5 ms·

China sure made the right choice to ban crypto. 0.5% of the world's energy is insane

hellbannedguy 5y ago
Xi is making a lot of good decisions lately. Put a mouthy billionaire in his place--great. Make school equity more advantageous to the poor kids--good. Put some breaks on gambling--fine. I do wish he would keep this citizens wealth in China. I'm tired of seeing his wealthy people buying up our realestate, along with every other nation. We only have so much land. It should be set aside for American citizens. (Lately people. I don't need a lecture of the bad things he has done. I know them, and don't like them.)
Feeble 5y ago
You want to know what's insane? https://en.wikipedia.org/wiki/Energy_usage_of_the_United_States_military#:~:text=The%20Department%20of%20Defense%20uses,(23%2C000%20L)%20per%20day https://en.wikipedia.org/wiki/Energy_usage_of_the_United_Sta....
- baseballdork 5y ago
  So, because the DoD uses a lot of energy, we should be okay with the energy a speculative asset consumes?
  - keymone 5y ago
    you should be ok with market participants paying market price for a finite resource sold on a market.
    - baseballdork 5y ago
      Why? This is not a free market, nor a market price that reflects externalities of generating that energy. I'm not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative assets.
      - keymone 5y ago
        market is definitely not free at this point because of how much subsidy fossil producers receive from corrupt politicians. doubly funny your worries about externalities, when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. > not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative assets packed as much manipulation and misinformation as you could into that one, didn't you? i'm more than ok with significant chunk of energy's energy going into ensuring security of a global decentralized settlement layer and currency with predictable issuance policy that can't be fucked up by politicians that suddenly realize they need to print a couple trillions to cover up how much they stole.
        sumeno 5y ago
        > when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. I am so sick of this bs argument from bitcoin apologists. Cryptocurrencies drive renewable energy in the same way lung cancer drives chemotherapy drugs. It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy for something else.
        keymone 5y ago
        > It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy for something else. yes it absolutely matters, because expanding the market of energy with renewable energy is unquestionably better than expanding it with fossil producers. bitcoin difficulty fluctuates with uncertainty in politics, demand for security and demand for the asset itself. when difficulty goes down - freed up energy can be used by other market participants and that will hurt profitability of fossil producers. this is not bs argument, it's reality. also, "energy is being wasted" is your subjective understanding.
- tokai 5y ago
  Doesn't seem insane to me at all. When you think of the size of the organization and the tasks it does. We're talking several million people, infrastructure and logistics, and a plethora of hightech vehicles.
wyager 5y ago
How much of the world’s energy do you think the petrodollar system consumes?
- Workaccount2 5y ago
  That energy has output besides random hashes.
  - axx0 5y ago
    a global p2p payment network has value.
    - Hamuko 5y ago
      So does a vehicle yet taking a private plane to the shop might be excessive.
    - cabbageoverload 5y ago
      If people were using Bitcoin for that purpose I might agree.
  - fleddr 5y ago
    Can you send me some of these random hashes? Since they're worthless? Bitcoin secures over a trillion USD. 1 in 6 Americans own Bitcoin and user growth is faster than the rise of the internet and Facebook combined. Companies/Wallstreet are in, VCs are in, the first country has used it as a legal currency. And yet you're still on this 12 year old narrative that it's worth zero?
    - Workaccount2 5y ago
      >Can you send me some of these random hashes? Since they're worthless? WKRQE0GD2T074CCH6ZOH5DYFI4TX3RMEIKHS7AWEUVYEH030GA1B36U8C1L4OWEC 5DYFI4TX3RMEIKHS7AWEGEALOI1LNLZLHKGQ2I8MJEU1XAAQPRG5MUYXXNFR9QRQ W1T7OR1UZ20L6MAXB202PWTN0YQR4IXZ851CS6LB1HUL7AALT9Z8K1OZW7FIK9IS Y112I5BI0RQ04G6LS1XZ3V4C6CY5G97IOYQ0EJSLRQ6CK4ZGCMNXHH2O3NQQ4RVK XEIKU2MHPTOQOBPG3TCT09SBPGKR0WZ0UX119IBBBB0HORXV1F0YNF18ADQHE21I Go wild

Xi is making a lot of good decisions lately. Put a mouthy billionaire in his place--great. Make school equity more advantageous to the poor kids--good. Put some breaks on gambling--fine. I do wish he would keep this citizens wealth in China. I'm tired of seeing his wealthy people buying up our realestate, along with every other nation. We only have so much land. It should be set aside for American citizens. (Lately people. I don't need a lecture of the bad things he has done. I know them, and don't like them.)

Feeble 5y ago

You want to know what's insane? https://en.wikipedia.org/wiki/Energy_usage_of_the_United_States_military#:~:text=The%20Department%20of%20Defense%20uses,(23%2C000%20L)%20per%20day https://en.wikipedia.org/wiki/Energy_usage_of_the_United_Sta....

baseballdork 5y ago
So, because the DoD uses a lot of energy, we should be okay with the energy a speculative asset consumes?
- keymone 5y ago
  you should be ok with market participants paying market price for a finite resource sold on a market.
  - baseballdork 5y ago
    Why? This is not a free market, nor a market price that reflects externalities of generating that energy. I'm not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative assets.
    - keymone 5y ago
      market is definitely not free at this point because of how much subsidy fossil producers receive from corrupt politicians. doubly funny your worries about externalities, when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. > not okay with 0.5% of the earth's energy being consumed to produce sha sums for the sole purpose of mining speculative assets packed as much manipulation and misinformation as you could into that one, didn't you? i'm more than ok with significant chunk of energy's energy going into ensuring security of a global decentralized settlement layer and currency with predictable issuance policy that can't be fucked up by politicians that suddenly realize they need to print a couple trillions to cover up how much they stole.
      - sumeno 5y ago
        > when bitcoin actually meaningfully drives renewable production that is going to be essential in reducing those externalities. I am so sick of this bs argument from bitcoin apologists. Cryptocurrencies drive renewable energy in the same way lung cancer drives chemotherapy drugs. It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy for something else.
        keymone 5y ago
        > It doesn’t matter if renewable energy is built if that new energy is being wasted on cryptocurrency instead of replacing fossil fuel energy for something else. yes it absolutely matters, because expanding the market of energy with renewable energy is unquestionably better than expanding it with fossil producers. bitcoin difficulty fluctuates with uncertainty in politics, demand for security and demand for the asset itself. when difficulty goes down - freed up energy can be used by other market participants and that will hurt profitability of fossil producers. this is not bs argument, it's reality. also, "energy is being wasted" is your subjective understanding.
tokai 5y ago
Doesn't seem insane to me at all. When you think of the size of the organization and the tasks it does. We're talking several million people, infrastructure and logistics, and a plethora of hightech vehicles.

wyager 5y ago

How much of the world’s energy do you think the petrodollar system consumes?

Workaccount2 5y ago
That energy has output besides random hashes.
- axx0 5y ago
  a global p2p payment network has value.
  - Hamuko 5y ago
    So does a vehicle yet taking a private plane to the shop might be excessive.
  - cabbageoverload 5y ago
    If people were using Bitcoin for that purpose I might agree.
- fleddr 5y ago
  Can you send me some of these random hashes? Since they're worthless? Bitcoin secures over a trillion USD. 1 in 6 Americans own Bitcoin and user growth is faster than the rise of the internet and Facebook combined. Companies/Wallstreet are in, VCs are in, the first country has used it as a legal currency. And yet you're still on this 12 year old narrative that it's worth zero?
  - Workaccount2 5y ago
    >Can you send me some of these random hashes? Since they're worthless? WKRQE0GD2T074CCH6ZOH5DYFI4TX3RMEIKHS7AWEUVYEH030GA1B36U8C1L4OWEC 5DYFI4TX3RMEIKHS7AWEGEALOI1LNLZLHKGQ2I8MJEU1XAAQPRG5MUYXXNFR9QRQ W1T7OR1UZ20L6MAXB202PWTN0YQR4IXZ851CS6LB1HUL7AALT9Z8K1OZW7FIK9IS Y112I5BI0RQ04G6LS1XZ3V4C6CY5G97IOYQ0EJSLRQ6CK4ZGCMNXHH2O3NQQ4RVK XEIKU2MHPTOQOBPG3TCT09SBPGKR0WZ0UX119IBBBB0HORXV1F0YNF18ADQHE21I Go wild