2 ms·

You don't think that the 1MWh or so of electricity used (estimates vary from 2MWh down to 700kWh, depending on what you read, so I pick a value in the low end o

You don't think that the 1MWh or so of electricity used (estimates vary from 2MWh down to 700kWh, depending on what you read, so I pick a value in the low end of the middle) is pushing up the price of energy? Let's reframe those values slightly - every bitcoin transaction uses about as much electricity as it costs to run my house for nearly six months. Are you sure that's not having an adverse effect on energy prices?

sumedh 4y ago
> every bitcoin transaction uses about as much electricity as it costs to run my house for nearly six months. Why does that even matter, a rich guy travelling in a private jet uses more energy compared to you travelling in commercial jet, does that mean we should ban private jets?
- zbentley 4y ago
  If we find that private jet use negatively impacts the price of or access to commercial airfare for the 99.9% (e.g. if we discover that commercial airports are congested by private corporate traffic, or that private airplanes are getting unfairly preferential access to scarce parts such that commercial airlines can't repair their planes), then yes: we should consider regulating and in some cases preventing private jet use. In other words, the metaphor is bad.
  - sumedh 4y ago
    Your metaphor is equally bad. By that logic business class should be banned because business class customers get preferential access compared to economy customers and they use more energy.
cypress66 4y ago
PoW (ie mining) is not something inherent to cryptocurrencies. We should try to get rid of PoW and move all coins to non energy wasting systems (such as PoS).
- doomroot 4y ago
  No, PoW is the point of cryptocurrencies. PoS coins are not censorship resistant.
doomroot 4y ago
https://twitter.com/wef/status/941906002982637568?s=21&t=aJv4NFW-f-SGwZG1XF2kVw https://twitter.com/wef/status/941906002982637568?s=21&t=aJv... Don’t believe everything you hear on the internet. The vast majority of these articles lead to Mora et al which has been thoroughly debunked.

sumedh 4y ago

> every bitcoin transaction uses about as much electricity as it costs to run my house for nearly six months. Why does that even matter, a rich guy travelling in a private jet uses more energy compared to you travelling in commercial jet, does that mean we should ban private jets?

zbentley 4y ago
If we find that private jet use negatively impacts the price of or access to commercial airfare for the 99.9% (e.g. if we discover that commercial airports are congested by private corporate traffic, or that private airplanes are getting unfairly preferential access to scarce parts such that commercial airlines can't repair their planes), then yes: we should consider regulating and in some cases preventing private jet use. In other words, the metaphor is bad.
- sumedh 4y ago
  Your metaphor is equally bad. By that logic business class should be banned because business class customers get preferential access compared to economy customers and they use more energy.

cypress66 4y ago

PoW (ie mining) is not something inherent to cryptocurrencies. We should try to get rid of PoW and move all coins to non energy wasting systems (such as PoS).

doomroot 4y ago
No, PoW is the point of cryptocurrencies. PoS coins are not censorship resistant.

doomroot 4y ago

https://twitter.com/wef/status/941906002982637568?s=21&t=aJv4NFW-f-SGwZG1XF2kVw https://twitter.com/wef/status/941906002982637568?s=21&t=aJv... Don’t believe everything you hear on the internet. The vast majority of these articles lead to Mora et al which has been thoroughly debunked.