4 ms·

> what Bitcoin has done to GPUs I understand your argument, but Bitcoin hasn't been mined on GPUs since 2011/2012. Broaden your argument from Bitcoin to "proof

> what Bitcoin has done to GPUs I understand your argument, but Bitcoin hasn't been mined on GPUs since 2011/2012. Broaden your argument from Bitcoin to "proof of work schemes" more generally, and from GPUs to "profligate (mis)use of resources", and it will land more effectively. If you are against cryptocurrencies more broadly, inclusive of proof of stake and other more recent approaches that aim to address the resource consumption issue, then that position didn't come across clearly.

cwyers 5y ago
I am not against proof of stake, exactly. But proof of stake has been around for a long time, and is a very small part of the crypto market right now. I don't really understand why, but until proof of stake is able to get adoption, I don't think the existence of proof of stake is a very good defense against the accusation that cryptocurrencies are wasting resources.
- my123 5y ago
  Proof of stake is even more of a Ponzi, with the rich in a given cryptocurrency getting even richer with time. At least for miners in a PoW system, there’s a pressure for some liquidity by miners selling to cover the mining costs.
faeyanpiraat 5y ago
I don’t think that is a valid defense. Bitcoin started the whole crypto craze, and etherereum wouldn’t exist without bitcoin. And the eth (and who knows how many other coin) crowd certainly does still mine on gpus.
- xur17 5y ago
  > And the eth (and who knows how many other coin) crowd certainly does still mine on gpus. And is actively on the path to proof of stake.
  - oblio 5y ago
    > proof of stake Is this past the point of basic research? Cold fusion has been on a path for 50 years.
    - rauljordan2020 5y ago
      It went live December 1st, 2020. There are over $10 billion currently at stake. You can track the chain here https://beaconcha.in https://beaconcha.in. Please don't spread misinformation. https://cointelegraph.com/news/eth-2-0-confirmed-for-dec-1-launch-just-hours-before-deadline https://cointelegraph.com/news/eth-2-0-confirmed-for-dec-1-l...
    - HeadsUpHigh 5y ago
      The level of ignorance and yet strength of belief here is astounding
      - oblio 5y ago
        It's all right. For every unjustified cryptocurrency sceptic such as myself, there are 10000 cryptocurrency zealots pumping and dumping every day. Hodl, right?

cwyers 5y ago

I am not against proof of stake, exactly. But proof of stake has been around for a long time, and is a very small part of the crypto market right now. I don't really understand why, but until proof of stake is able to get adoption, I don't think the existence of proof of stake is a very good defense against the accusation that cryptocurrencies are wasting resources.

my123 5y ago
Proof of stake is even more of a Ponzi, with the rich in a given cryptocurrency getting even richer with time. At least for miners in a PoW system, there’s a pressure for some liquidity by miners selling to cover the mining costs.

faeyanpiraat 5y ago

I don’t think that is a valid defense. Bitcoin started the whole crypto craze, and etherereum wouldn’t exist without bitcoin. And the eth (and who knows how many other coin) crowd certainly does still mine on gpus.

xur17 5y ago
> And the eth (and who knows how many other coin) crowd certainly does still mine on gpus. And is actively on the path to proof of stake.
- oblio 5y ago
  > proof of stake Is this past the point of basic research? Cold fusion has been on a path for 50 years.
  - rauljordan2020 5y ago
    It went live December 1st, 2020. There are over $10 billion currently at stake. You can track the chain here https://beaconcha.in https://beaconcha.in. Please don't spread misinformation. https://cointelegraph.com/news/eth-2-0-confirmed-for-dec-1-launch-just-hours-before-deadline https://cointelegraph.com/news/eth-2-0-confirmed-for-dec-1-l...
  - HeadsUpHigh 5y ago
    The level of ignorance and yet strength of belief here is astounding
    - oblio 5y ago
      It's all right. For every unjustified cryptocurrency sceptic such as myself, there are 10000 cryptocurrency zealots pumping and dumping every day. Hodl, right?