I think Bitcoin is a ridiculous speculative bubble and we need to debunk the idea that it's an investment. What's the most compelling stuff you have read/watched/written for or against this argument?
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Replying to @mrmoneymustache
Aside from the bubble aspect I think bitcoin is a cancer to the environment. It's using more electricity than many large countries for nothing other than making a very small group of people very wealthy.
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Replying to @worldisee
That's one of the reasons I'm against the mania even while being for the technology. It's immoral in my view to make 'electricity waste' the competing factor in awarding payments.
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Replying to @mrmoneymustache @worldisee
Its actually a way to arbitrage energy markets. Bitcoin mining is not economically feasible in areas with expensive energy bills, that is why predominant mining operations happen where there is cheap energy.
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Additionally, the longer run speculative potential associated with the recent rise in Bitcoin is associated with replacing larger institutions and their energy consumption. Bitcoin is still a drop in the bucket compared to say Gold mining costs. Its all relative.
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Since you are writing an article on this subject, here is a ~5 minute video from a Bitcoin evangelist
@aantonop answer this question recently. Better to get it from the source than me relaying it second hand.https://www.youtube.com/watch?v=2T0OUIW89II …2 replies 1 retweet 23 likes -
Some good points. But he says "Bitcoin is driving the decentralization of energy production" - this is different from what I see in the current power generation market, where we keep adding polluting plants to the grid as mining chews up power.
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Replying to @mrmoneymustache @Rob1Ham and
Also, if we redesigned blockchain, using something non-destructive to decide the ledger attachment competition, and/or talked people out of the speculative mania (decreasing the amount of electricity they would be willing to waste), it would improve things.
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We are working on it - @VitalikButerin and the Ethereum developers are, as we speak, working on a proof-of-stake replacement for mining. As for the speculation, that will probably go away with time...
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