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Author Topic: Why Serious Institutions can never accept Bitcoin  (Read 196 times)
quantumcat
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March 07, 2018, 09:27:09 PM
 #21

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..

I think you miss the point a bit. Mining is not the cause of climate change but a system that requires as much energy as a small country despite being shunned big big business has no future.
Imagine how much energy would be required if a PoW system was implemented as a global transaction system supported by banks. That is why PoT or PoS is the way of the future.

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March 07, 2018, 09:49:21 PM
 #22

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..

I think you miss the point a bit. Mining is not the cause of climate change but a system that requires as much energy as a small country despite being shunned big big business has no future.
Imagine how much energy would be required if a PoW system was implemented as a global transaction system supported by banks. That is why PoT or PoS is the way of the future.
You are missing out his point too which if you do try to dissect or understand on what he mean then you will surely get his opposition about blaming out mining when it comes to energy usage.Come to think of that not only mining industry do waste of energy but there are lots for the sake of money.People do think out differently but on general aspect we can see their main purpose. Talking out acceptance on banks then I don't really bother myself with this because this is really an impossible thing to happen.
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March 07, 2018, 09:59:58 PM
 #23

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.

Volatility isn't a concern at all, neither are the environmental standards. If that was the case, then 'serious' institutions wouldn't be allowed to get involved in the majority of the activities their current portfolio accounts for. If the legal framework is set up in the way that it allows them to get involved in Bitcoin or any other currency, nothing will be able to stop them. Goldman Sach and JPMorgan (probably other wall street banks too), both in the very top of the most powerful institutions in the world, have all cleared various levels of crypto purchases for their wealthy clients. I think that everyone still remembers how Jamie Dimon, CEO of JPMorgen, went ahead and attacked Bitcoin, where he would even fire any employee if they are found to be involved in Bitcoin. It's hypocrisy.

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March 07, 2018, 11:08:56 PM
 #24

I think big concerns or so called serious institution does not accept bitcoin because of its high price volatility. Apart from high market fluctuation, legal status of cryptocurrencies are also not clear which is also a major hindrance in accepting BTC as payment mode.

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March 08, 2018, 04:18:13 AM
 #25

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

Many industrial mining operations in china are powered by hydroelectric energy which is considered to be renewable and environmentally friendly. Hydroelectrically generated electricity is cheaper than coal, which makes it a natural progression for bitcoin miners to utilize over emissions unfriendly hydrocarbon based forms of energy like coal or oil.

China is known for having approximately 15 of the top 30 most polluted cities on earth due to their over reliance and lack of safety and health regulation over the coal energy sector. I think they're health conscious and aware of dangers posed by pollution in that respect and if bitcoin were a major threat to public health, it may be unlikely it would receive the mainstream support and adoption it has in china.

It could help if people are aware of concepts such as "peak oil". At a certain point it could require more energy to harvest and refine oil than can be extracted from crude. The amount of energy it requires to manufacture a "green" wind turbine or "green" solar panel typically isn't factored into the equation. Neither are the hazardous and environmentally unfriendly chemicals which are produced or released into the atmosphere during the process.

I think the energy argument towards bitcoin and crypto currencies is a double standard. Sex toys like vibrators probably consume an order of magnitude more electricity than bitcoin miners. Its long been known that christmas lights and other holiday decorations are bigger offenders than bitcoin mining, within the grand scheme of things.

Yet it would seem there is a widespread campaign to mislead and misinform the public on this topic, likely funded by the same people who pay youtube content creators with large numbers of subscribers to push anti bitcoin propaganda.

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March 08, 2018, 11:29:23 AM
 #26

I think big concerns or so called serious institution does not accept bitcoin because of its high price volatility.

Volatility is not so much of a problem as image. The risk can be dumped on the customer after all but bad image may cause the customer to go away.

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March 08, 2018, 12:11:32 PM
 #27

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
You know what to handle your post had expended so much energy that it was possible to boil 2 kettles. Maybe you won't repeat the nonsense. All fighters for saving of the electric power are on financing of large companies. Their goal is not saving. Their goal is to increase demand for new technologies. Nuclear power produces a lot of cheap electricity. Therefore, environmentalists are fighting to close them. Bitcoin is now under attack by the bankers. They can easily pay the green company to fight bitcoin. The pretext for this company will be global warming and high energy consumption of cryptocurrency technology.
Sahyadri
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March 08, 2018, 12:26:26 PM
 #28

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.

Volatility isn't a concern at all, neither are the environmental standards. If that was the case, then 'serious' institutions wouldn't be allowed to get involved in the majority of the activities their current portfolio accounts for. If the legal framework is set up in the way that it allows them to get involved in Bitcoin or any other currency, nothing will be able to stop them. Goldman Sach and JPMorgan (probably other wall street banks too), both in the very top of the most powerful institutions in the world, have all cleared various levels of crypto purchases for their wealthy clients. I think that everyone still remembers how Jamie Dimon, CEO of JPMorgen, went ahead and attacked Bitcoin, where he would even fire any employee if they are found to be involved in Bitcoin. It's hypocrisy.
Indeed, the major financial institutions have already stepped in cryptocurrencies. All they were waiting was for the stability and more adoption. The CEO of Goldman Sachs, Lloyd Blankfein, have agreed that they are Bitcoin futures because some of their prime clients wanted. Moreover, Goldman Sacha was the lead investor in a fintech startup which provides liquidity for cryptocurrency exchange markets and also manages over-the-counter (OTC) trading for large institutional clients. Energy or the volatility, both aren't stopping any institution from entering the market.

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March 08, 2018, 12:35:53 PM
 #29

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.

The serious institutions are afraid of the fluctuations that are happening all the time. This groups of institutions have already enough income with the FIAT money and their stocks which are growing to the popularity of the institution.
Crypto market is well known to be very volatile and as you explained the reason behind their nonacceptance of the Bitcoin as a payment option is actually insecurity and fear of the possible outcome from the time they accept it and the time they are transferring it.
The future will maybe change the views of the certain directors that are responsible for the management of the institutions but for now, only small amount of the serious institutions is only considering the Bitcoin as their payment option.

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March 08, 2018, 02:46:36 PM
 #30



I think you miss the point a bit. Mining is not the cause of climate change but a system that requires as much energy as a small country despite being shunned big big business has no future.
Imagine how much energy would be required if a PoW system was implemented as a global transaction system supported by banks. That is why PoT or PoS is the way of the future.

There are countries in the world like Iceland that have enormous amounts of renewable energy but no manufacturing industry. Bitcoin is perfect for them as it uses what would otherwise have been wasted.

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March 08, 2018, 03:00:12 PM
 #31



I think you miss the point a bit. Mining is not the cause of climate change but a system that requires as much energy as a small country despite being shunned big big business has no future.
Imagine how much energy would be required if a PoW system was implemented as a global transaction system supported by banks. That is why PoT or PoS is the way of the future.

There are countries in the world like Iceland that have enormous amounts of renewable energy but no manufacturing industry. Bitcoin is perfect for them as it uses what would otherwise have been wasted.

Maybe but Block chains and crypto currency as the potential to revolutionize the world and need to work globally.
Places like Germany that has shut down their nuclear plants and has little in the way of thermal or hydro uses a lot of dirty coal instead. A system like Proof-of-Transactions works better for them.

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March 08, 2018, 03:08:17 PM
 #32



I think you miss the point a bit. Mining is not the cause of climate change but a system that requires as much energy as a small country despite being shunned big big business has no future.
Imagine how much energy would be required if a PoW system was implemented as a global transaction system supported by banks. That is why PoT or PoS is the way of the future.

There are countries in the world like Iceland that have enormous amounts of renewable energy but no manufacturing industry. Bitcoin is perfect for them as it uses what would otherwise have been wasted.

Maybe but Block chains and crypto currency as the potential to revolutionize the world and need to work globally.
Places like Germany that has shut down their nuclear plants and has little in the way of thermal or hydro uses a lot of dirty coal instead. A system like Proof-of-Transactions works better for them.
Countries such as Germany will become dependent on the energy of States that do not close nuclear power plants. But this does not mean that the Germans will not use cryptocurrencies. The countries in which there is a surplus of electricity will support the functioning of the networks. There are many countries. Maybe this will help to develop the economies of poor countries?
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March 08, 2018, 06:27:13 PM
 #33

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.

Sure, it's still a huge thing and up for debate, but what makes you think that the businesses will not accept BTC because of the supposed global warming/climate change?
What's the connection between a chunk of power being used by the miners and the acceptance? We as a society are accepting that huge banks need server rooms that are consuming a lot of power, we accept that they need nicely lit up spaces for their employees, that each and every one of them has a personal computer, router, phone, printer, cashiers have money counters, UV lamps, not to mention security cameras and other stuff.

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Coffee135
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March 08, 2018, 06:34:46 PM
 #34

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.

Sure, it's still a huge thing and up for debate, but what makes you think that the businesses will not accept BTC because of the supposed global warming/climate change.
What's the connection between a chunk of power being used by the miners and the acceptance? We as a society are accepting that huge banks need server rooms that are consuming a lot of power, we accept that they need nicely lit up spaces for their employees, that each and every one of them has a personal computer, router, phone, printer, cashiers have money counters, UV lamps, not to mention security cameras and other stuff.
Businessmen do not worry about global warming. They don't think about saving electricity. Can only be in order to reduce their costs. Businessmen are always interested in profit. If there is a lot of offers of purchase of goods with bitcoin, I'm sure that they will not refuse such temptation. Even if they don't trust bitcoin they can always quickly exchange coins for Fiat.

rolerVX
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March 08, 2018, 06:40:27 PM
 #35

Honestly I doubt. People have the private life. Everybody experience how to be alone and what things we committed if we are alone. What I mean is we haven't cctv on every government sides, offices, and areas. We haven't guards to all of them just to guard them. We haven't ears to hear everything what they are saying. We aren't able to see what they are doing inside the car, inside the house. Sometimes people are hypocrites. Telling lies instead of truth. Not saying the truth because they have so called privacy. I think they accept in a secret ways.
dothebeats
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March 08, 2018, 08:22:57 PM
 #36

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.

So in this case, the Industrial Revolution is just a hoax since that is the time when Man started to harness coal, oil and other resources to further the gains in manufacturing and creating the world we live in right now. Yup, and the Chinese being one of the leading users of coal and oil are also producing a huge amount of heat as by-products on their industries, meaning no one will ever take them seriously. That's cool.

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.

TIL that private institutions care for the welfare of the poverty-stricken people of the world.
Actually, no. These people would use any possible way they can to further their agenda, even if it means using wasteful resources, continuously oppressing the poor people (banks) and the likes. Also, the world isn't even motivated or moved by crypto and a crypto-run world is still far from happening; these institutions you are referring to would still reap the profits off of poor people's hands and they wouldn't care less what method it would take as long as they profit.

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

No.

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March 08, 2018, 08:33:38 PM
 #37

"The extreme power waste"

Lol, you're saying like wasting trees and resources to make mass printed paper was any better, the real reason they won't accept btc is the price instability and US refusing to let the USD be replaced.
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March 08, 2018, 09:01:23 PM
 #38

Problem for BTC not being used is not only POW I think. The biggest problem is volatility as we can still say crypto is not beta phase. It should find it's real price for being used.

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March 08, 2018, 09:09:45 PM
 #39

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.
This was never the issue here. You are not even close to uncovering the real reason why bitcoin is staying in the grey area of law and probably won't be accepted as legal tender anytime soon.
Do you ever wonder how much energy, resources and human work is needed to keep FIAT system alive? Printing money/storing physical money is hassle free?
It is far more complicated, time-consuming and generates more energy loss that Bitcoin mining.


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pleght
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March 08, 2018, 09:39:15 PM
 #40

There are certain reasons why you should not be accepted.One of the most important reasons is that the market for bitcoin is very variable.

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