Cryptocurrency
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- neverscared1
How crypto mining became the oil industry’s new hope
Climate experts warn that plans to repurpose waste gas is not a solution, but more like placing a Band-Aid over a gaping wound
- shapesalad3
https://www.nasdaq.com/articles/…
A Comparison Of Bitcoin’s Environmental Impact With That Of Gold And Banking.
Environmentalists take note: Bitcoin consumes/emits less than half of what the gold mining industry does, and less than one-fifth of what bank branches and ATMs do.
- In total yes, per transaction no. Mainstream adoption would mean x100000 current impactdrgs
- manufacturing the tools to run cryptocurrencies is highly energy consuming, involves toxic materials and others like GOLD.sted
- nice try shape u dimwit. proportions of scale in relations above your intellligence.neverscared
- trying every bullshit to keep the bitcoin anti- eco brutality alive.neverscared
- @neverscared i think that's true about the person who wrote that article, can't see why blame shapessted
- Just have a think.shapesalad
- Where did all this trust for banks come from all the sudden? Arent they responsible for all the wars and shit?GuyFawkes
- Crypto will evolve and get better, the banks had enough time fuckin everyone overGuyFawkes
- banks will enter the crypto market...but they will not use a public blockchain. look at china. the only purpose of central banks will be to provide cash...uan
- ...because of the feature of anonymity.
the fight banks vs crypto is just noise to keep us plebs busy during the transition.uan - @drgs they get the BTC figure per transaction by dividing the energy usage estimate by transactions do they not?kingsteven
- if you had 100x on the same sized network, each transaction would be 1% energy usage...kingsteven
- https://www.statista…drgs
- BuddhaHat3
From a Reddit post: https://www.reddit.com/r/OutOfTh…
Answer:
A number of reasons.
* the non-fungible (un-reproduceable) part of NFTs is usually just a receipt pointing to art hosted elsewhere, meaning it's possible for the art to disappear and the NFT becomes functionally useless, pointing to a 404 — Page Not Found
* some art is generated based off the unique token ID, meaning a given piece of art is tied to the ID within the system. But this art is usually laughably ugly, made by a bot who can generate millions of soulless pieces of art.
* Also, someone could just right click and save a piece of generated art, making the 'non-fungible' part questionable. Remember, the NFT is only a receipt, even if the art it links to is generated off an ID in the receipt.
* however, NFTs are marketed as if they're selling you the art itself, which they're not. This is rightly called out by just about everybody. You can decentralize receipts because those are small and plain-text (inexpensive to log in the blockchain), but that art needs to be hosted somewhere. If the server where art is hosted goes down, your art is gone.
* NFT minters are often art thieves, minting others' work and trying to spin a profit. The anonymous nature of NFTs makes it hard to crack down on, and moderation is poor in NFT communities.
* Artists who get into NFTs with a sincere hope of making money are often hit with a harsh reality that they're losing more money to minting NFTs of their art is making in profit. (Each individual minted art piece costs about $70-$100 USD to mint)
* most huge sales are actually the seller selling it to themselves under a different wallet, to try to grift others into thinking the token is worth more than it is. Wallet IDs are not tied to names and therefore are anonymous enough to encourage drumming up fake hype.
* example: If you mint a piece of art, that art is worth (technically speaking) zero dollars until someone buys it for a price. That price is what the market dictates is the value of your art piece.
* Since you're $70 down already and nobody's buying your art, you get the idea to start a second crypto wallet, and pretend it's someone else. You sell your art piece (which was provably worth zero dollars) to yourself for like $12,000. (Say that's your whole savings account converted into crypto)
* The transaction costs a few more bucks, but then there's a public record of your art piece being traded for $12k. You go on Twitter and claim to all your followers "omg! I'm shaking!!! my art just sold for $12k!!!" (picture of the transaction)
* Your second account then puts the NFT on the market a second time, this time for $14,000. Someone who isn't you makes an offer because they saw your Twitter thread and decided your art piece must be worth at least $12K. Maybe it's worth more!
* Poor stranger is now down $14K. You turned $12k and a piece of art worth $0 into $26K.
* creating artificial scarcity as a design goal, which is very counter to the idea of a free and open web of information. This makes the privatization of the web easier.
* using that artificial scarcity to drive a speculation market (hurts most people except hedge funds, grifters, and the extremely lucky)
* NFTs are driven by hype, making NFT investers/scammers super outspoken and obnoxious. This is why the tone of the conversation around NFTs is so resentful of them, people are sick of being forced to interact with NFT hypebeasts.
* questionable legality — haven for money laundering because crypto is largely unregulated and anonymous
* gamers are angry because game publishers love the idea of using NFTs as a way to squeeze more money out of microtransactions. Buying a digital hat for your character is only worth anything because of artificial scarcity and bragging rights. NFTs bolster both of those
* The computational cost of minting NFTs (and verifying blockchain technology on the whole) is very energy intensive, and until our power grids are run with renewables, this means we're burning more coal, more fossil fuels, so that more grifters can grift artists and investors.Hope this explains. You're correct that the tone is very anti-NFT. Unfortunately the answer is complicated and made of tons of issues. The overall tone you're detecting is a combination of resentment of all these bullet points.
- (the token is non-fungible not the art)sted
- Shit, this should've gone in NFT thread I was not concentrating =\BuddhaHat
- Sounds great! where do I mint my NFTs?shapesalad
- @sted
The NFT is the art.palimpsest - Upvoted ehehehehegrafician
- You don’t even need $12k in your savings account. With a flash loan, you can borrow and repay a huge loan right in the same transaction for a small fee.monNom
- but don't you need crypto collateral for a "flash loan"?grafician
- I would't touch NFTs without having access to an analysis tool like https://www.nansen.a…https://www.youtube.…shapesalad
- AFAIK flash loans are unsecured and connected to a smart contract so they don’t go through if the contract doesn’t settle. Not an expert but thatswhat I heard.monNom
- No collateral required: https://blog.coincod…monNom
- Crypto punk “sold” for $500M used this technique in a wash trade, apparently.monNom
- What this means is there is effectively no price discovery mechanism in NFTs, as anyone can sell to themselves for any amount. (Just like the art market)monNom
- You probably mean the black market, as you need to pay taxes otherwise, not to mention anti-money laundering laws and other protections...grafician
- Not to mention wash trades/sales are illegal but hey, who are we to impose these rules on the crypto brosgrafician
- is there a distinction between the black market and crypto?monNom
- ********0
So what are the climate-conscious coins?
Where can I follow the latest in reducing the environmental impact of crypto
- avoid ethereum.uan
- for the others...just hold them, don't send them around.uan
- stop dreaming, u have to get your hands in bloody like the rest .. cut out the ethic shit... fuck the planet up . dont be such a whiner.neverscared
- It has nothing to do with the coins, it's all about where they get their juice from. If you're mining in Quebec for example it's all hydro.zarkonite
- buddy do you get waste is waste and crypto is waste?grafician
- do you super environmentalists drive cars?uan
- No, not that cars have anything to do with why I’m asking********
- PhanLo0
1/4 of the miners rig.
https://twitter.com/jaxson_david…
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- formed-1
Gary V
Basically, it's the future, but we're in a big bubble now.- Err, should this go under Meta? NFT's? All the same to me....formed
- Gary V is a strong candidate for the "Punches for" threadgrafician
- With all that money why does Gary V not just retire?PhanLo
- Gary V started on third base and acts like he hit a triple.colab
- Wow. There's some hate. Who do you all suggest I watch then? Please no crypto pumpers.formed
- ^ Watch literally anything except cuck fucks like Gary V.********
- Eh, he's been pretty spot on. Welcome to watch others, but no interest in random 'gurus' on YouTube that got lucky.formed
- how did we ever do contracts or event tickets before NFT's? shittiest timeline for sure. "Smart Contracts" dammit stop the ride i need to vomitjonny_quest_lives
- Gary Vegetable ... mindblowing that anybody admires clowns like this.neverscared
- I guess this must make Cuban an idiot, too, or anyone that's actually built massive businesses. Moving on....formed
- not really, there are people with enough elegance and smoothnes too.. not gary vegetable though.neverscared
- @formed mate Gary was already rich when he started. Many of these marketing "gurus" were already wealthy when they "started"grafician
- Here's his story https://www.inc.com/…grafician
- Here's (more or less) Cuban's story: https://www.markcuba…grafician
- When you're a millionaire trust me nobody is interested in doing talks and promoting shit - you focus on the money not being a social media stargrafician
- only douche bags focus on "promoting" stuff but actually themselves really, having big big egosgrafician
- < so, no thanks, not taking financial advice from a former wine promoter or marketing "guru" not turned crypto and nfts shillgrafician
- Then I guess Musk, Bezos, Gates, Zuckerberg are all losers, too, eh?formed
- No one has ever argued any of them started out living in a cave. That's not the point (nor the discussion).formed
- and yes, I am well aware of their stories. Again, not the point.formed
- None of them were true 'rags to riches', but none are saying they were and all have built empires, more or less, as well as brands.formed
- shapesalad7
From a reddit post.
"On may 24th CEO of one of the largest bank in the world - HSBC publicly said that crypto lacks transparency and later it's UK branch started to block payments to Binance. Yesterday same British HSBC branch has been fined £63.9m by the UK's financial regulator for money laundering!"
- So the take away here is that transparency works?Nairn
- HSBC the same bank that were cool laundering cartel money? LolPhanLo
- the fincen filessted
- The crypto industry has racked up $2.5 billion in fines since bitcoin was launched... so who is the better crook ?! one more in the game with crypto then.neverscared
- and its just starting to get regulated.. phew .. there is shit to come for the cryptobrosneverscared
- https://markets.busi…neverscared
- I wonder if those are the paid or the issued fines?sted
- I know cunts in HSBC big in to cryptokingsteven
- Oh the transparencyAQUTE
- neverscared1
If the entire crypto ecosystem collapsed tomorrow, nobody would even notice. The S&P would barely move, business wouldn't care, and the only change is that some insufferable people would have to go find a less destructive hobby.
- And we will be able to buy all those 3090 RTX cheaper than a cereal bar :)ekael
- true ...going into the hardware thing of the whole shit is like wtfneverscared
- https://www.theguard…neverscared
- neverscared0
wow so much decentral
- https://www.wsj.com/…neverscared
- is this all you do all day? fixate on shit you don't like?inteliboy
- only if iam affected by it through enviromental destruction.neverscared
- what are decimal places?shapesalad
- its also two dumbass questions u come up with.. but i wouldn´t expect it different from a cryptobro.neverscared
- but i guess u like that numbers a lot.. are u one of the 0.01% ? otherwise u must be not the brightest....neverscared
- that's not what centralized/decentra... means, thoughmonospaced
- one of the meanings. the meaning when argument of power of a few with fiat money comes in play in comparison with crypto..the centralisation of power is worseneverscared
- the btc decentral stuff is pretty crap . considering theres one ledger.neverscared
- Techno feudalismgrafician
- "fixate on shit you don't like?"
hate is an equal source of dopamine as love, two perfectly human emotions, embrace your shadow sidedrgs - Centralized banking means one entity produces and distributes all money. Has nothing to do with who holds most of it, unfortunately.monospaced
- Bitcoin is mined by people everywhere, therefore it's not centralized. It's traded freely on many exchanges, also not centralized. Sorry :)monospaced
- i hope u have some data to back that up mono.. paper states that the production is centralizedneverscared
- https://papers.ssrn.…neverscared
- 50% of mining from 0,1% of miners.. tell me how you would call that except central ?neverscared
- hate is a strong word... i don´t like it is better .. the greed and ecological destruction part i should hate i guess.. because its so toxic.neverscared
- 10% controlling 90% of production... would not call that decentralized production .. but if u think it is ...go ahead.neverscared
- lol, back up THE definition of a centralized bank? I don't have to.monospaced
- Just because some miners have the majority doesn't mean it's centralized or that they are controlling thingsmonospaced
- This screenshot didn't say that 10% of miners "control" 90% of production. And if that's true, who's to say those 10% are connected?monospaced
- They certainly can't stop anyone else from minimng, and if they themselves stop mining, production elsewhere continues. Cheers :)monospaced
- “In circulation” lol WSJ represents the old guard********
- but there is still hope ... like in a lot of the early btc are dormant and keys in posession of the coders. who can counter an attack by the fbi or other bad guysuan
- .01% is like 10,000 people.DRIFTMONKEY
- of course the coder could totally be a super evil guy with a master plan...let‘s see how it goes in the next yearsuan
- "U.S. officially the top destination for bitcoin miners, beating out China for the first time"grafician
- https://www.cnbc.com…grafician
- "One-third of bitcoin's hashrate is in the U.S., according to the Cambridge Centre for Alternative Finance, a 428% increase from September 2020"grafician
- So BTC CAN BE decentralised, BUT technically IT'S RATHER NOT!grafician
- ...in mining and also owning, pretty sure those 001% are mostly Americans
so yeah, keep arguing crypto is still "decentralised" in 2022 lolgrafician - would have guessed that mono is trashing experts .. since he is so proud when the coronavirus comes into.. but when the MIT says its centralised ..neverscared
- its not for you.... wouldnt have guessed i mean.neverscared
- fuck the researchers then .. i back what they found out... u back some fantasy numbers .neverscared
- its the concentrated technology power of course.. thats why 10% mine 90%... ,neverscared
- I'm not trashing experts. I'm just disagreeing that it's centralized because. It certainly has some imbalance, but it's not central by strict standards.monospaced
- I certainly didn't present any numbers, fantasy or otherwise.monospaced
- Technically, ANYONE can mine BTC, there is no restriction on that like there is with actual centralized banks, that won't allow anyone else to print money.monospaced
- yes, u just blurted out some crap without numbers...neverscared
- with a few holding that much its not decentralized .. every idiot understands that.neverscared
- That’s more concentrated wealth than the 1% of affluent Americans who currently control about one-third of U.S. dollars, a figure that many have pointed to as aneverscared
- massive inequality. 100 times more than FIATneverscared
- What I "blurted" isn't crap. You're saying that the concentration is centralization, and I'm saying that's not the definition.monospaced
- The fact that anyone can mine isn't crap, it's a fact. That's the big difference from an actual centralized bank. Cheers.monospaced
- I'm not saying that your numbers are bullshit, either. Please don't make that misunderstanding.monospaced
- "The fact that anyone can mine isn't crap, it's a fact." - monospaced
then go buy a miner and let's see how much bitcoin can you mine on your own :)grafician - dont u get it ? the bitcoinbros always say they wanna replace FIAT with their systems because its decentralized in power.. turns out their own system is 100neverscared
- ^oh wait, you can't really buy ONE miner, you need to wait months or years to only buy thousands, that IF with the big chip shortagesgrafician
- times more imbalanced aka centralized to the top then the system they want to replace... the decentral stuff that eveyone can mine is useless in relation.neverscared
- @neverscared bro stop arguing with idiots like monoscaped, who only crash discussions to antagonise people without adding nothing usefulgrafician
- no mono is not an idiot...neverscared
- maybe just missinformed.neverscared
- yes, the mining is concentrated but the say its not.... brainwashing in 101.neverscared
- The concentration of miners is even more profound, data show. NBER found that the top 10% of miners control 90% of the Bitcoin mining capacity, and just 0.1%neverscared
- control 50% of mining capacity. https://fortune.com/…neverscared
- since you are so paranoid i feed u lying numbers . u can read them at the fortune article. or in the paper the MIT released.neverscared
- https://imgur.com/t/…_me_
- https://c.tenor.com/…neverscared
- i agree with _me_ , the age of the old people in expensives places in the theater ..symbolize perfect the old, aristocracy power structure now proofenneverscared
- by public institutions inherent in crypto.neverscared
- neverscared1
In this paper, we provide detailed analyses of the Bitcoin network and its main participants. We build a novel database using a large number of public and proprietary sources to link Bitcoin addresses to real entities and develop an extensive suite of algorithms to extract information about the behavior of the main market participants. We conduct three major pieces of analysis of the Bitcoin eco-system.
- shapesalad-1
- "we all believe in bitcoin and that's how bitcoin has price stability"
bitcoin: *up and down 20% in a month*grafician - Bitcoin/crypto can never be truly 'real' until there is stabilitzation. Just think, 'I want that 500k home, let's get it hun, have plenty of money....'formed
- next day 'never mind, how about that trailer?'formed
- "we all believe in bitcoin and that's how bitcoin has price stability"
- sted8
Visa Partners With 60 Crypto Platforms to Let Consumers Spend Digital Currency at 80 Million Merchants
- just a ponzi bubble though bruthashapesalad
- I thought crypto wasn't supposed to be spent though. I was told, earlier in this thread, it was a "digital gold" sort of investment. Not for spending.section_014
- Can't wait to see what the fees will be. Looks like time to buy some Visa shares and watch that sucker line grow!formed
- they partnered with different banks a while ago...I got a visa from my crypto bank like a year ago. it went free with my account. no fees.uan
- it came free* with the account. the cashbacks you get from spending money with the visa are paid in crypto.uan
- what does visa want...my cryptos...what do I want...just give visa small amounts of cryptos when the price is high and use those €/£/$ to buy stuff.uan
- This won't work. Crypto = speculation, so most will not buy pizza with crypto. Again.grafician
- it's an interface to convert cryto into normal money, so you can spend it irl. it works already.uan
- neverscared1
Bitcoin is religion; web3 is greed
https://techcrunch.com/2021/12/2…
The complaint is pretty true. Venture capitalists invested more than $6 billion into crypto projects in Q3 2021 alone. That should give you an idea of the scale of the crypto world being purchased by traditional, private-market investors at the moment. More simply, pension funds own a lot of the crypto economy.
- It's not about crypto being special, it's about being too much liquidity around and few opportunities so VCs invest in whatever they cangrafician
- also web3 is just like "metaverse" just a buzzword, vaporware, it will never be nothing 'cuz there's nothing to it really if you look carefullygrafician
- VCs don't care about long term viability.monNom
- PonyBoy1
I haven't been reading this thread lately... I just saw the Visa post on the front page tho and was wondering if anyone's looked into the MasterCard 'Voyager' debit card?
They're saying that sort of account will earn you up to 9% in rewards (whereas banks put out under 1%)...
"A debit card that earns like crypto and spends like cash"
- You saw it's "US Coin", meaning it is, more or less, the dollar. It's not btc, etc.formed
- Once it's legal to have cards w crytpo, if ever, the banks will make trillions in fees. People will spend like mad when btc is up, but get totally fucked whenformed
- it plummets. Banks won't care, they'll still be getting the fees. People gonna lose their lives to debt thinking crypto will keep going up forever.formed
- Nairn0
- ailanboooy aman cryptolanbooysted
- This is going to be an epic rug pull.shapesalad
- get the entire island is 12 mill:
https://www.vladi-pr…sted - *forsted
- neverscared-1
The Ticking Bomb of Crypto Fascism
The crypto market’s inevitable crash will pull America’s politics in an even scarier direction.
- https://www.nbcnews.…neverscared
- username does not check outGuyFawkes
- we will see about that in the near future.neverscared
- just dont come whining when people will tell you. - told you so - when its happening.neverscared
- next...Crypto killed Jesus.uan
- if u have the will to destroy the rainforrest u also will destroy jesus... makes sense for clearing that up uan.neverscared
