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It’s weird seeing consistent downvotes of folks trying to clarify how/why Bitcoin consumes energy. Is there something better than minting new money that we sho
by DJBunnies 6y ago
It’s weird seeing consistent downvotes of folks trying to clarify how/why Bitcoin consumes energy.
Is there something better than minting new money that we should be using this energy on, and to which we can economically distribute said energy from locations with excess capacity?
- Okkef 6y agoIt's weird seeing consistent replies by people who have not read the post.
- Spooky23 6y agoIt’s not weird, the article isn’t about that. The premise that the author was responding to is that Bitcoin represents some fungible store of electricity, and would somehow magically drive energy costs down. That’s an interesting thought experiment but, wrong. Other than utilizing low cost electricity that would otherwise be wasted, there’s no way to transmutate bits into electricity. There’s a lot of bikeshedding about the wastefulness of minting virtual money with electricity. End of the day, people will do whatever they want to generate profit. Some poor bastard in Africa is toiling away right now in a dangerous mine to extract gold ore for investors. Right now, it makes economic sense to buy Electricity in China to produce internet money and bypass capital controls.
- fredfoobar 6y agoHackerNews has a huge anti-bitcoin bias, if it isn't clear to you, it should be now.
- DasIch 6y ago> Is there something better than minting new money that we should be using this energy on, and to which we can economically distribute said energy from locations with excess capacity? CO2 extraction from our atmosphere for long term storage or creation of CO2-neutral carbon-based fuels for applications that require fuels with high energy density like airplanes.
- DJBunnies 6y agoNo argument there, however this needs economic incentives to work to beat out mining.