Current Events > Bitcoin uses more power than the entire country of Argentina.

(+) Yeah! (+)

https://www.google.com/amp/s/www.bbc.com/news/amp/technology-56012952

what a complete and utter waste. Its also causing a global shortage of graphics cards because of just how much theyre used for mining.

Imagine if those calculations were used for something more useful like say, protein folding or something.

Dont mine for Bitcoin, Argentina

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shockthemonkey posted...

What a pointlessly wasteful resource

money aint even real mannn

Argentina is a joke country though.

Never forget what is socially acceptable to do to cattle in that country.

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pogo_rabid posted...

Argentina is a joke country though.

Never forget what is socially acceptable to do to cattle in that country.

You might be equal in weight to some Argentinian asshole who treats cattle like shit, and that means the joke's on you!

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shockthemonkey posted...

What a pointlessly wasteful resource

They use the pointless wastefulness as a marketing gimmick.

"Look at how hard it is to make a bitcoin. That means it's valuable!"

No. No it doesn't.

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Thompson posted...

You might be equal in weight to some Argentinian asshole who treats cattle like shit, and that means the joke's on you!

"Some"

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I've never understood how a currency can have value if anyone can create it

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Doom_Art posted...

I've never understood how a currency can have value if anyone can create it

ask the government about USD, they might have an answer for you

hint: people adopting it is what matters, not who creates it

ROOTFayth posted...

ask the government about USD, they might have an answer for you

The government isn't just anyone.

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Squall28 posted...

The government isn't just anyone.

elected by the people, bitcoin is the same thing, its slowly being elected by the people, youre free to miss the boat

ROOTFayth posted...

ask the government about USD, they might have an answer for you

I can't create USD on my computer

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Doom_Art posted...

I can't create USD on my computer

you also cant create bitcoins

ROOTFayth posted...

you also cant create bitcoins

Is that not what "mining" is?

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Doom_Art posted...

Is that not what "mining" is?

I mean its more like unlocking than creating, theres a hard cap, you cant just print it like government did with USD during covid and in the process fuck their entire population deep in the ass, without lube

And to reiterate, no one is buying this "work" your computer is doing. It's like if you go outside and run 5 miles. Then an app on your phone rewards you a Runcoin. That's it. Nobody payed you to run. Nobody cares that you ran. You didn't deliver or create any value.

But all the people in crypto, have heavy incentives to get you to buy into it. If you buy into it, they get money. They're practically scammers at this point. If you hear someone trying to get you into crypto, just imagine a sleezy car salesman. Except you won't even get a car.


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ROOTFayth posted...

I mean its more like unlocking than creating, theres a hard cap, you cant just print it like government did with USD during covid and in the process fuck their entire population deep in the ass, without lube

oh boy this conversation is sure taking a productive turn

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Squall28 posted...

And to reiterate, no one is buying this "work" your computer is doing. It's like if you go outside and run 5 miles. Then an app on your phone rewards you a Runcoin. That's it. Nobody payed you to run. Nobody cares that you ran. You didn't deliver or create any value.

But all the people in crypto, have heavy incentives to get you to buy into it. If you buy into it, they get money. They're practically scammers at this point. If you hear someone trying to get you into crypto, just imagine a sleezy car salesman. Except you won't even get a car.

i mean mate, your loss? what do you want me to say, youre missing out on the biggest opportunity lf the decade because in reality you just cant handle the swings, its going over 100k, you know it, I know it, everybody knows it

when I started playing poker people told me it was gambling and you cant win gambling bla bla bla, my father was afraid Id end up a degenerate gambler... people are always afraid of what they dont know especially if it involves potentially losing money, over the years I realized people like you are just not meant to be wealthy and its fine, some people enjoy more stability with essentially less money on the long run

ROOTFayth posted...

i mean mate, your loss? what do you want me to say, youre missing out on the biggest opportunity lf the decade because in reality you just cant handle the swings, its going over 100k, you know it, I know it, everybody knows it

when I started playing poker people told me it was gambling and you cant win gambling bla bla bla, my father was afraid Id end up a degenerate gambler... people are always afraid of what they dont know especially if it involves potentially losing money, over the years I realized people like you are just not meant to be wealthy and its fine, some people enjoy more stability with essentially less money on the long run

Lol. I'm already wealthy. I love the "appeal to greed" argument that crypto bros go to when they start losing arguments about the actual value crypto brings. Going full sleeze with the snake oil.

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Personally I do not think getting wealthy is a good excuse for burning down the planet.

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Ok, something I don't understand. Someone here said there's a fixed amount of Bitcoin. So that must mean that it hasn't all been mined yet. So my question is, how much is left "in the ground"?

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mustachedmystic posted...

Ok, something I don't understand. Someone here said there's a fixed amount of Bitcoin. So that must mean that it hasn't all been mined yet. So my question is, how much is left "in the ground"?

There are 21 million bitcoin, and roughly 18.5 million have been mined so far. The mining rate halves every four years, though, so it will theoretically take until 2140 or so to mine all of them
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Squall28 posted...

Lol. I'm already wealthy. I love the "appeal to greed" argument that crypto bros go to when they start losing arguments about the actual value crypto brings. Going full sleeze with the snake oil.

youre wealthy yet you dont understand fiat is going to shit? wtf?

we also may have different definitions of wealthy?

I mean why not, the banks are using so much goddamn electricity, can't be much worse

Antifar posted...

Personally I do not think getting wealthy is a good excuse for burning down the planet.

And is it ever the go-to excuse!

it's totally not fine to burn down the planet to make money, it's definitely fine to do it to please your tasting buds eating bacon, filet mignon and fried chicken

Crypto is great, people hating on it are those who aren't invested into it

In the future there will be those with crypto and those without, enjoy the class division folks

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Squall28 posted...

Lol. I'm already wealthy. I love the "appeal to greed" argument that crypto bros go to when they start losing arguments about the actual value crypto brings. Going full sleeze with the snake oil.

Yeah it was the same thing with a lot of folks caught up in the GME thing lol

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ROOTFayth posted...

youre wealthy yet you dont understand fiat is going to shit? wtf?

we also may have different definitions of wealthy?

I'm not "invested" in fiat. The idea of investing in currency is silly.

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ROOTFayth posted...

it's totally not fine to burn down the planet to make money, it's definitely fine to do it to please your tasting buds eating bacon, filet mignon and fried chicken

Yeah how dare people want to eat. The should be using the "burning down the planet" budget on mining bitcoins instead.

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Squall28 posted...

Yeah how dare people want to eat. The should be using the "burning down the planet" budget on mining bitcoins instead.

I dunno I haven't eaten any of those for the past 5 yrs and I'm in the best shape of my life, how dare I take care of my health

Squall28 posted...

I'm not "invested" in fiat. The idea of investing in currency is silly.

Forex anyone?

Imagine if those calculations were used for something more useful

The blockchain is the most useful and important invention since the internet. Stay mad.

Hooo boy

GameFAQs's takes on cryptocurrency is fucking so out of touch, lmfao. I don't even know where to begin with most of the posts itt. Just going to chalk it up to boomer economics and continue making my money.

LivingLegend posted...

Bitcoin should be banned and outlawed.

So should your account.

34_ShaqRule_34 posted...

The blockchain is the most useful and important invention since the internet. Stay mad.

It's being used to trade jpegs for millions of dollars.

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shockthemonkey posted...

Dont worry, youve already heard all of your annoying rants. Cryptobros havent had anything new to say in years.

You're just not understanding. Hence why we have to repeat ourselves. Why won't you listen shock? Why? Why must you let this opportunity pass you by? Smart contracts are the future and you have the chance to be a part of it. This is the milennials' internet revolution!

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cost of mining has been a powerful incentive for miners to invest in more sustainable, cost-effective, and often environmentally friendly forms of energy such as geothermal and hydroelectric power

but nobody really seems to care about that

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shockthemonkey posted...

Dont worry, youve already heard all of your annoying rants. Cryptobros havent had anything new to say in years.

Lmao.

1. There is literally no difference fundamentally between FIAT and Bitcoin. They both can be described as digital currency that has zero intrinsic value. The value is arbitrary decided by the global market. Since the early 1970s, the value concept of Bitcoin has already existed in the form of the US dollar. The "lol bitcoin has no value" bullshit can be directly applied to the US dollar, and basically every currency on the planet that isn't directly backed by another material we arbitrary gave value regardless.

2. Bitcoin was the first cryptocurrency. That's it. In the crypto space, it is useless garbage that is only valuable because it is the standard reserve currency for the market. The same as how the US dollar is the standard reserve currency for the global market. Not everybody in crypto takes Litecoin for example, and not everyone in the world takes the Euro or Yen. But literally every corner of the world will take the US dollar. Same concept goes for bitcoin. Beyond that, Bitcoin brings nothing to the table.

3. However, with Bitcoin came the mass adoption of the blockchain. Following it came networks such as Ethereum, which can be compared to the Swift network Visa uses for bank transactions. Except in the case of chains like Ethereum and Cardano, the entire network is on a public ledger and cannot be interfered with. The SWIFT network is private and is ran as a company with rich people invested in the network itself. Gee, I wonder which one is better for the people. Guess what uses a shit ton of electricity as well?

4. The blockchain itself can be used further for completely trustless interactions. Imagine security that is not determined by any outside input. It's determined exclusively by the network itself, and cannot be changed. The amount of use cases for this is insane. And no, it cannot be "hacked" either. There is only one unique hash on the entire network and it cannot be manipulated.

5. "it's using so much electricity" is a shitty argument to make considering the culmination of every average 1st world person contributes way more electrical "pollution" to their environment. This isn't as simple as "stop using gas for transportation" where a better alternative already exists. As it stands right now, there is no better alternative to fucking electricity aside from nuclear energy (gl with selling that to your neighbor) and whether you like it or not, the benefits of the blockchain will win out for the future. So you should honestly just get used to it, or better yet - start advocating to ban electricity and move onto something else as the basic universal fuel for literally everything we do. Attacking Bitcoin or crypto in general is just you attacking a scapegoat for a bigger problem that isn't being addressed.

6. Crypto is moving towards being decentralized. In 2017 the only way to buy Bitcoin and anything else was through Coinbase and other major platforms. Then in order to get alt coins, you needed to deposit into an exchange and trade through there. That is just an unnecessary step where you lose the rights to your own money and have a centralized entity in control of them. Decentralized Finance (DeFi) is the future where exchanges become obsolete. People can trade assets with their own wallets, no middle man. This concept can be directly applied to banks as well, making the use for them pretty obsolete.

7. Speaking of banks becoming obsolete. The only reason your money is "secure" in the bank is because it is insured. And the only reason the insurance works is because it is backed by FIAT, which exhibits the same exact "flaws" you take issue with Bitcoin for. So think long and hard about what happens in the future if the value of the USD plummets. Not only are you worth less, but you might not even be entitled to your remaining funds. Gl with that.

8. Oh, and the final nail in the coffin for centralized institutions such as banks and exchanges is that DeFi is working towards establishing a lending platform that can analyze your entire credit history and offer loans based off both your established funds and your history of paying back your debt. The entire institution couldn't even handle giving out mortgages without nearly bankrupting the entire country in 2008. I'm genuinely smiling that you continue to place your faith in them.

Antifar posted...

It's being used to trade jpegs for millions of dollars.

And the internet was used to email low-res pictures of uncensored Playmates to your co-workers in 1994. I am absolutely shocked that mass adoption brings out the stupid in people. /s

The entire institution couldn't even handle giving out mortgages without nearly bankrupting the entire country in 2008.

to play the devil's advocate, things were regulated to hell and back in the 90s to encourage bad loans in the name of affordable housing for all

that said though, great post

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TheMikh posted...

to play the devil's advocate, things were regulated to hell and back in the 90s to encourage bad loans in the name of affordable housing for all

that said though, great post

Thanks. He won't respond though.

The_Creep_2020 posted...

Dont mine for Bitcoin, Argentina

LOL

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Last Login: 3/13/2021 12:37:19 PM

Waiting on the response shock