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Reddit kills awards and coins
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this post was submitted on 13 Jul 2023
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If only it wasn't a climate crime with the unstable value
Did you ever wonder why people spent energy for Bitcoin instead of selling it to consumers and industries? It would clearly be more profitable right? You will be surprised to learn that they do when possible. They only mine Bitcoin when it's the most profitable use of energy, which never happens unless Bitcoin is actually the only available option. People mine with energy they can't sell or store for technical reasons. Whether that's because there is not enough demand for it (Africa) or the facility is not connected to the grid. That means people mine Bitcoin with energy that would have been wasted otherwise. That's neutral for climate
Of all the wild, unsupported, and desperate claims, this is definitely one of them.
That's not how energy production works, that's not how supply/demand works, that's not even how the economics works
That's literally supply and demand. You are denying the undeniable. Review your axioms
Edit: Or you can try justifying your claims but you will fail. You can maybe point out the simplifications that I made, considering something is true when it's true more than 95% of the time
You should be blaming the energy source
I do. I also blame wasting the energy that we got from the dangerous source unwisely. If you don't spend it on shit, less of it will be produced.
Not really, the endgame is the same, the greedy corporations will exploit the planet's resources until they're dry and then they'll wipe their tears with the money they made in the process, the core issue is really putting sustainability in front of everything else, because not doing so is what deals the real damage
Greedy corporations being the doom of humanity isn't an excuse for you to fall for a scam that helps bringing said doom. Both can be bad.
Ok I can agree with that, I also don't like Bitcoin specifically, but there are other cryptocurrencies which actually have a use and, at the cost of energy of course, empower the users (for privacy, currency transfers, etc.), from what I know only Monero is really worth their salt in that regard as it also uses a proof of work algorithm (RandomX) that is purpose built to be unprofitable to run on power hungry ASICs
Yeah, they do have their uses, world desperately needs some independent currency everyone can use regardless of race, nationality, borders, government interference, and corporate greed. For now Bitcoin is kind of the only one that everyone knows well enough to trust, given how quickly everything else comes and goes, and it's very bad because it's the shitty one
Haha, that's painfully true