https://english.elpais.com/science-...oin-and-blockchain-technology-is-garbage.html
This guy, a computer science professor, explains it all, why this industry is only for greedy degenerates, why it doesn't bring anything new, why decentralization is a scam, because it's run by pools, why is it a classic pyramid, in spite of loud voices claiming otherwise, why the revered Web3 is nonsense, NFTs id1ocy, etc.
This is an appeal to authority and nothing more. I would dismantle everything he says, but all of you will dismiss it anyway.
"Bitcoin cost of production..."
That's an oxymoron in itself. There is no production of ANY crypto coin. There is only waste heat, wasted electricity and tones of e-waste when generation of ASICs or GPUs (or even SSDs for Chia scam) is no longer relevant for mining because network difficulty doubles again and again.
The network difficulty is purely dependent on the amount of miners. The difficulty is increased to ensure an average block time of 10 minutes when more computing power is available. If miners leave, the difficulty decreases again. And every time the miners successfully mine a block, new Bitcoin is created and rewarded to them.
The halving that happens every four years is the halving of the reward given to miners. There is no doubling of network difficulty, unless miner adoption is doubling.
As a person who mined BTC first on GPUs then simple ASICs and then huge boxes sapping kW of electricity I don't buy any excuses and gaslighting from crypto-shills - especially on YT. I went through every step of that scam from tiny operation on one GPU to large scale ASICs before bailing out. Phuck crypto.
Considering your comments about the difficulty doubling again and again, I doubt you did any actual mining. And if you did, you didn't do it long enough or well enough to know what's actually going on.
We would have 25% more spare electricity capacity world-wide if not for miners of 'illusory funny monies'.
No, we wouldn't have 25% more spare electricity capacity. Where did you get this number from? The world consumes over
173 thousand TerraWatthours of electricity per year. Bitcoin currently consumes about
82TWh of electricity per year, which is less than 0.05% of global energy usage. At its mining peak,
it was 127TWh per year. That is less than 0.08% of global world energy usage.
That's not even accounting for the amount of renewable energy sources used, and extracting energy to mine in ways that normally would not be accessible for power generation in the first place.
He doesn't say videocards are used for Bitcoin, he just says for mining. It's a well known fact the price of Bitcoin influences all altcoins, so it also influences videocard mining of those altcoins. So, yeah, Bitcoin is influencing videocards prices, albeit indirectly. Is it so hard to understand?
Yes. It influences graphics card prices. But remember when nVidia was hiking prices and nobody cared about crypto? Everyone was still praising nVidia.
You are all looking for a scapegoat, and you conveniently choose crypto.
Oh, the classic case of a FUD video calling facts FUD.
Fact is: even just a single Watt of energy is all wasted on Bitcoin, which solves nothing that we wouldn't have already a better solution for (and working for many, many years on to of that), only adds problems of its own.
Lol. Nice source. You guys are in a shitty pyramid scheme cult destroying the planet.
Completely ignorant comments. Just leaving this here for the ones that are actually interested.
Implications of the crypto economy for the electric system
www.rolandberger.com
This is the deepest, most thought out and knowledgeable answer I've ever seen in my life
