Re: Do you think "iamnotback" really has the" Bitcoin killer"?
Proof-of-work coins such as Bitcoin, Monero, and Zcash will lose all their security in the coming crisis, because miners won't be able to exchange BTC for fiat to pay their electricity.
Considering how stupid that statement is, I highly doubt the answer is yes.
I was referring to Jim Rickards' prediction that the elite will shut down the financial system for a period of time. I am saying that if that period of time is of sufficient duration that BTC can't be exchanged for fiat to pay for electricity, then mining farms have to shut down.
If the world is in such a chaos that the entire world financial system can be shut down and no one can move any fiat for some period of time, then proof-of-work miners can also be affected because they have bills to pay.
Whereas, a proof-of-stake system would not be so affected because it doesn't require consumption of an external resource. We might argue that such chaos would also shut down the entire Internet, but I tend to think the Internet is much more global, resilient and diverse than a few mining farms in China.
So please enlighten us as to which of us is stupid?
bathrobehero, are you challenging me to an intellectual contest? Do you really think you can challenge me intellectually?
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I was referring to Jim Rickards' prediction that the elite will shut down the financial system for a period of time. I am saying that if that period of time is of sufficient duration that BTC can't be exchanged for fiat to pay for electricity, then mining farms have to shut down.
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I was referring to Jim Rickards' prediction that the elite will shut down the financial system for a period of time. I am saying that if that period of time is of sufficient duration that BTC can't be exchanged for fiat to pay for electricity, then mining farms have to shut down.
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Total bullshit
man now there are projects like 2k Wat solar power + miner:http://www.bimblesolar.com/bitcoinsolar - ta da and NOMORE PROBLEMS WITH POWER
The mining farms don't currently run on solar dimwit. They run on subsidized cheap power in China such as hydropower at 2 - 4 cents per kWH.
You seem to not read, both the red highlighted text above and the upthread post as quoted below:
I didn't take the time to read all 16 pages, but regarding the financial elite turning off financial transfers in a doomsday scenario, thus forcing miners to turn off their machines, why wouldn't the electric provider accept Bitcoin or litecoin as payment for their service?
I'd rather not focus on that upthread diversion. It wasn't a particularly strong point. That is not the main problem with Bitcoin.
The intended point was simply that if we didn't have to rely on PoW (and its numerous disadvantages), it would be better (assuming all of PoW's positive attributes were retained).