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Bitcoin is like if someone made a real version of "Universal Paperclips"[1]. We now have a segment of the economy optimizing for creating cryptocurrency tokens

Bitcoin is like if someone made a real version of "Universal Paperclips"[1]. We now have a segment of the economy optimizing for creating cryptocurrency tokens with little-to-no use value but huge trade value. We already see the impacts on electricity capacity and some luxury goods (video cards). As these operations become more and more sophisticated, it's not inconceivable that they will eventually put price pressure on raw materials as well. Absolutely crazy. [1] https://www.decisionproblem.com/paperclips/index2.html https://www.decisionproblem.com/paperclips/index2.html

ithkuil 5y ago
Mining gold was a similar disaster for the human and environmental cost
- svara 5y ago
  Maybe so, but at least mining is actually necessary to get gold out of the ground. Whereas running a distributed database and gambling can both be had for much less.
  - user-the-name 5y ago
    All of bitcoin could be run on a home PC from 2005. It can do about three transactions a second. And it is burning 0.5% of the electricity of the entire planet to do so. This is basically a crime against humanity at this point.
    - knowfilter 5y ago
      Bitcoin is not the only cryptocurrency
      - DonHopkins 5y ago
        Genocide is not the only crime against humanity, yet it is still illegal. Go figure.
        orestarod 5y ago
        You talked past each other here.
- HWR_14 5y ago
  Mining gold still is. At least gold has uses that make it better than copper in some electrical uses.
- astoor 5y ago
  Yes, but gold hasn't been explicitly designed to require ever increasing amounts of energy to extract ever diminishing quantities, and gold does have some practical use (approx 8% of annual production is used in mobile phones, televisions etc.)
- jpambrun 5y ago
  I can find both mining gold to store in basements and mining bitcoins incredibly stupid, selfish and irresponsible. They are not mutually exclusive.
deleted 5y ago
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ithkuil 5y ago

Mining gold was a similar disaster for the human and environmental cost

svara 5y ago
Maybe so, but at least mining is actually necessary to get gold out of the ground. Whereas running a distributed database and gambling can both be had for much less.
- user-the-name 5y ago
  All of bitcoin could be run on a home PC from 2005. It can do about three transactions a second. And it is burning 0.5% of the electricity of the entire planet to do so. This is basically a crime against humanity at this point.
  - knowfilter 5y ago
    Bitcoin is not the only cryptocurrency
    - DonHopkins 5y ago
      Genocide is not the only crime against humanity, yet it is still illegal. Go figure.
      - orestarod 5y ago
        You talked past each other here.
HWR_14 5y ago
Mining gold still is. At least gold has uses that make it better than copper in some electrical uses.
astoor 5y ago
Yes, but gold hasn't been explicitly designed to require ever increasing amounts of energy to extract ever diminishing quantities, and gold does have some practical use (approx 8% of annual production is used in mobile phones, televisions etc.)
jpambrun 5y ago
I can find both mining gold to store in basements and mining bitcoins incredibly stupid, selfish and irresponsible. They are not mutually exclusive.

deleted 5y ago

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