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Bincoin mining & GPUs

category: offtopic [glöplog]
i find it annoying how the supposedly educated people here dismiss and make supposedly "clever" comments about something they have no idea what the fuck actually is and how it works

you can hate or love bitcoins, i don't care (i don't even have any coins, though that may change in the future), but for god's sake please go, read, and fucking try to understand how it works before commenting on it, kthxbye
added on the 2013-06-07 19:29:44 by blala blala
I personnaly don't like the bitcoins and how it work.

The fact is that is just a waste of energy, and only already rich people can make money from it, speculate and this is the room for many bad use.

I think about criminality (even if the bitcoins owner are not all criminals ;)) and so.

The idea is good, but the human kind will make a bad use of this, for sure.
added on the 2013-06-07 20:12:47 by Romain337 Romain337
money is a root of all kinds of evil but every modern society need a monetary system...
added on the 2013-06-07 21:24:29 by Tigrou Tigrou
It's not about how it works, it's about the philosophy and mentality behind it that I find problematic.
added on the 2013-06-07 22:21:43 by Preacher Preacher
I agree with Tomoya, thread name should be changed to "Random Bitcoin Thread".
added on the 2013-06-07 23:58:14 by TLM TLM
Some recent estimations made me more angry at Bitcoin than I already was, so here's a necropost in case there are still people who don't realize what a horrifying waste of energy Bitcoin is.

Quote:
A new index has recently modeled potential energy costs per transaction as high as 94 kWh, or enough electricity to power 3.17 households for a day.

https://motherboard.vice.com/en_us/article/bitcoin-is-still-unsustainable

Quote:
Still amazed that Bitcoin takes roughly the same amount of power needed to run AWS's us-east-1 to handle <4 transactions per second. That's ~50 KWh per transaction, which is like $6 at residential prices. In terms of CO₂ emissions, that's about 4 gallons of gasoline or 37 pounds of coal. This is going off entirely non-canonical estimates of power usage in the range of 500KW to 1.2GW.

https://twitter.com/coda/status/868931338400694272

Quote:
The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the International Energy Agency.

http://digiconomist.net/bitcoin-energy-consumption
added on the 2017-05-29 07:24:20 by Zavie Zavie
current bank cartels with central bank system = one ring rules everyone wastes more than just an energy https://www.youtube.com/watch?v=vKOxLQI07ko
added on the 2017-05-29 08:33:55 by natalia natalia
And BitCoin is going to fix that of course!
Bitcoin has the exact same "1% owns 99%" problem as any economy, so what exactly is different?
added on the 2017-05-29 12:00:13 by Gargaj Gargaj
Quote:
Bitcoin has the exact same "1% owns 99%" problem as any economy, so what exactly is different?


https://youtu.be/Q1B0BRoJRkM
added on the 2017-05-29 12:18:21 by 1in10 1in10
Couple of years ago I used to mine bitcoins in order to keep my apartment warm in winter. Still better than "dumb" heaters, as mining basically covered for electricity bill!
added on the 2017-05-29 12:31:18 by provod provod
That just shows that electricity is too cheap.
added on the 2017-05-30 09:03:10 by Moerder Moerder
Quote:
And BitCoin is going to fix that of course!


no, but at least you have an alternative to choose

Quote:
Bitcoin has the exact same "1% owns 99%" problem as any economy, so what exactly is different?


no one force you to use it, if you do not like it and you do not see advantages for you ..that's a big difference

Quote:
That just shows that electricity is too cheap.


is it possible that something can be "too cheap"? :)
added on the 2017-05-30 10:44:53 by natalia natalia
Why not just buy Ethereum and be billionaires in 2 years time.
added on the 2017-05-30 10:56:13 by Zplex Zplex
Quote:
Bitcoin has the exact same "1% owns 99%" problem as any economy, so what exactly is different?


BB Image
I do not see there 1-99% distribution (and no, the economy does not have that problem neither) comparing with FED or ECB which are real monopolies for printing and distribution of the money, and manipulation of the interest rates...
you can also consider blockchain as a payment system

Quote:
Why not just buy Ethereum and be billionaires in 2 years time.


do it if you believe in it :)
added on the 2017-05-30 13:14:09 by natalia natalia
What does hashrate has to do with ownership though? The actual distribution of Bitcoin wealth is far from that distributed: http://www.businessinsider.com/927-people-own-half-of-the-bitcoins-2013-12
added on the 2017-05-30 13:24:30 by Gargaj Gargaj
Quote:
What does hashrate has to do with ownership though? The actual distribution of Bitcoin wealth is far from that distributed: http://www.businessinsider.com/927-people-own-half-of-the-bitcoins-2013-12

and so what? who loses what? what would different if the amount of bitcoin would be redistributed between 10000 of people for example? They are not able to reverse the network or changes the rules (what governments and central banks can do :)...the value of Bitcoin is setted of how much people trust in it and use it, not who owns it...
and no, people are not poor because Bill Gates is rich :)
added on the 2017-05-30 15:00:30 by natalia natalia
Quote:
Bitcoin has the exact same "1% owns 99%" problem as any economy, so what exactly is different?

Quote:
What does hashrate has to do with ownership though? The actual distribution of Bitcoin wealth is far from that distributed: http://www.businessinsider.com/927-people-own-half-of-the-bitcoins-2013-12


inb4 stalin did nothing wrong
added on the 2017-05-30 16:32:04 by 1in10 1in10
Amigacoin anyone? On a more serious note, Litecoin have had a surge in price lately and is less of a PITA to use.
added on the 2017-05-31 00:28:56 by El Topo El Topo
Quote:
Bitcoin has the exact same "1% owns 99%" problem as any economy, so what exactly is different?


I thought money was an exchange value, why does it have to deal with equity?
added on the 2017-05-31 14:35:45 by stfsux stfsux
Quote:
Why not just buy Ethereum and be billionaires in 2 years time.


actually, Vitalik Buterin was sitting next to me at Revision this year
added on the 2017-06-19 11:34:00 by natalia natalia

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