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Author Topic: ✨✨✨ Are we wasting resources to make digital currencies? ✨✨✨  (Read 802 times)
ahmedjamal1998
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December 13, 2017, 11:59:58 PM
 #41

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

Here we go again. How many times do you guys need to keep spreading this totally false information ? Are you paid to FUD crypto or something  Roll Eyes

I can right of the bat say no we're not wasting resources to make digital currencies. To make a system that's to be used by the entire globe, some energy has to be spent. This is not called wasting. This is making use of energy. And please don't pull up some useless and totally inaccurate info that come up on the news with absolutely zero sources other than Mr X who wrote it on his way to the studio.

Before attacking the amount of resources used by crypto, why don't you tell me how much is used by the traditional banking system as a whole ? There is no way mining costs come near that amount. In fact, other than paying humans and using human resources to make transactions crypto removes that whole expenditure.

If you dig a little deeper, you'll find that most of the mining farms that need and consume a large amount of electricity are setup in places where there are natural resources of energy that are unused. That's actually the case in a lot of places in China and the private electricity companies (being companies that also want to make money) actually encourage these setups. Please point out the wasted resources.
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December 14, 2017, 12:09:47 AM
 #42

Mining used to be a fairly inexpensive. But it is now so intense that it requires dedicated buildings full of specialist bitcoin-mining chips running 24/7. And as the number of bitcoins in circulation grows towards the artificially imposed ceiling of 21 million, mining each new one takes yet more computation. This burgeoning industry is hugely wasteful
william8829
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December 14, 2017, 12:12:43 AM
 #43

...we are using up a ton of resources like electricity and producing nothing tangible in return.

A Central Bankless currency is a very tangible thing.  To decentralize money is to decentralize power.  This is the end goal of Bitcoin.  Does that sound incredible to you?  I have my doubts that this end will be reached but the pursuit of this goal is well worth the resources.  I will say that proof of stake is superior than proof of work.  It would add stability to the network and reduce energy consumption.
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December 14, 2017, 12:17:22 AM
 #44

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I will say that proof of stake is superior than proof of work

What do you mean by this? I'm not familiar with the concept.
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December 14, 2017, 12:18:29 AM
 #45

No, this is the future of currency. When you watch future movies, they are suggested from our present behavior and soon the trees are going to reduce, hence we will not be able to print much paper currency. So, one will need to shift to digital currency soon. I think these digital currency might be government backed but this is the future coming up, where we will use only digital methods. It not might happen in 10-15 years but think beyond and even you may realize about its possibility.
orka39
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December 14, 2017, 12:20:50 AM
 #46

We need to ban TV. Do you realize how much energy is wasted by people watching TV? Surely, it is orders of magnitude more than the energy spent on securing Bitcoin.

Good comparison, bitcoin vs electricity stuffs. Which one is needing more resources?
Which one is more important. I will choose bitcoin for future.

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December 14, 2017, 12:39:43 AM
 #47

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?
People who are not interested in using resources, they are interested in their pocket money. They only care about profit from that resource but the resource is endless.

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December 14, 2017, 07:22:58 AM
 #48

https://www.youtube.com/watch?v=yI8tBH_qch8

We are spending around 10 billion a year on bitcoin mining at the current costs (which keep increasing)

Batmain
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December 14, 2017, 07:32:32 AM
 #49

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

The adoption of cryptocurrencies are still small so that only medium to average companies are doing the mining, but still there are so many alternatives energy too, it just need a lot of budget in order to implement that. A solar powered mining farm is a pretty good example or that and some people are using the alternatives.
Creating the cryptocurrencies? Wasted? NO this is just its development and the efforts are not wasted. Look at the potential it can bring that to fiat. Destroyed what? Man hours? no what is destroying the world are the crude oils and fossil fuels. If we're serious about having the alternative supplies or using it, the government can do it in a mere time, the only problem is that the resources is a trillion dollar industry. There are so many businesses that will be affected, and then money will speaks again.

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December 14, 2017, 12:23:51 PM
 #50

Imagine a low life beggar like me was able to mine Bitcoin without doing anything special or having to spend money on hardware and electricity, then beggars like emperor Wu and the gang of jumpers (note that when I say jumpers, I mean people jumping 18 years old girls without sharing with me at least) would mine a billion times more than me. you could also adopt my activity tokens on Waves platform, it costs 0.01 Waves per transaction.

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Zekemporium
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December 14, 2017, 12:38:54 PM
 #51

It appears that mining costs and the creation of crypto currencies consumes a lot of resources Cry

We have very little resources remaining in the world for each other and future generations. Does it make sense to waste resources like this? Could we do this in a cheaper and more economically friendly manner? And does the value of bitcoin directly correlate to the amount of resources and man hours that are destroyed in order to create it?

Yes I agree with you. Already we have limited natural resources, and use of these resources during mining is much high as compared with output. Energy consuption during bitcoin mining is much high and today billions of people doing mining due high price of bitcoin. Thats the alarm for us to stop wastage of energy.
To save natural resources we can go through Green way.... In this by using solar systems and wind energy, we can save energy and also cost for it.
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December 14, 2017, 12:43:52 PM
 #52

Every investment need some types of resources and in this case if we see Bitcoin or other digital currency as a currency then  compare it with another fiat currency. I think fiat currency uses more resources than Bitcoin as they need to build banks, pay electricity bills and pay for employees and so on. If you see on the wider aspect you will notice that Bitcoin or other digital currency is much more cheap and convenient to use than fiat.
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December 14, 2017, 12:50:40 PM
 #53

The problem is Bitcoin is intentionally designed to waste resources. The way bitcoin works, more and more resources will need to be consumed to make it. BTC doesn't need to work like that. We can make crypto currencies without destroying billions of dollars worth of man power, electricity, and hardware. It is scary that everyone is overlooking how wasteful it is. And that bitcoin's value is derived from how many resources were destroyed to mine it. Mining fees could be minimal compared to what they are
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December 14, 2017, 03:43:15 PM
 #54

we make weapons,booms and fighting and destroy many resources bitcoin better

we need devices and power (sun & wind power )
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December 14, 2017, 06:45:18 PM
 #55

http://www.newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036

Bitcoin Mining is on pace to exceed the World's energy use by 2020!  Cry
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December 14, 2017, 07:45:08 PM
 #56

To create a crypto currency is really wasted a lot of electricity. However, this can not be the reason not to create and not use crypto currency. Humanity has great opportunities to use the energy of wind, sun and other alternative energy sources, which are almost inexhaustible. Therefore, I see no reason to not use this energy in part to the crypto currency, which provides us with additional and new features and usability when using it.
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December 15, 2017, 06:13:33 AM
 #57

http://www.newsweek.com/bitcoin-mining-track-consume-worlds-energy-2020-744036

Bitcoin Mining is on pace to exceed the World's energy use by 2020!  Cry

Your homework for tonight is to think of 3 reasons why that could never happen.

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December 15, 2017, 06:49:05 AM
 #58

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that could never happen

Strongly disagree with your use of the word never in this case. Especially when you provide no supporting details

Be careful making such egregious statements
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December 15, 2017, 07:26:27 AM
 #59

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that could never happen

Strongly disagree with your use of the word never in this case. Especially when you provide no supporting details

Be careful making such egregious statements

Ok, I'll give you the easy one.

1. It is impossible for mining Bitcoins (or any other usage, for that matter) to exceed 100% of total energy consumption.

Can you think of any others?

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December 15, 2017, 07:30:43 AM
 #60

What? I think you just aren't comprehending.

Bitcoin network will "use as much electricity as the entire world does today" by early 2020


Honestly I can't see what contribution you are adding to the thread, if anything at all. Except maybe arguing semantics and wording


Can you think of anything valuable to add to the discussion?
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