A Eulogy for Bitcoin
pseudotheos.mirror.xyz
pseudotheos.mirror.xyz
With this change it further renounced to its chances to be a replacement of Bitcoin, so it won't bury it, and this eulogy is comical at best... like the hundreds of previous ones from other tokens/networks.
Bitcoin has a track record of keeping its fundamental principle intact (fixed supply, verifiable on low-end hardware, no premine/ICO, etc.), and it makes all the difference when it come to be an actual sound form of money.
It's futile to opine on things that we don't yet fully comprehend in the greater scheme of things. We don't even know (yet we think we do) what we're opining about.
Good luck with all such feeble attempts at deciphering reality.
No, this was not written by a bot, and I am talking about Bitcoin.
But I mean in general...
It has a bright future but the price appreciation of Ether by speculation is over.
As a counterpoint: A recent study from Cambridge [0] estimates most of Bitcoins energy consumption still to be from fossil fuels.
[0] https://www.jbs.cam.ac.uk/insight/2022/a-deep-dive-into-bitc...
Looks to me like GHG emissions are going down this year, from that report. I would expect that to continue going forward as more miners are deployed on top of cheap electricity sources :)
Perhaps miners have an advantage over a city in that they can move or disable mining rigs in times when renewables are scarce. But from what I understand Asics are expensive, and running them is big business. Which probably means they will continue running while it is financially feasible, even when a nearby dam runs dry or there is not enough wind or solar to go about.
When there's a constant energy source like a flare, it must be used in realtime.
Too much energy is even a problem for the grid (see negative electricity prices that have occurred in, e.g. China).
The only alternative is batteries, which are expensive and have their own problems.
May as well use that energy for securing a neutral public utility financial network/money system.
By the way, check out how much energy the traditional financial systems use:
- Data centers - Trucks/logistics - Security - Military (to secure national currencies such as USD) - etc.
To be honest I know too little about mining costs to dispute this. The Cambridge article about BTC mining using mostly fossils supports my point though. Having said that, I hope you guys are right in Bitcoin mining making energy greener.
Bitcoin mining has a whole host of pretty cool properties that help stabilize the grid as well. Here's a two part article about it: https://braiins.com/blog/bitcoin-mining-the-grid-generators
The only thing that will do that is govt regulation.
Whatever the gold, silver and crypto people say. I see that crypto is just extension of traditional market casinos.