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Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Photographer
on 20/11/2018, 21:27:01 UTC
One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

no its actually embarassing,

that 1 bitcoin transaction needs the electricity of a european houshold in 2.5 weeks

More than embarassing that is unsustainable. And when something is unsustainable, it usually doesn't last forever.

you dont say,

i even think entire market will decentralise away from bitcoin,

there will be institution managers with their own coins like "graphene coin" or "fusion coin", people have an interest supporting those coins, those coins are being released with economic consumption for doing certain products not for wasting electricity.

and they will matter much more

besides this forum lost 24% viewers in septembers thats a loss of 4 million from 16.8 to 12.8 million viewers per month

https://www.similarweb.com/website/bitcointalk.org#referrals

i think the market will forget bitcoin, because the problem is that no one has an interest to support it, except those that own a lot of miners, or those that can build miners.

and thats the main problem, why the people stop caring about that coin.

I agree with you, and the fall will probably be spectacular. In fact, I think that the high prices of BTC are mainly caused EXACTLY by the fact that the network consumes so much electricity and for the miners it is necessary that the price rises to pay for their consumption, and with their wealth they can influence the price.
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Photographer
on 27/09/2018, 17:11:42 UTC
I think, when the world's electricity supply is still large, and has reserves from every source, the world's electricity will be able to handle bitcoin.

in addition, the development of electricity is never stopped, the innovation of electrical energy from various sources has always been used to save world electricity, such as hydroelectric power, solar power, waste power, and steam power.

The world does not have "reserves" of electrical energy, since on large scale electricity cannot be stored. It must be produced just when it's needed. So if the Bitcoin network is consuming X energy, that quantity has to be produced in real time, with all the implications of that.
Post
Topic
Board Speculation (Altcoins)
Re: Is ETH collapse caused by panic selling of all the ETH raised in ICOs?
by
Photographer
on 23/09/2018, 21:15:53 UTC
i doubt that the ico are to blame for the price collapse. the whole market has collapsed and that is why ethereum fell off the price. if the market had not collapsed, ethereums price would certainly be more stable.

There would be no point to blame them anyway. If they are selling ETH is because they cannot do otherwise. The need the money to develope their projects, NOT ETH AS A STORE OF VALUE. Hodling is not an option for them. As plain as that.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[16th Airdrop - Starts 22nd September]✅[PoW/POS]✅
by
Photographer
on 23/09/2018, 20:58:34 UTC
We are now live, listed on Xiphos:

https://twitter.com/ExchangeXiphos/status/1043930099547086848

Another little great achievement for our community.
And now we are going for a bigger Exchange!
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[16th Airdrop - Starts 22nd September]✅[PoW/POS]✅
by
Photographer
on 20/09/2018, 23:43:54 UTC
the price of PrIV won't down anymore. Maybe it sideway in 200-300 sts buy it's ok, just a time to whale collect PRIV and dump it in near future

This is one of the most surreal posts of the whole thread - Lol. I had to read it several times because of the surreal twist of the dumping whale. What did you smoke?

Not cool though, to post that you want to dump and such.
Not in this thread man.

It looks like you are smoking the same stuff of the other guy. His sentence makes almost no sense. He just mentions the words "whale" and "dump" in the same sentence, but not clear with which meaning.
Post
Topic
Board Speculation (Altcoins)
Re: Is ETH collapse caused by panic selling of all the ETH raised in ICOs?
by
Photographer
on 18/09/2018, 22:27:54 UTC
It seems that I am not the only one to think that. Now I have found put that also some press has formulated the same hypothesis:

https://www.cryptoglobe.com/latest/2018/09/ether-price-down-due-to-short-sellers-scam-icos-scalability-issues/
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Photographer
on 18/09/2018, 22:02:22 UTC
One year ago Bitcoin's network was consuming as much energy as Ireland. Now it has apparently doubled and now it is consuming 1% of the world's total electricity consumption.

https://digiconomist.net/bitcoin-energy-consumption

This, in a time when the world is trying to reduce carbon footprints to avoid or slow down global warming.
Is Bitcoin sustainable as it is?
I don't think so - in fact I'm sure it is not. There is a limit to insanity.
More data here:

https://digiconomist.net/bitcoin-energy-consumption

What is likely to happen next? Which are your thoughts?

its seems alot. but mainly alot of this mining facilities powered by surplus energy. like many power plant in china struggle to operate, mining could be there solutions to keep these power plant continue to operate.

You don't have such quantities of energy produced "as a surplus". This sounds like a desperate argument of someone in denial of the true echological implications.
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Photographer
on 11/09/2018, 09:57:49 UTC
Still waiting at 5200 with my buy order. Come lower pls. Remember, it doesnt matter at what price you bought BTC, it matters that you have it in financial collapse.

First of all we are yet to see what would happen to Bitcoin under a financial collapse because Bitcoin was adopted after the recession (better yet in response to it). We have observed when stocks fall, Bitcoin also falls as in the many signs of 2018. 5200 is a very random buy order. Why not $900 or $4200? Just random.


Yes, Bitcoin has been created to give an alternative to traditional FIAT system, but it is now mainly been used to speculate so as to increase one's holdings in FIAT, which is quite perverse given the original mission. So what would happen in the case of a financial collapse is totally unpredictable.
Post
Topic
Board Legal
Re: Why I don't Support KYC in cryptocurrency as it is
by
Photographer
on 10/09/2018, 16:47:29 UTC
Lol, if I only imagine Satoshi Nakamoto requiring a KYC to every person he has interacted with, I'm laughing myself to death. In fact, KYC should be strictly forbidden in crypto, if we want to adhere to Satoshi's principles.
Post
Topic
Board Speculation (Altcoins)
Is ETH collapse caused by panic selling of all the ETH raised in ICOs?
by
Photographer
on 10/09/2018, 16:23:32 UTC
Think at all those hundreds of ICOs which have raised millions of dollars worth of ETH each. Some of them, like the scammish Envion, even 100M$.
Now in this bear market they see their wealth evaporate. They need FIAT since they are real world projects and they need FIAT to pay for infrastructures.
So they cannot simply watch at all those millions $ EVAPORATE and jeopardizing their projects.
It is true they have raised Millions $ but now those millions $ are shrinking further and further and so I guess THEY are panic selling and crashing the price.
What do you think?
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][Main] Bitcore- BTX - Are you ready for the future?
by
Photographer
on 06/09/2018, 20:35:41 UTC
Price is very good now (for real supporters with strong faith).
But lack of reliable exchange prevent from investing more.
Even small hundreds of USD invested now can be very profitable in next two years.
But how to do this with this Bit-z fakes and Craptopia aka 'we are working without problems just two-three days per month'...
Shi....
Dev's team only need to integrate direct buy-sell into wallet with BTC, ETH, EOS, DASH pairs.
Working with real BTX speed (without days of waiting to withdraw from exchange).
And it will be huge plus for the project!


That is not a bad proposal. Making it easier to buy BTX also directly with FIAT could change the trend of the price - especially when the bear market slows down.
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Photographer
on 05/09/2018, 13:13:45 UTC
Electricity is not a finite resource, so it doesn't matter whether Bitcoin mining is 1% or 10% or even 99% of the total consumption.

The real issue is the effect of power generation on the environment, and at only 1%, Bitcoin cannot be considered to be a significant contributor to that problem. Furthermore, there are better ways to address the environmental problems than to prohibit certain types of consumption.

"at only 1%, Bitcoin cannot be considered to be a significant contributor to that problem" is a funny statement, considering that the remaining 99% of consumption is what makes the whole human civilization possible and it's what is keeping 7 billions of people alive. If of course the 1% is correct.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN][AIRDROP]X-CASH - Global Payments | Cryptonight v7 | Fast.Secured.Low-cost.
by
Photographer
on 05/09/2018, 13:08:02 UTC
Watching at the airdrop schedule the first airdrop should have been distributed already - has it?
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable?
by
Photographer
on 30/08/2018, 10:34:16 UTC
this has been talked about soo much. many topics

summary:
these bitcoin miners have special contracts with energy companies for the energy companies to produce X amount of electric day or night.
this is good. because these power stations have a guaranteed stream of income and also a measurable utility it can prdict.

if power stations could produce sat 30mwat. but residentially it only produces 25mwat between 4pm and 9pm and drops to 15mwat ovrnigh-morning. the power station would not just stay at 25mwat all day and night. they would keep switching on and off as demand drops and rises.

sometimes because it takes 30 minutes+ to warm up the generators they end up having to grab(import) excess electric from neighbouring power stations to cover any random spikes of utility.

there have been times whre brown outs have occured when suddenly many people used electric but the power stations could not predict it. the UK had statistics that there are sudden spikes that happen during commercials of tv shows. because people suddenly go to their kitchen turn on the kitchen light. turn on their kettle to make a cup of coffee.

imagine 1million people suddenly flipping the switch of a kettle of 1800wat for jsut 5 minutes...

so power companies LOVE guaranteed income and measurable utility it can predict..

also
power companies over the last decade have switched and grown their renewable electricity sources. this is why amrican power stations have suddenly started being bitcoin mining farm happy. they have seen the benefit to iceland and the benefit to china

dont believe the FUD of "governments hate bitcoin" when you separate "government" and utility companies to see that utility companies love it as they can more happily keep a few extra generators running without having to warm up/warm down generators at certain times of day. they can also use the income from the mining farms to expand. or atleast not need to import electric during times of spikes. which saves them money

last point
compared to 2012, the GPU mining days. bitcoin mining is very much energy efficient. and becoming more energy efficient
take this year new 7nm ASICS vs 14nm ASICS can do:
14nm can do ~14terrahash for 1.3kw
7nm can do ~28terrahash for under 1kw

so although the hashrate may double the electric needed for a doubled hashrate goes DOWN
now think about how many GPU's would be needed to do 14 terrahashes of mining. if ASICS never became a thing

You're completely right, I've read an article which stated that Russia was looking into selling their excess power to Bitcoin miners.

https://bitcoinist.com/russia-power-sell-energy-bitcoin-miners/

They're even willing to offer them cheaper prices for that power, 2 rubles instead of their normal rate of 4.5 rubles.
Now this article doesn't mention it, but they're doing this because otherwise they would be overloading their grid.

I think that everyone here has a bias in favor of Bitcoin which makes them blind towards reality. Guys, all top scientists are talking about how we should reduce carbon footprint since we are facing a catastrophic global warming process. Bitcoin's network is already adding 1% of total electricity consumption to the echosystem so that we can gamble it on exchanges. I point to everyone's attention that even though Bitcoin swallows 1% of the world's energy it still cannot be used to pay for 99.999+% of the world's products.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[13th Airdrop - Starts 1st September]✅[PoW/POS]✅
by
Photographer
on 28/08/2018, 23:09:16 UTC
On Friday we will see (and read) the Whitepaper. We could already appreacitate a taste of its cool graphics. But I really hope the cool graphic will not be the main issue there. Let's hope for some convincing content.
Post
Topic
Board Announcements (Altcoins)
Re: ❤️[ANN][Appeared on TV in Japan!!]❤️fetish coin [FETISH-ECOSYSTEM]❤️
by
Photographer
on 28/08/2018, 23:02:16 UTC
i participant airdrop of fetish. But not receive conis? Why?

The fetish part of this coin is exactly the pleasure of claiming the coin and never receive it. Can't you feel the pleasure?
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[12th Airdrop - Starts 25th August]✅[PoW/POS]✅
by
Photographer
on 23/08/2018, 20:45:23 UTC
@everyone Introducing PRiVCY PoV (Proof of Vote) We love our community and we appreciate all who have been supporting PRiVCY during numerous votes on new and existing exchanges. These votes are becoming more and more important and will help to shape future of this project. With such a huge community we should be in the top places (if not winning) of these voting contests. To reward people who do take their time and vote we will be doing a draw where 2 people who post daily proof of voting win 2x multiplier on AD13! - vote at https://sonox.io/vote at least 2 times during 23th and 25th August
where do we post the proof?

yes in discord, in the #ad-pov channel please

You should also write your name on the print screen to prove that it is actually YOUR print screen! Take care of that.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN] [PRE-ICO] Humancoin is the cryptocurrency of kindness
by
Photographer
on 21/08/2018, 19:25:01 UTC
Ever wondered how much of your donation ends up in charity funds? Then we’ve got some bad and some good news.

According to various sources, about 20% (sometimes up to 30%!) of all donated funds are kept as administrative expenses by charity foundations. Although it is not the fault of some specific person or fund — that’s just how the whole system works, with funds having to pay rental fees and salaries to their employees — you probably did not expect that to happen while making a donation.

Humancoin founders totally agree with you. That’s why the platform only keeps a 5%-fee raised from the funds collected for charity projects — 4 times lower than the market average! This money will be spent on helping to develop and scale up Humancoin. We are not an intermediary; we are a convenient platform that connect donors and charitable projects directly to each other! Also, thanks to blockchain, all transfers are absolutely traceable and transparent.






Well, this is sounding like a serious statement. But to give it even more credibility you should think at an escrow or some trustless system which can secure the funds destined to charity in a way that nobody can doubt of. If you already have thought at something like that, then you should put that in big evidence.

Nobody has answered until now to this concern about the funds being administrated in a trustless way or not. In crypto-space this is an issue.

Hello, sorry for the delay. Humancoin is a p2p platform, so the funds go directly from the donor to the recipients, it only keeps the commission to maintain the platform.

Great, this is a good answer, thanks for clearing this crucial aspect, not only in my eyes, but also in the eyes of all the Others.
Post
Topic
Board Announcements (Altcoins)
Re: [ANN]⚡⚡🔐[PRiVCY]🔐⚡⚡[11th Airdrop - Starts 18th August]✅[PoW/POS]✅
by
Photographer
on 16/08/2018, 21:47:31 UTC
Any surprises for friday as it was last time? some good news for users from devs? Cheesy
As for me - i've voted again for Privcy and made 4 retweets

The good news is that developement is planning coin mixing and other privacy features - announcement is coming soon. Plus WP is almost ready.
Post
Topic
Board Announcements (Altcoins)
Re: [Pre-ANN] [BCRM] Bitcoin RM: A new Bitcoin Fork (around August 30, 2018)
by
Photographer
on 12/08/2018, 20:08:31 UTC
Hi

No airdrop. Too many conflicting laws and regulations in USA. Until courts / congress formally declare clearly, we will not assume that they are legal in USA. SAFT contracts, once thought safe, are currently questioned and repackaged into security tokens in USA. Yes, there are many regulating agencies in USA: CFTC, SEC, IRS, FINRA, NFA, FinCEN, States. If the issuer gains something of value (marketing, better exposure etc) by forking, ICO, faucet or Airdrop involving USA entities, it is subject to laws of USA. We cannot afford to assume something is legal just because others have done it. At the same time, we can't afford to hire an army of lawyers in USA.
 
Cryptos are not completely legal in USA. In fact, only two things are absolutely safe for USA persons:

  • Dealing in cryptos on licensed crypto Exchanges in USA for personal use
  • Earning cryptos as inheritance or compensation for work done

Why no USA? Forks and airdrops are perfectly legal in USA.

I guess there is a huge quantity of BTC owned by USA residents, just think at the Winkelwoss twins, or the 1 M coins of Satoshi Nakamoto. This ban is making the Whole concept of a fork quite inconsistent. You can call it an airdrop, you shouldn't call it a fork.