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The "problem" is with the people who missed out on Bitcoin and can't compete with Chinese miners. I started out mining BTC on a Core2Duo laptop from 2006, in 2
by cbozeman 6y ago
The "problem" is with the people who missed out on Bitcoin and can't compete with Chinese miners.
I started out mining BTC on a Core2Duo laptop from 2006, in 2010. I upgraded to a Butterfly Labs Jalapeno miner. Then I started to realize Chinese miners were soaking up the mining equipment and many of them were getting industrial power rates.
Then people who couldn't afford / acquire BTC ASIC miners made more ridiculous alt-coins that they could mine with GPUs. Cryptocurrency isn't the problem, people butthurt about missing out and wanting to make their own coin are the problem.
- wayoutthere 6y agoThe problem is the industrial Chinese miners. These companies soak up enormous amounts of resources while producing... nothing. It’s horrible for the environment, and it’s a net drain on the economy for what I believe to be ephemeral value largely driven by low interest rates and a lack of high-growth investment options.
- cbozeman 6y ago> what I believe to be ephemeral value largely driven by low interest rates This is part of the story, the other part would be central banks printing money nonstop, or in common parlance, "money printer go brrr". Bitcoin can only exist in a post-2008-financial-crash world. Prior to that, there was no reason to consider anything other than the US Dollar. Bitcoin, however, is a solution to only one part of an overarching problem, or at least this is what I think: financial services need to be reigned back in if we have any hope as a species of surviving. Continued worldwide crashes caused by financiers engaging in riskier and riskier behavior in the name of enormous profits will eventually result in a war when one of the nations on the "losing end" decides they've had enough.