• Benkei
    4.1k
    Primecoins are an answer to one of the criticisms of bitcoin, which is that mining is a huge waste of electricity and computing power. But if you can have the miners do useful computations as their "proof of work," as it's called, then the economics make more sense.
    — fishfry

    That IS cool because it's one of my biggest gripes.
    Benkei

    For everyone thinking how cool it has been making a quick buck out of bitcoin, bitcoin is now using more electricity than the entire Netherlands combined.

    Some more perspective: you can power 100,000 visa transactions with the energy used for one bitcoin transaction.
  • ArguingWAristotleTiff
    4k
    For everyone thinking how cool it has been making a quick buck out of bitcoin, bitcoin is now using more electricity than the entire Netherlands combined.

    Some more perspective: you can power 100,000 visa transactions with the energy used for one bitcoin transaction.
    Benkei

    Yes, this is true of some bitcoin but not all bitcoin. In fact there are coins you can invest in that do not use the same electricity draw.

    Examples of "Proof of stake coins are Ethereum, Algorand and I believe Crypto is getting ready to do the same.

    Like all investments, you or I, the investors, need to do our due diligence. Don't put in what you cannot stand to lose. There are stable coins that do not make astronomical profits but if tied to the United States dollar will make 8% -12% profit if you simply lock it up for 3 months, 6 months, whatever you choose which you cannot make in a traditional savings account in addition to interest being paid out daily.
  • Benkei
    4.1k
    It's indeed not true for every cryptocurrency but I'm not familiar with any fork of BTC that has resolved the energy drain issue.
  • ArguingWAristotleTiff
    4k
    It's indeed not true for every cryptocurrency but I'm not familiar with any fork of BTC that has resolved the energy drain issue.Benkei

    https://youtu.be/-C19r0UsYws
  • Benkei
    4.1k
    Oh, I know the difference between proof of stake and proof of work. Ethereum, Algorand and Primecoin aren't bitcoins though. I was only referencing bitcoin specifically (not even its forks like bitcoin cash or bitcoin gold).
  • csalisbury
    2.7k
    For everyone thinking how cool it has been making a quick buck out of bitcoin, bitcoin is now using more electricity than the entire Netherlands combined.

    Some more perspective: you can power 100,000 visa transactions with the energy used for one bitcoin transaction.
    Benkei

    This is definitely one of the major weak points of bitcoin. One thing that sometimes gets floated by apologists is - ok, yes, it's a lot of energy - but what's the cumulative energy cost of sustaining/maintaining the US Dollar as a reserve currency? There's a strong argument to be made that those processes also use more electricity than the entire Netherlands. Viscerally it doesn't feel strong enough to justify bitcoin's energy usage, but I also don't think it's all hot air. Visa's transactions use less energy, yes, but Visa is piggybacking on the existence of a secure reserve currency.
  • csalisbury
    2.7k
    Of course, the idea of bitcoin (or any crypto) obviating state-based reserve currencies is a little pie-in-the-sky. At the same time, honestly who knows. Stuff is getting weirder every month.
  • Benkei
    4.1k
    Visa's transactions use less energy, yes, but Visa is piggybacking on the existence of a secure reserve currency.csalisbury

    That doesn't speak well for bitcoin at all. Despite the huge system surrounding it, and the multitude of use cases supported by the existing system, VISA still uses less energy.
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