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It is all human psychology plays, even Bitcoin, but where Bitcoin is different, and the answer the the parents question is: Yes, there is zero barrier to creat

It is all human psychology plays, even Bitcoin, but where Bitcoin is different, and the answer the the parents question is: Yes, there is zero barrier to creating a new cryptocurrency. Thus, we must look at the effort, or energy that is going into a /cryptoasset/ to determine its subjective value. This token was created in a smart contract and will live forever in the Nodes run by a large cryptocurrency exchange. It cost $16.77 in BNB at the date it was published, now $10.74. Bitcoin will continue to spend what is now Billions of dollars on energy to secure the blockchain for /at least/ the next 100 years. The only thing securing this token is the goodwill of the nodes that run BSC and the RPC operators that interact with the wallets. Ethereum is expensive and you shouldn't use it, but that aside, looks like mining the blocks is going down an insane path, with multiple AV vendors shipping ethereum miners in their clients. What a strange time. I do however like the idea of 100s of millions of home PCs mining and distributing the mining revenue, rather than consolidation in large corporate mining operations. Concentration of specialist miners would however be more efficient. Other EVM chains, all Proof of Stake, with various levels of security exist. The tokens that live on these are just as much at risk of the same kinds of things that could impact BSC.

legutierr 5y ago
> Bitcoin will continue to spend what is now Billions of dollars on energy to secure the blockchain for /at least/ the next 100 years. Do you really believe that this will still be the case after the pain and suffering caused by climate change becomes too ever-present to ignore, and global sentiment turns against fossil fuels? There will come a point in the future when there is energy abundance under a zero-carbon regime, but that probably won’t happen before global polities begin to demand that fossil fuels be banned—which bans may very well be enforced though dramatic means. Can Bitcoin survive in an environment in which fossil fuels are banned, and in which people also demand that energy remain affordable to them, even in that context? In an environment where governments must subsidize energy in order to meet both of these objectives, will they be willing to tolerate—and can they even afford—the continued operation of Bitcoin mining within their territories?
- rfd4sgmk8u 5y ago
  I think most people would prefer if all fossil fuel fuel sources could be replaced by sustainable non-polluting alternatives. How energy is produced and the sustainability of supply is of great importance to the miners. > Can Bitcoin survive in an environment in which fossil fuels are banned, and in > which people also demand that energy remain affordable to them, even in that context? Absolutely. As long as we can power a networked computer, there will be Bitcoin. I don't think the relationship to fossil fuels is any more than a second order component, and most people would rather see disappear now we have cleaner way to generate electricity. I think a fair way to clean the energy supply is to get suppliers of non-clean energy sources pay a penalty for the production of that energy. This would apply to electricity and oil/gas like petroleum producers. That penalty rate can be adjusted based on environmental measurements like air quality figures in local areas of consumption. The penalty should be paid into a capital pool that loans money for clean infrastructure projects at a preferential rate. We then accelerate the decommissioning and aid in migration to clean energy infrastructure. Bitcoin is PART of a sustainable energy future. It drives economic incentives and behavior, and can be harnessed to achieve a cleaner energy. Bitcoin can and does subsidize clean energy, independent of States.
  - legutierr 5y ago
    > Bitcoin...can be harnessed to achieve a cleaner energy. Bitcoin can and does subsidize clean energy, independent of States. Yeah, I would need to thoroughly understand the mechanism that would be at work here, if I were to believe this at all. Based on my own understanding of these things, your assertion seems incredible to me.

legutierr 5y ago

> Bitcoin will continue to spend what is now Billions of dollars on energy to secure the blockchain for /at least/ the next 100 years. Do you really believe that this will still be the case after the pain and suffering caused by climate change becomes too ever-present to ignore, and global sentiment turns against fossil fuels? There will come a point in the future when there is energy abundance under a zero-carbon regime, but that probably won’t happen before global polities begin to demand that fossil fuels be banned—which bans may very well be enforced though dramatic means. Can Bitcoin survive in an environment in which fossil fuels are banned, and in which people also demand that energy remain affordable to them, even in that context? In an environment where governments must subsidize energy in order to meet both of these objectives, will they be willing to tolerate—and can they even afford—the continued operation of Bitcoin mining within their territories?

rfd4sgmk8u 5y ago
I think most people would prefer if all fossil fuel fuel sources could be replaced by sustainable non-polluting alternatives. How energy is produced and the sustainability of supply is of great importance to the miners. > Can Bitcoin survive in an environment in which fossil fuels are banned, and in > which people also demand that energy remain affordable to them, even in that context? Absolutely. As long as we can power a networked computer, there will be Bitcoin. I don't think the relationship to fossil fuels is any more than a second order component, and most people would rather see disappear now we have cleaner way to generate electricity. I think a fair way to clean the energy supply is to get suppliers of non-clean energy sources pay a penalty for the production of that energy. This would apply to electricity and oil/gas like petroleum producers. That penalty rate can be adjusted based on environmental measurements like air quality figures in local areas of consumption. The penalty should be paid into a capital pool that loans money for clean infrastructure projects at a preferential rate. We then accelerate the decommissioning and aid in migration to clean energy infrastructure. Bitcoin is PART of a sustainable energy future. It drives economic incentives and behavior, and can be harnessed to achieve a cleaner energy. Bitcoin can and does subsidize clean energy, independent of States.
- legutierr 5y ago
  > Bitcoin...can be harnessed to achieve a cleaner energy. Bitcoin can and does subsidize clean energy, independent of States. Yeah, I would need to thoroughly understand the mechanism that would be at work here, if I were to believe this at all. Based on my own understanding of these things, your assertion seems incredible to me.