 PM |
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gold is what makes fiat valuable
Fiat is no longer backed by gold, nor does even gold have as much of an intrinsic value as what we now pay for it.
Gold mining and BTC are similar in that mining groups are incentivised to spend different amounts of resources on mining based on the price of the asset. If a gold mining group estimates how much gold is in a specific area, they have to figure out whether they can make a profit with the resources they spend on mining it. BTC is much the same. Bitcoin uses the energy of a city with 250k-500k citizens perhaps
Actually, BTC's estimated energy consumption is similar to that of Croatia and Tunisia. It covers several million people. less than what use Visa/Mastercard together
As you can see from the article I posted, that's arguably untrue. And we're talking about total consumption here, even though Visa process hundreds of times more transactions than BTC on a daily basis. |
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thejaytiesto
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August 22, 2017, 02:20:57 PM |
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The difference is Bitcoin is not abusing children like Gold extraction companies do for mining. Bitcoin doesn't use the poverty for its own benefits. There are thousands and thousands of children who don't have access to an education system because it is more important to make cents daily for their family instead of going to school... Even if the school is free. You won't see a 10 years old kids trying to set miners in a farm mining.
Wanna talk about ecology? Because mining gold is one of one the most polluting industries where the Mercure is used at an industrial level and thrown into the rivers without shame. Yes, you will say Bitcoin use a lot of electricity and this and that. Bitcoin uses the energy of a city with 250k-500k citizens perhaps, which is very very less than the traditional banking system, or let says less than what use Visa/Mastercard together
Good points too. There's a lot of exploited people in gold mines getting slavery tier wages to risk their lifes. Also the terraforming required for gold extraction is brutal on the environment, they have to dig some massive wholes with huge machines, the damage takes ages to heal. PoW is no that bad compared to gold mining. Nobody is getting exploited in PoW. As an employee of Bitmain, apparently all they have to do is keep everything in check, you can play videogames and browse the internet and go out for a while too. Im sure the wages are shit tho, but definitely better than being in a gold mine. You would need to deal with the annoying fan noises, but you aren't at constant risk of being collapsed by tons of dirt. |
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LeGaulois
Copper Member
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August 23, 2017, 11:01:40 PM |
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gold is what makes fiat valuable
Fiat is no longer backed by gold, nor does even gold have as much of an intrinsic value as what we now pay for it.
Gold mining and BTC are similar in that mining groups are incentivised to spend different amounts of resources on mining based on the price of the asset. If a gold mining group estimates how much gold is in a specific area, they have to figure out whether they can make a profit with the resources they spend on mining it. BTC is much the same. Bitcoin uses the energy of a city with 250k-500k citizens perhaps
Actually, BTC's estimated energy consumption is similar to that of Croatia and Tunisia. It covers several million people. less than what use Visa/Mastercard together
As you can see from the article I posted, that's arguably untrue. And we're talking about total consumption here, even though Visa process hundreds of times more transactions than BTC on a daily basis. Croatia and Tunisia are not "big fans" of electricity consumption, I mean they don't consume a lot. To compare Switzerland consumes double than what Tunisia and Croatia do together. And don't forget Switzerland is a quite small country ( here) In the article, it says that the energy consumption of VISA offices isn’t included, but there are more than that to consider. For example the transport of workers, the petrol used, the paper and so on, we could make a huge list. But I admit in case everything was considered it would be still less than Bitcoin |
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bearexin
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September 06, 2017, 02:38:39 PM |
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There is nothing good that comes easy, the main reason why the issue of gold is not being talked about is because it requires heavy machine to be mined and processed to its highest quality, but then bitcoin only requires little but expensive gadgets. |
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cellard
Legendary
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Activity: 1372
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September 06, 2017, 02:47:14 PM |
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The difference is Bitcoin is not abusing children like Gold extraction companies do for mining. Bitcoin doesn't use the poverty for its own benefits. There are thousands and thousands of children who don't have access to an education system because it is more important to make cents daily for their family instead of going to school... Even if the school is free. You won't see a 10 years old kids trying to set miners in a farm mining.
Wanna talk about ecology? Because mining gold is one of one the most polluting industries where the Mercure is used at an industrial level and thrown into the rivers without shame. Yes, you will say Bitcoin use a lot of electricity and this and that. Bitcoin uses the energy of a city with 250k-500k citizens perhaps, which is very very less than the traditional banking system, or let says less than what use Visa/Mastercard together
Good points too. There's a lot of exploited people in gold mines getting slavery tier wages to risk their lifes. Also the terraforming required for gold extraction is brutal on the environment, they have to dig some massive wholes with huge machines, the damage takes ages to heal. PoW is no that bad compared to gold mining. Nobody is getting exploited in PoW. As an employee of Bitmain, apparently all they have to do is keep everything in check, you can play videogames and browse the internet and go out for a while too. Im sure the wages are shit tho, but definitely better than being in a gold mine. You would need to deal with the annoying fan noises, but you aren't at constant risk of being collapsed by tons of dirt. Honestly mining gold should be banned. For how long are they going to keep perforating the earth in search of more and more gold? And what about oil? they are also damaging entire seas because of this bullshit. It's time to replace gold with bitcoin, and it's time to replace oil with cleaner energy sources. We don't need gold anymore as a store of value. Bitcoin does the job way better, doing things gold could never do, and without the downsides of environmental damage. |
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