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was all mining banned in China, or just Bitcoin specifically?
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Jun 20, 2021 07:07
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no officer this warehouse full of screaming computers isn't mining bitcoin it's bitcoin cash sv(satoshi's vision) it's a completely different thing and therefo-
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Jun 20, 2021 07:12
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Granite Octopus posted:was all mining banned in China, or just Bitcoin specifically? crypto mining in general, I think most big mining ops these days are on ethereum
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Jun 20, 2021 07:45
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etherium miners, aka gas guzzlers,
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Jun 20, 2021 08:12
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if computers could scream, would we be so cavalier about turning them off? we might, if they only screamed hash codes at each other
Gazpacho fucked around with this message at 08:32 on Jun 20, 2021 |
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Jun 20, 2021 08:12
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no see ethereum is going to convert to proof of stake and then it'll be so green it'll stop using as much energy as a mid-sized country. instead it'll use as much energy as a mid-sized city details are currently sketchy, but searching online i found some pretty reliable-looking estimates that the conversion will be completed by mid 2016
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Jun 20, 2021 08:17
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Chris Knight posted:https://twitter.com/bigmagicdao/status/1406181039265902592 
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Jun 20, 2021 11:01
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Dear China, please seize that hardware at the border.
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Jun 20, 2021 11:48
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Is there actually any chance of them being able to set that stuff back up in another country? I know some individuals might do it but the sheer scale and power requirements of all that stuff... surely there's nowhere they could go
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Jun 20, 2021 12:32
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KnifeWrench posted:p sure I'm the only real human on the forums what is love
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Jun 20, 2021 12:34
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Gazpacho posted:if computers could scream, would we be so cavalier about turning them off? we might, if they only screamed hash codes at each other have you ever seen a video of/been inside a data center or a bitcoin mining op? computers can definitely scream
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Jun 20, 2021 13:01
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Any negative effects on the "usefulness" of bitcoin now that 20% or whatever of it's power usage has been removed?
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Jun 20, 2021 13:35
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80% of 0 is still 0
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Jun 20, 2021 13:48
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Yah it still sucks rear end
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Jun 20, 2021 13:51
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that’s china permafucked then, how are they expecting to keep up with the green revolution when their energy producers have no incentive to develop renewables
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Jun 20, 2021 14:01
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https://twitter.com/CryptO_Gamers/status/1406498409981235201?s=20 Hmm yes. Getting a bank account and credit card are so hard. As opposed to searching through crypto wallet options and trying to suss out which is trustworthy, or making your own. And then buying it...with....wait...money? From a bank account? Or credit card? Or just mine it! With...hardware you bought....with your bank account....or credit card.... And powered by electricity that you pay for....with a bank account.... 
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Jun 20, 2021 14:07
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pointsofdata posted:Any negative effects on the "usefulness" of bitcoin now that 20% or whatever of it's power usage has been removed? blocks will be mined slower for a while, so transactions will take even longer to process (on chain) than they usually do. eventually the difficulty will reduce and the transaction time will go back to merely terrible, instead of abysmal. otherwise, not really.
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Jun 20, 2021 14:10
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infernal machines posted:blocks will be mined slower for a while, so transactions will take even longer to process (on chain) than they usually do. eventually the difficulty will reduce and the transaction time will go back to merely terrible, instead of abysmal. otherwise, not really. Not quite the "Frisbee on the roof" solution that was talked about before. Is that still possible? Just logging into the system with super computer time and spiking the difficulty then logging off to leave the block time so long that they'll never mine enough to get it reset?
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Jun 20, 2021 14:11
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it's not technically impossible, but it's not practical to do in any sense, if you had a way of supplying that much of the hashrate for any length of time there are tons of other ways you could completely gently caress with the blockchain. frisbee on the roof was always a hypothetical that only worked if bitcoin was already dying and is very much the ron paul meme .gif in that it is never really happening infernal machines fucked around with this message at 14:16 on Jun 20, 2021 |
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Jun 20, 2021 14:14
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you'll note, this is actually good for bitcoin because... chinese mining pools controlled over half the network hashrate combined, so this is decentralization, you see
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Jun 20, 2021 14:21
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frisbee on the roof isn't exactly a looming problem because the "danger" is that the blockchain becomes unusable because it's too slow, and everybody who has ever tried to use the blockchain for anything knows that it's already unusuable because it's too slow. the main people in danger of becoming bagholders here are the miners themselves, because they're the only ones who really "need" to handle bitcoin on the blockchain all the time...because they need to move the butts they mine to exchanges or whatever so they can cash out to pay their bills. everybody else has architected their way around bitcoin's inherent unusability. which is why there can be fluctuations of like an order of magnitude in the transaction volume on exchanges because elon loving musk said something, but the transaction volume on the blockchain doesn't do the same thing. because it literally can't i mean holy poo poo bitcoin is made up play money for money laundering and stablecoins had to be invented as an entire separate system of made up play money for money laundering just to be able to actually launder money in meaningful volumes
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Jun 20, 2021 14:35
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Chalks posted:Is there actually any chance of them being able to set that stuff back up in another country? I know some individuals might do it but the sheer scale and power requirements of all that stuff... surely there's nowhere they could go Oh, they're going to Texas.
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Jun 20, 2021 14:46
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gschmidl posted:Oh, they're going to Texas. ERCOT the only thing less regulated and more volatile than buttscoin. love those 10,000% electricity price spikes.
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Jun 20, 2021 15:57
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SubG posted:frisbee on the roof isn't exactly a looming problem because the "danger" is that the blockchain becomes unusable because it's too slow, and everybody who has ever tried to use the blockchain for anything knows that it's already unusuable because it's too slow. the main people in danger of becoming bagholders here are the miners themselves, because they're the only ones who really "need" to handle bitcoin on the blockchain all the time...because they need to move the butts they mine to exchanges or whatever so they can cash out to pay their bills. everybody else has architected their way around bitcoin's inherent unusability. which is why there can be fluctuations of like an order of magnitude in the transaction volume on exchanges because elon loving musk said something, but the transaction volume on the blockchain doesn't do the same thing. because it literally can't this post makes me feel that even if bitcoin mining fully stops, the existing state of affairs will be frozen in time, but true believers will still "trade" them on exchanges and crypto wallets become something like rai stones except that they will be wiped out by dumbass backup practices, eventual hardware failure and incorrectly installed birdbaths
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Jun 20, 2021 16:02
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if you only read one post today make it this one.
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Jun 20, 2021 16:21
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I'm not going to read a single post today.
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Jun 20, 2021 16:27
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And yet you participate in posting. Curious
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Jun 20, 2021 16:29
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hasn't texas got companies leaving the state because their electricity grid is so unstable already?
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Jun 20, 2021 16:32
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njsykora posted:hasn't texas got companies leaving the state because their electricity grid is so unstable already? so what you're saying is that there's a ton of energy just going to waste?
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Jun 20, 2021 16:51
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Alan Smithee posted:And yet you participate in posting. Curious we have a whole emoji for this: 
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Jun 20, 2021 17:22
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ADINSX posted:we have a whole emoji for this: legally it's the only thing you can do as reading other people's posts is considered doxing
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Jun 20, 2021 17:29
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Alan Smithee posted:And yet you participate in posting. Curious this is
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Jun 20, 2021 17:53
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Midjack posted:if you only read one post today make it this one.
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Jun 20, 2021 17:58
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catspleen posted:ERCOT the only thing less regulated and more volatile than buttscoin. love those 10,000% electricity price spikes. By only using power at times when prices are low, miners will help stabilize Texas power prices* and build a greener energy system**, both great things! * At higher minimum levels
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Jun 20, 2021 18:02
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Penisface posted:this post makes me feel that even if bitcoin mining fully stops, the existing state of affairs will be frozen in time, but true believers will still "trade" them on exchanges and crypto wallets become something like rai stones this already happened with goxcoin ious
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Jun 20, 2021 18:36
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RPATDO_LAMD posted:this already happened with goxcoin ious Did anyone ever cash out on those
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Jun 20, 2021 18:57
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Penisface posted:this post makes me feel that even if bitcoin mining fully stops, the existing state of affairs will be frozen in time, but true believers will still "trade" them on exchanges and crypto wallets become something like rai stones unfortunately the true believers won’t be stopped by minor obstacles like forgotten passwords or dying SSDs. remember that one rai stone that sank to the bottom of the ocean, but kept being traded.
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Jun 20, 2021 19:13
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Alan Smithee posted:And yet you participate in posting. Curious i'm part of the problem, not part of the solution
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Jun 20, 2021 19:16
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catspleen posted:ERCOT the only thing less regulated and more volatile than buttscoin. love those 10,000% electricity price spikes. the  will be incredible when their gains are wiped out by a single hot day, or their farms are down for a week during a heatwave. either way, promising stuff
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Jun 20, 2021 19:17
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Zopotantor posted:unfortunately the true believers won’t be stopped by minor obstacles like forgotten passwords or dying SSDs. remember that one rai stone that sank to the bottom of the ocean, but kept being traded. who's to say that any of these coins exist?
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Jun 20, 2021 19:31
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