Bitcoin

Out of context: Reply #1205

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  • shapesalad0

    It cost so much in electricity to mine a coin now:

    https://digiconomist.net/bitcoin…

    so one coin represents a value of electricity, but unfortunately you can't then covert the coin into electricity. you can sell it to buy electricity, but that requires outside fiat money and a buying willing to match the electricity cost to make it worthwhile.

    It's a pity a bitcoin couldn't be some sort of high tech battery, storing a value of electricity, and mining could be 'charging' them you could then trade them, and then spend the 'coin', for example inserting it into your tesla or to charge your iPhone.

    Currently electricity used to mine a coin is being vaporised.

    shapesalad 0Permalink
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    • electricity isn’t vaporizedmonospaced
    • I don't see local electricity production as solution, or bitcoin miners being pioneers investing in renewable energy, they are just greedy gamblerssted
    • using more and more resources while the returns are getting worse.sted
    • Ignorant greedy gamblers...they don't get the idea behind bc.uan
    • I’d argue they do. Make more bitcoin to drive up value of it, and profit.monospaced
    • Couldn't you argue the resource wasting about printing One Dollar bills or pennies?BabySnakes
    • not really, considering I can't print my own money, I can only earn it, and it's exchanged globally, which maintains its value, relatively.monospaced
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