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| danny_galaga:
--- Quote from: Zebidee on May 14, 2021, 07:16:34 am ---Bitcoin transactions burn heaps of power, globally equivalent to a not-so-small country. There are much more energy-efficient alternatives. Something to think about as we strive to save the planet. --- End quote --- That is a good point. I guess I can rationalise by thinking about the fact if I invest, is a secondary market. Most of the movements are for Bitcoins that have already been mined. |
| bobbyb13:
--- Quote from: Zebidee on May 14, 2021, 07:16:34 am ---Bitcoin transactions burn heaps of power, globally equivalent to a not-so-small country. There are much more energy-efficient alternatives. Something to think about as we strive to save the planet. --- End quote --- Now if one could use solar power to charge a hydrogen cell and then set up a mining operation around that... :lol |
| Zebidee:
--- Quote from: bobbyb13 on May 17, 2021, 07:43:54 pm --- --- Quote from: Zebidee on May 14, 2021, 07:16:34 am ---Bitcoin transactions burn heaps of power, globally equivalent to a not-so-small country. There are much more energy-efficient alternatives. Something to think about as we strive to save the planet. --- End quote --- Now if one could use solar power to charge a hydrogen cell and then set up a mining operation around that... :lol --- End quote --- Mining creates bitcoins by processing transactions, so it is all the same thing. Mining increases the money supply meaning more transactions, and the bitcoin you mine today is traded tomorrow on a random mining operation that may be powered by non-renewables. So there is no escape unless the whole planet moves to renewables. Even then it doesn't address the fact that bitcoin transactions are very energy inefficient compared to other digital currencies like dogecoin even. All that power costs real money. Elon Musk has been making headlines recently for refusing to trade/accept bitcoin anymore. According to the blurb, Dogecoin in particular uses less energy per transaction than bitcoin because the calculations used to mine coins are less complex. The difference is enormous, with bitcoin requiring a staggering 707 kilowatt hours for each payment and Dogecoin requiring just 0.12 Can't ignore numbers like that, good reason to think twice or more about bitcoin and save the planet. |
| bobbyb13:
Holy crap! Wasn't aware of that differential. Yeesh.... Apart from arcade machinery I'm leaning toward full Luddite myself lately. I've had enough of all this crap. I want to trade eggs and tilapia for avocados and beef :laugh2: |
| fallacy:
bitcoins not going anywhere because it is bitcoin. It might be crashing right now. If it drops below 35,000 I would say start buying with any money you can afford. Feel like 30,000 is going to be its new hold price. Since I said 30,000 is its new hold price it probably wont go below 33,000 or something because the market never wants to be predictable like that. |
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