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Author Topic: Why Serious Institutions can never accept Bitcoin  (Read 201 times)
quantumcat
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March 07, 2018, 06:49:12 PM
 #1

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

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bitmover
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March 07, 2018, 06:55:33 PM
 #2

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.
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March 07, 2018, 06:56:05 PM
 #3

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 .
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March 07, 2018, 07:13:33 PM
 #4

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.

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March 07, 2018, 07:15:26 PM
 #5

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.

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quantumcat
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March 07, 2018, 07:18:09 PM
 #6

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?


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

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.

quantumcat
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March 07, 2018, 07:40:04 PM
 #7

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.

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.

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March 07, 2018, 07:53:57 PM
 #8

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.

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March 07, 2018, 07:58:52 PM
 #9

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.

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! Cheesy
If you're worried about energy being wasted start with your own home and turn off all those electronics that you keep on standby.

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March 07, 2018, 08:10:42 PM
 #10

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.  Smiley

quantumcat
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March 07, 2018, 08:11:44 PM
 #11

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.

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! Cheesy
If you're worried about energy being wasted start with your own home and turn off all those electronics that you keep on standby.

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.  

bitmover
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March 07, 2018, 08:21:17 PM
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 #12

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.

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! Cheesy
If you're worried about energy being wasted start with your own home and turn off all those electronics that you keep on standby.

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.
quantumcat
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March 07, 2018, 08:23:53 PM
 #13

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

That i strange  Huh

Can you access any of the documents?

https://github.com/quantum1net/Documents

darkangel11
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March 07, 2018, 08:27:13 PM
 #14

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.

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.

Quote
Temperature of the planet has essentially been flat for 17 years. This isn't a controversial assertion either. Even the former Director of the Climate Research Unit (CRU) of the University of East Anglia, Phil Jones, admits that it's true.

quantumcat
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March 07, 2018, 08:27:51 PM
 #15

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.

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! Cheesy
If you're worried about energy being wasted start with your own home and turn off all those electronics that you keep on standby.

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.

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.

quantumcat
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March 07, 2018, 08:37:40 PM
 #16

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.

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.

Quote
Temperature of the planet has essentially been flat for 17 years. This isn't a controversial assertion either. Even the former Director of the Climate Research Unit (CRU) of the University of East Anglia, Phil Jones, admits that it's true.


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.

bitmover
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March 07, 2018, 08:38:55 PM
 #17

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.

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! Cheesy
If you're worried about energy being wasted start with your own home and turn off all those electronics that you keep on standby.

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.

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.

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
bitmover
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March 07, 2018, 08:45:38 PM
 #18

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
Kingofbitcoin12345
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March 07, 2018, 08:52:35 PM
 #19

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..

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March 07, 2018, 09:20:09 PM
 #20

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.

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