New York looks to ban cryptomining to study environmental impacts

Status
Not open for further replies.

terzaerian

Posts: 960   +1,399
I think the comparison of crypto to stocks is apt. Once a stock is beyond its initial offering value, its value is driven mostly by market forces. On the other hand, crypto's value seems only driven by market forces as it had no intrinsic value when it was first conceived.
A crypto's value is, in part, also derived from the fundamental strengths of the decentralized network that supports it... which brings us back to why this mining ban is a contentious issue, as it's an attack on Bitcoin's network in particular, which relies on proof of work, as well as Ethereum, which is still in the process of changing from POW to proof of stake. This could lead to market distortions as other non-POW cryptos could stand to benefit.
 

wiyosaya

Posts: 6,101   +4,342
The videos were dismissed both by you and wiyo because they were YouTube links, I doubt any of you made any serious attempt to vet the creators or address the substance of their arguments. If you're not going to make the effort to do that, then I really don't have a reason to care about those academic credentials in the paper wiyo posted either. Respect is a two-way street.
You tube does have some good videos, however, those links looked, to me, like click-bait. My personal experience has taught me that when it looks like click-bait, it probably is - just like I do not answer calls from numbers I don't know because they are likely spam.

Respect is also in not assuming you know what others think or their reasons for doing things.
A crypto's value is, in part, also derived from the fundamental strengths of the decentralized network that supports it... which brings us back to why this mining ban is a contentious issue, as it's an attack on Bitcoin's network in particular, which relies on proof of work. This could lead to market distortions as other non-POW cryptos could stand to benefit.
Then maybe people should consider moving their "investment" to other forms of crypto or other investment instruments entirely.

All forms of investment have, for the most part, inherent risks as well. No one, no investor, can ever be fully in control of the value of their investment. Unfortunately, it is the nature of economic systems in the world today.
 
Last edited:
Status
Not open for further replies.