• Jeknilah@monero.town
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months ago

    Proof of stake is one of the reasons why bitcoin is so valuable in the first place. I’ve seen estimates that the electricity costs combined with the equipment cost makes each bitcoin approximately $20k to mine. Not a bad thing. Anyways, energy is somewhat artificially scarce- can always just pump up more oil out of the ground.

    • Eager Eagle@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      edit-2
      9 months ago

      You mean proof of work? And I disagree, Ethereum moved from PoW to PoS and gained market cap since then. The high costs are just a consequence of the consensus mechanism in use.

    • Skua@kbin.social
      link
      fedilink
      arrow-up
      0
      ·
      9 months ago

      can always just pump up more oil out of the ground.

      No, this is actually exactly the fucking problem

      • Jeknilah@monero.town
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        No it’s not? The fact that the energy supply can adjust to demand is a good thing rather than a problem. At least in the US. Looked into it, and it seems that there’s an estimated to be over 300 billion barrels of recoverable oil that is mostly economically viable. Compare that to a current annual consumption of 7 billion barrels a year. There’s enough to maintain current consumption for another 40 years. That is most of my remaining lifetime from domestic production alone.

        • matjoeman@lemmy.world
          link
          fedilink
          English
          arrow-up
          0
          ·
          9 months ago

          As long as there’s enough for your remaining lifetime that’s fine. We don’t have to worry about anyone else’s lifetime after that.

          • Jeknilah@monero.town
            link
            fedilink
            English
            arrow-up
            0
            ·
            edit-2
            9 months ago

            You really only have to seriously worry if you’re a parent responsible for new people. Sound like you? It doesn’t sound like me.

            Here’s something I saved from Reddit a while back; it’s a bit cynical, but worth keeping in mind nonetheless.

            It’s been a strange realization to slowly understand that a lot of our parents and grandparents hate us. They don’t hate us by name, mind you. The tell us they love us and they’re even empathetic to us to a degree. But if you removed the familial relationship–if you told your parents or grandparents your exact life story but with a different name and from a different family, they’d hate that person before you got through the first sentence. They’d break out all the cliches–bootstraps, lazy millennial, entitled, all the classics. Their empathy and love is purely genealogical, an expectation placed upon them under threat of social stigmas against being a “bad parent,” which they may well abandon too if that particular tradition is broken by some political figure famous enough and depraved enough to normalize it.

            Collectively, the young who will outlive you are but labor and taxpayers. Caring about anyone else’s lifetime past your death largely doesn’t exist past kin and close friends.

              • Jeknilah@monero.town
                link
                fedilink
                English
                arrow-up
                0
                ·
                9 months ago

                Not really. You still don’t know much.

                Anyways, having the wrong opinion and looking stupid by “telling on myself” here barely affects me at all.

        • Skua@kbin.social
          link
          fedilink
          arrow-up
          0
          ·
          9 months ago

          I have some bad news for you about the environmental effects of burning lots of oil

    • adrian783@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      bitcoin has got to be invented by an alien or something so that we would terraform for them…

      • Alex@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        Probably just a fool thinking free fusion energy was just around the corner

        • wizardbeard@lemmy.dbzer0.com
          link
          fedilink
          English
          arrow-up
          0
          ·
          9 months ago

          It’s more that it was originally a theoretical white paper meant to present a potential solution for a very specific problem space. Energy use wasn’t a consideration in the design, because that wasn’t part of what it was meant to address. Likewise, anonymity in the sense of hiding transactions wasn’t part of the design either, besides avoiding centralized banking’s requirement that every “wallet” is associated with a government ID.

          It was a fun toy meant as a proof of concept solution to centralized banking.

          Eventually market speculators saw what the nerds were getting up to, got some ideas, and everything freaking exploded. It wasn’t meant to drive speculative markets.