Current Events > "Mining crypto decreases CO2 emissions"

(+) Yeah! (+)

https://twitter.com/RiotPlatforms/status/1645473961004892162

*insert clown emoji here*

People still mine crypto?

mario2000 posted...

People still mine crypto?

Yes. That is how the sunk cost fallacy works.

Dude's a tool.

welp if a company thats entire business model is minting bitcoin says says crypto is safe i guess we have to trust them

all the experts on energy and global warming who are noneprofit are clearly biased

but the ppl whos entire financial success depends on scamming ppl into buying bitcoin are unbiased

After all this time, Im still confused about what "mining" for crypto actually does.

i hope that's satire lmao

Choco posted...

i hope that's satire lmao

its not they are a crypto mining company

FLAMING_EVIL_HOMER posted...

After all this time, Im still confused about what "mining" for crypto actually does.

This

I like how the industrial warehouse crypto mining facility is trying to say this. Sure thing, maybe your facility is doing a good job at this but its missing the forest for the trees. Like its purely anecdotal and potentially unique to that facility. Which seems very high tech using farms of computers submerged in the special cooling liquid in vast troughs.

Also what the other poster said about how they are financially tied to this and wouldnt say something bad publicly. Its all very self serving and transparent about their true goals.

AceMos posted...

its not they are a crypto mining company

I mean, it's facetious. He's trying to make the [moronic] point that mining doesn't produce CO2, it's the electric plant.

FLAMING_EVIL_HOMER posted...

After all this time, Im still confused about what "mining" for crypto actually does.

Okay so Bitcoin is like one big document that details every wallet that holds bitcoin, and every transaction between wallets. So to put it in simple terms:

Bitcoin knows Adam has 5 coins, Brenda has 3 coins, and Charlie has 7 coins. It knows when Adam gives Charlie 3 coins, so now everyone can publicly see the transaction and see the wallet balances showing Adam now has 2 coins, and Charlie has 6.

To reiterate: bitcoin is completely transparent, all wallet balances are known and all transactions are known. And the trades are trustless which means you do not need a bank to authorize the transaction or hold balances as an intermediary

To keep Bitcoin distributed and secure, it requires really complex computations, so miners can lend their CPU/GPU power (though these days almost all mining is done with specialized computers) to validate bitcoin transactions. You lend the bitcoin computing power so that it can process transactions for others, you are rewarded with new bitcoin, this is "mining."

To summarize:

- Bitcoin requires computing power to make sure transactions are valid and all bitcoin holders know wallets/transactions are accurate

- Miners lend computing power so bitcoin can execute transactions, and are rewarded with new bitcoins (which are rewarded based on a predetermined difficulty/distribution)

- All of this can be done without banks, without regulations, without international laws or currency conversions, etc

That's why bitcoin is important, anyone can send money to anyone and it's all verified, public knowledge. It's free speech in money form

With all that being said the CO2 emissions of bitcoin mining is a problem. There are other currencies like ethereum that use proof-of-stake to solve this issue. Crypto doesn't have to be a climate disaster (though for the time being, Bitcoin unfortunately is)

DeepFriedSquid posted...

That's why bitcoin is important, anyone can send money to anyone and it's all verified, public knowledge. It's free speech in money form

no its a scam

AceMos posted...

no its a scam

Why do you say that?

DeepFriedSquid posted...

Why do you say that?

*motions to FTX*

just to cite one example

then you have logan pauls crypto scam

i can cite more crypto scams to 100s in fact

but you know this you have been banned for it multiple times

so ill make this super clear

any time a person tries to tell you a easy way you can make money

they are trying to make money for themselfs off of you

Like printing money and manufacturing credit cards is so good for the environment

DeepFriedSquid posted...

That's why bitcoin is important,

lmfao

AceMos posted...

*motions to FTX*

just to cite one example

then you have logan pauls crypto scam

i can cite more crypto scams to 100s in fact

but you know this you have been banned for it multiple times

so ill make this super clear

any time a person tries to tell you a easy way you can make money

they are trying to make money for themselfs off of you

Yeah there are plenty of scams involving exchanges breaking laws and celebrities pumping and dumping, but those same issues exist with government currencies, and have nothing to do with bitcoin itself.

A bank going insolvent and losing your dollars has nothing to do with the currency itself. A phishing scam that makes you lose money doesn't have anything to do with the currency either.

Crypto is a wildly unregulated space where a lot of scams do occur, but that's what comes with the territory of being your own bank and having the freedom to transact however you want.

And for the record yeah I agree 99% of cryptos are garbage. The same as how 99% of the Internet is garbage lol.

Imagine how chaotic the economy would be if the dollar had the stability of crypto? Lol.

DeepFriedSquid posted...

Okay so Bitcoin is like one big document that details every wallet that holds bitcoin, and every transaction between wallets. So to put it in simple terms:

Bitcoin knows Adam has 5 coins, Brenda has 3 coins, and Charlie has 7 coins. It knows when Adam gives Charlie 3 coins, so now everyone can publicly see the transaction and see the wallet balances showing Adam now has 2 coins, and Charlie has 6.

To reiterate: bitcoin is completely transparent, all wallet balances are known and all transactions are known. And the trades are trustless which means you do not need a bank to authorize the transaction or hold balances as an intermediary

To keep Bitcoin distributed and secure, it requires really complex computations, so miners can lend their CPU/GPU power (though these days almost all mining is done with specialized computers) to validate bitcoin transactions. You lend the bitcoin computing power so that it can process transactions for others, you are rewarded with new bitcoin, this is "mining."

To summarize:

- Bitcoin requires computing power to make sure transactions are valid and all bitcoin holders know wallets/transactions are accurate

- Miners lend computing power so bitcoin can execute transactions, and are rewarded with new bitcoins (which are rewarded based on a predetermined difficulty/distribution)

- All of this can be done without banks, without regulations, without international laws or currency conversions, etc

That's why bitcoin is important, anyone can send money to anyone and it's all verified, public knowledge. It's free speech in money form

Good break down, but you forgot the part where Adam, Brenda, and Charlie are supposed to be anonymous but they're not, so yeah, it's completely transparent which is odd since it's being used for the vast majority of blackmail and ransom rackets.

indica posted...

Good break down, but you forgot the part where Adam, Brenda, and Charlie are supposed to be anonymous but they're not, so yeah, it's completely transparent which is odd since it's being used for the vast majority of blackmail and ransom rackets.

indica posted...

Good break down, but you forgot the part where Adam, Brenda, and Charlie are supposed to be anonymous but they're not, so yeah, it's completely transparent which is odd since it's being used for the vast majority of blackmail and ransom rackets.

indica posted...

Good break down, but you forgot the part where Adam, Brenda, and Charlie are supposed to be anonymous but they're not, so yeah, it's completely transparent which is odd since it's being used for the vast majority of blackmail and ransom rackets.

I simplified it a bit. The public wallet addresses are public knowledge that everyone can see, who actually owns the wallet is not visible. It can only be tracked if for example the wallet is linked to an exchange and the exchange has your information (such as a DL or passport).

What should we do?

AI_TechGam3FAQS posted...

What should we do?

If you like the idea of owning crypto but don't want to contribute to climate change you could always buy a green crypto like ethereum

If you don't like crypto that's fine too. It's not for everybody which is why I don't really recommend it to people anymore. If you're interested and your risk tolerance is strong enough for it, then make the choice yourself

DeepFriedSquid posted...

If you like the idea of owning crypto but don't want to contribute to climate change you could always buy a green crypto like ethereum

If you don't like crypto that's fine too. It's not for everybody which is why I don't really recommend it to people anymore. If you're interested and your risk tolerance is strong enough for it, then make the choice yourself

Is it really green though?

DeepFriedSquid posted...

A bank going insolvent and losing your dollars

banks are insured genius

indica posted...

Is it really green though?

After the Proof-of-Stake upgrade yeah. New ethereum is earned simply by staking (aka lending) the ehtereum you own to the network. It used to be Proof-of-Work (aka mining) like Bitcoin up until about a year ago

IIRC something like 98-99% of the carbon emissions formerly attributable to ethereum have been removed.

AceMos posted...

banks are insured genius

Only up to $250,000 per individual IIRC

DeepFriedSquid posted...

Only up to $250,000 per individual IIRC

The recent bank failures showed that if things are bad enough there is really no limit.

Crypto has gone woke!

tell me about it fucking texas energy cost have skyrocketed fuck them