CryptoUnchained

The reason Proof of work is set apart from its POS clones is because the inflation/emission brought to market every day has real costs to obtain... Fiat being printed cost 1% of its nominal value to create, which is devaluing every single dollar already in existence, POW psychologically adds more value to existing coins, because each new coin cost even more to mine than the one before it.

I disagree, sunk cost fallacy and just plain miners needing to ROI their equipment, facilities, and energy costs sets a base psychological minimum price that is rising every year as the hash rises. Now that we've hit a wall at the 5nm process it's anyone's guess what kind of effect that will have on new entrants. I imagine China will take an even larger slice of the pie as energy costs will be the main deciding factor of profitability.

You are speaking in absolute terms. It goes against all logic that new technology wouldn't be funded by dumping energy into bitcoin mining.

Simple logic.. Billions of dollars in miners are bought by speculators, Bitmain orders new 5nm chips from TSMC... TSMC uses money for R&D.

Either you're being willfully ignorant or you're trolling us.

Which is why Bitcoin isn't really considered a currency anymore. It's purely a digital asset, something like gold, a store of value and reserve currency used by large institutions. Once Visa/Bakkt/Paypal get on the custody train bitcoin transactions will be reversible, as they will transact paper bitcoin and settle several times a day, etc. I don't expect to actually spend my bitcoin just like I don't expect to spend my gold and silver, but when I'm ready to I know I won't have to pay a broker 10% fees.

2 things are about to happen in the bitcoin space. The size of transistor in the bitcoin miners is hitting a wall. The bitcoin market will either drive alternative energy efficiency in the chase of profits, or it will drive new technologies to lower the node size. Both will be a benefit to mankind.

Wastes enormous amounts of energy... The energy is literally being stored in the value of bitcoin. It's an energy credit. People are transforming excess electricity into bitcoin. Period.

What do I do with my profits from mining bitcoin? Send my kids to college, buy groceries, remodel my bathroom, etc. It's an entire ecosystem, speculatively mining bitcoin by consuming electricity is just as evil as driving 1.5hrs to work because you're too lazy to find something near your house for example. People expend trillions of dollars in energy "mining" fiat.

The nonce-calculations are what makes bitcoin an energy credit. It's why it's a valuable digital asset and commodity. If it cost ZERO dollars to create bitcoin it would just be fiat... useless inflation adding zero value to current shareholders.

Bitcoin are being traded by energy companies to subsidize their infrastructure and improve energy efficiency and capacity.

In some ways Bitcoin is a battery, because hydro dams don't idle generators as often they can sell their excess energy production and subsidize the dry season. Oil companies capture the natural gas flares and use it to power generators to mine bitcoin, etc. There really only needs to be one POW coin, and I think it's pretty obvious that Bitcoin is it.

You're so angry about the greenhouse gases that you're completely missing the logic behind an energy currency. You complain that the energy and dollars are spent speculating because you're flat out ignoring that miners are re-investing their profits to become more efficient and productive. Bitcoin mining is a rat race to develop efficiency in technology and energy deliverance.

Oil companies capturing the wasted natural gas, Hydro dams capturing the wasted water energy, etc. Bitcoin is a battery or energy credit where areas with abundant energy can benefit from their standing in the world and benefit the people of the region. Bitcoin has its ebbs and flows but eventually balances to where your typical american household cannot afford to mine bitcoin and profit.

1. Bitcoin mining is a race to cheap power, it's of course going to lead to more efficient power delivery technologies. Excess energy being created by hydrodams is being sold to fund infrastructure and to subsidize energy costs during dry seasons. Oil companies are capturing energy once wasted: https://news.bitcoin.com/bitcoin-helps-oil-companies-reduce-...

Bitcoin is an energy currency.