Current Events > Bitcoin mining using more electricity than 159 countries. Collapse inevitable.

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FLUFFYGERM
11/30/17 8:17:43 PM
#1:


https://www.cbsnews.com/news/bitcoin-mining-energy-consumption/

lmao @Krojen about to get spanked by scalability LOL!!!!
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but Marxist theory is extremely consistent, both internally and with reality. -averagejeol
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#2
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armandro
11/30/17 8:22:25 PM
#3:


but is it green electricity?
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Returning_CEmen
11/30/17 8:23:01 PM
#4:


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Nostradumbass
11/30/17 8:30:15 PM
#5:


Returning_CEmen posted...
I read an article yesterday about someone using their Tesla
https://electrek.co/2017/11/29/tesla-mining-bitcoin-model-s-supercharger-power/

lol. stealing power from other tesla drivers. nice.
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BignutzisBack
11/30/17 8:33:49 PM
#6:


Don't fall for this Litecoin shill CE, he spread LIES!!!
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Ballstopshere
11/30/17 8:34:53 PM
#7:


Bitcoin doesn't look like its gonna hit 11k again for a while, that was too much attention for it.
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mattnd2007
11/30/17 8:48:25 PM
#8:


i still don't really even understand bitcoin tbh.
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Steppin on the beach doot doot do
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I Like Toast
11/30/17 8:52:29 PM
#9:


mattnd2007 posted...
i still don't really even understand bitcoin tbh.

https://www.investopedia.com/terms/p/ponzischeme.asp
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If you do things right, people won't be sure you've done anything at all
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Cookie Bag
11/30/17 8:53:35 PM
#10:


I Like Toast posted...
mattnd2007 posted...
i still don't really even understand bitcoin tbh.

https://www.investopedia.com/terms/p/ponzischeme.asp

lmao
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FLUFFYGERM
11/30/17 8:53:35 PM
#11:


mattnd2007 posted...
i still don't really even understand bitcoin tbh.


most of the "investors" don't either lmao
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but Marxist theory is extremely consistent, both internally and with reality. -averagejeol
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Krojen
11/30/17 10:14:37 PM
#12:


I've never argued about scalability with you. I couldn't care less about it. I'm not a long term investor of bitcoin, I use it as a tool to avoid fees in the present. You know this because I've told you several times.

What you've started doing now is conflate a future scalability argument and fee free trading in the present. I guess you're doing this because you're finally admitting you were wrong about the fees. I accept your white flag and will stop shoving your dunce cap down your throat.
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Zeeak4444
11/30/17 10:16:23 PM
#13:


Krojen posted...
I've never argued about scalability with you. I couldn't care less about it. I'm not a long term investor of bitcoin, I use it as a tool to avoid fees in the present. You know this because I've told you several times.

What you've started doing now is conflate a future scalability argument and fee free trading in the present. I guess you're doing this because you're finally admitting you were wrong about the fees. I accept your white flag and will stop shoving your dunce cap down your throat.


Fucking rekt.
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Typical gameFAQers are "Complainers that always complain about those who complain about real legitimate complaints."-Joker_X
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FLUFFYGERM
11/30/17 10:16:59 PM
#14:


LMAO Krojen running away from the scalability issue which has always been my main contention

And still denying the presence of high fees for people who trade actively LMAO!!!
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but Marxist theory is extremely consistent, both internally and with reality. -averagejeol
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#15
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FLUFFYGERM
11/30/17 10:26:11 PM
#16:


Bullet_Wing posted...
So has bitcoin reached the point where the amount of energy/electricity required to produce and distribute coin is greater than the amount of profit earned from it?


It's trending that way very quickly. The average person hasn't been able to mine Bitcoin for a long time now. Only dedicated farms can mine it and profit. Soon it'll be pointless to mine it even if you have a farm.
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but Marxist theory is extremely consistent, both internally and with reality. -averagejeol
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#17
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Giblet_Enjoyer
11/30/17 10:29:15 PM
#18:


Doesn't the difficulty adjust based on how many machines are mining?
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He which make friends with scorpion, soon come to find out what a scorpion does - they bite people with its tail --ancient Chinese proverb
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#19
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Trigg3rH4ppy
11/30/17 10:31:55 PM
#20:


Bullet_Wing posted...

I'd be interested to see a study on average electrical consumption for mining say .001 vs the price of it. Granted, I'm not sure how you'd conduct such a study, but the correlation would be interesting to look a

O gee idk, maybe just watching a kw meter while mining then using a calculator.

Sorry, I'm a smartass
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~A little nonsense, now and then, is relished by the wisest men ~
TWSSted since~ 3/27/12 https://i.imgur.com/zlaENmx.png
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Krojen
11/30/17 10:46:09 PM
#21:


FLUFFYGERM posted...
LMAO Krojen running away from the scalability issue which has always been my main contention

And still denying the presence of high fees for people who trade actively LMAO!!!

You're the only one running. You're even running away from your own links, as seen here:
https://www.gamefaqs.com/boards/400-current-events/76034462/891288254

Your main contention with me has always been about fees. Because you've never invested in anything before, you keep thinking fee free limit orders will magically add up to something if you just keep trading enough. Your emotional feeling that there just has to be fees isn't an argument I can continue to respond to. It's getting stale.

Everyone else has been able to follow my step by step guide to fee free trading. I can break it down again, but you have to promise you'll counter with something that isn't "lmao nuh uh"
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#22
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FLUFFYGERM
11/30/17 11:02:30 PM
#23:


There is no free crypto trading
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but Marxist theory is extremely consistent, both internally and with reality. -averagejeol
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Krojen
11/30/17 11:12:07 PM
#24:


FLUFFYGERM posted...
There is no free crypto trading

When I tell you how to have fee free crypto trading again, are you going to find a hole in my argument/plan or are you just going to repeat that you don't think there is. Let's be real and save both of our time.
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SGT_Conti
11/30/17 11:22:38 PM
#25:


Tragedy of the Commons
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"I may not have gone where I intended to go, but I think I have ended up where I needed to be."
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Krojen
12/01/17 7:12:01 PM
#26:


Yeah that's what I thought. Fluffy knows he's full of shit.

/topic
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berlyman101
12/01/17 7:23:01 PM
#27:


What is bit coin mining in 100 words or fewer?
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I Like Toast
12/01/17 7:28:04 PM
#28:


berlyman101 posted...
What is bit coin mining in 100 words or fewer?


not exactly, but an oversimplification is your computer does complex calculations that results in gaining bitcoins. These calculations will eat up your CPU (or GPU as they're generally more efficient for mining), this in term consumes power.
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