Key Post Bitcoin is a clearly identifiable economic bubble

RetirementPlan

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Bitcoin has been badly maligned on the subject so there has been no question thus far of it getting a free pass. The point is that it's entirely the opposite. It's not reasonable for anyone to hold bitcoin to a higher standard whilst not saying a word about all the other major consumers of energy and not acknowledging that they burn a higher proportion of fossil fuels comparatively.
I see plenty of kerfuffle re. bitcoin's energy use. Where's the moral outrage when it comes to the mega energy use of Google, Youtube, Netflix, Facebook, online gaming, household dryers, private jets, the gold mining industry, etc?



Nobody ever suggested that it doesn't - maybe not as much as online gaming or the conventional banking system (when all energy inputs are considered ) - but sure, it utilises a lot of energy...no question.



And now we arrive at the real issue. The consideration of whether there is utility in bitcoin and the Bitcoin network. Whenever its pointed out that some of bitcoin's energy use is via stranded and curtailed energy use, there's never a response from detractors that they would be ok with bitcoin/bitcoin mining if there was more such use. By and large, they've been opposed to the notion of it before they even considered its energy use - and that's the issue.
What is it for? It contributes towards the security of an open, decentralised, censorship-resistant global borderless monetary network - that anyone on the planet can access should they choose to do so. It seems others don't see the value in that - they're entitled to their own opinions. But putting intensive energy use via folks gaming online, watching cat videos on youtube or watching mindless crap on netflix before the provision of such a network doesn't seem reasonable to me. Each to their own.
Sure, we could certainly do with more moral outrage about energy uses or misuses in other sectors. That doesn't change the core issue about Bitcoin. The 'stranded' energy is an interesting angle. I'd be interested to know how much of bitcoin energy usages comes from these stranded power stations. What are the plans for the stranded stations once Bitcoin mining finishes? Would it make more sense to connect them to the grid now, one way or other and make the energy more broadly available?

Is it really open to 'anyone on the planet'? What level of infrastructure (mobile networks, broadband) is required? What level of digital literacy is required?
 

tecate

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Sure, we could certainly do with more moral outrage about energy uses or misuses in other sectors. That doesn't change the core issue about Bitcoin. The 'stranded' energy is an interesting angle. I'd be interested to know how much of bitcoin energy usages comes from these stranded power stations. What are the plans for the stranded stations once Bitcoin mining finishes? Would it make more sense to connect them to the grid now, one way or other and make the energy more broadly available?

Is it really open to 'anyone on the planet'? What level of infrastructure (mobile networks, broadband) is required? What level of digital literacy is required?

The Cambridge Centre for Alternative Finance ( CCAF ) put their estimate of renewable use in Bitcoin Mining at 39% in 2020 - twice that of the US national grid. A recent Bitcoin Mining Council report puts it at 56%.
Here's an example of off-grid mining in North America which utilises flared/waste gas - LINK . Oil fields have a tendency to be in the back of beyond and away from population centres. There's no option of utilising this energy for other purposes. Into the bargain, they're reducing methane emissions for the oil company - methane being a far more potent greenhouse gas.
We're seeing the first movement from power companies directly more recently in exploring the use of bitcoin mining for the purpose of utilising curtailed power (whether renewable or otherwise) - that would otherwise go to waste.

Is it really open to 'anyone on the planet'? What level of infrastructure (mobile networks, broadband) is required?
A smartphone and access to mobile internet or wifi hotspot and the ability to install a wallet such as this one. I'm sure there are places where this may be a difficulty. However, I've lived in the developing world for a number of years - in a region where the majority get by on a monthly salary of $300. The vast majority have smartphones and mobile internet.
 
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ArthurMcB

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Ox (ZRX) spiked massively last night around midnight for just a few mins. Anyone know what would have caused this?
 

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