BitCoin: Should I Sign Up?

We are the Borg.
User avatar
Witness
Posts: 14101
Joined: Thu Sep 19, 2013 5:50 pm
Has thanked: 1625 times
Been thanked: 2175 times

Re: BitCoin: Should I Sign Up?

Postby Witness » Fri Mar 23, 2018 5:09 am

gnome wrote:(presumably at gunpoint)?
Gun? Too Murican. One of my (ex) colleagues got mugged with the cash out of the machine still in her hands: a spurt of alcohol (kirsch, apparently :mrgreen: ) into the eyes and you're helpless. :(

User avatar
gnome
Posts: 21521
Joined: Tue Jun 29, 2004 12:40 am
Location: New Port Richey, FL
Has thanked: 317 times
Been thanked: 322 times

Re: BitCoin: Should I Sign Up?

Postby gnome » Fri Mar 23, 2018 1:30 pm

Yikes!
"If fighting is sure to result in victory, then you must fight! Sun Tzu said that, and I'd say he knows a little bit more about fighting than you do, pal, because he invented it, and then he perfected it so that no living man could best him in the ring of honor. Then, he used his fight money to buy two of every animal on earth, and then he herded them onto a boat, and then he beat the crap out of every single one. And from that day forward any time a bunch of animals are together in one place it's called a zoo! (Beat) Unless it's a farm!"
--Soldier, TF2

User avatar
Witness
Posts: 14101
Joined: Thu Sep 19, 2013 5:50 pm
Has thanked: 1625 times
Been thanked: 2175 times

Re: BitCoin: Should I Sign Up?

Postby Witness » Wed Apr 11, 2018 4:14 am

Foxconn's entry heats up race for first mass-market Bitcoin-friendly phone

Raising the stakes is Taiwan's Foxconn, the world's largest contract electronics maker and a key Apple and Amazon supplier.

A Foxconn unit has agreed to develop and produce a blockchain-based smartphone from Swiss-Israeli technology startup Sirin Labs, Bloomberg reported last week.

The new smartphone, called the Finney, will let users "shop on crypto friendly sites like Overstock.com and Expedia, converting cash into specialized tokens if needed," Bloomberg said.

Users may also trade battery power with others and get paid in tokens or earn by simply allowing a tourist to browse the internet using their phone's Wi-Fi.

"Blockchain technologies and cryptocurrencies are considered to be too complex for 99.99 percent of the population," Sirin said in a white paper, adding that Finney will help bring cryptocurrencies to the masses.
http://www.dw.com/en/foxconns-entry-heats-up-race-for-first-mass-market-bitcoin-friendly-phone/a-43320990

User avatar
Abdul Alhazred
Posts: 68463
Joined: Mon Jun 07, 2004 1:33 pm
Title: Yes, that one.
Location: Chicago
Has thanked: 2524 times
Been thanked: 999 times

Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Wed Apr 11, 2018 9:05 am

How close are we to the point where the maximum number of bitcoins has been "mined"?
Image "If I turn in a sicko, will I get a reward?"

"Yes! A BIG REWARD!" ====> Click here to turn in a sicko
Any man writes a mission statement spends a night in the box.
-- our mission statement plappendale

User avatar
Abdul Alhazred
Posts: 68463
Joined: Mon Jun 07, 2004 1:33 pm
Title: Yes, that one.
Location: Chicago
Has thanked: 2524 times
Been thanked: 999 times

Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Wed Apr 11, 2018 9:07 am

OTOH, what governments do for currency these days is also cockamamie.

The question is whether it is possible to make a cockamamie currency work without the implicit threat of deadly force.
Image "If I turn in a sicko, will I get a reward?"

"Yes! A BIG REWARD!" ====> Click here to turn in a sicko
Any man writes a mission statement spends a night in the box.
-- our mission statement plappendale

User avatar
Rob Lister
Posts: 19639
Joined: Sun Jul 18, 2004 7:15 pm
Title: Incipient toppler
Location: Hiding under ed's bed
Has thanked: 549 times
Been thanked: 559 times

Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Wed Apr 11, 2018 10:48 am

Abdul Alhazred wrote:How close are we to the point where the maximum number of bitcoins has been "mined"?


2145. This graph goes to 2033

Image

User avatar
Witness
Posts: 14101
Joined: Thu Sep 19, 2013 5:50 pm
Has thanked: 1625 times
Been thanked: 2175 times

Re: BitCoin: Should I Sign Up?

Postby Witness » Sun May 20, 2018 12:47 am

Bitcoin to use 0.5% of world’s electricity by end of 2018

London: Bitcoin, one of the most popular cryptocurrencies, currently uses almost as much power as Ireland does, and could be consuming about 0.5% of the world’s total electricity by the end of this year, a study has found.

Bitcoin’s burgeoning electricity demands have attracted almost as much attention as the cryptocurrency’s wildly fluctuating value. However, estimating exactly how much electricity the bitcoin network uses, necessary for understanding its impact and implementing policy, remains a challenge.

“We’ve seen a lot of back-of-the-envelope calculations, but we need more scientific discussion on where this network is headed. Right now, the information available is pretty poor quality overall, so I’m hoping that people will use this paper as a foundation for more research,” said economist and blockchain specialist Alex de Vries, who works at PwC in the Netherlands.

The estimates, based in economics, put the minimum current usage of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts—as much as Austria and 0.5% of the world’s total consumption.

“To me, half a per cent is already quite shocking. It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals,” he said. If the price of bitcoin continues to increase the way some experts have predicted, De Vries believes the network could someday consume 5% of the world’s electricity.
https://www.livemint.com/Money/3wU3b1IuMYZTl47zYkkcmN/Bitcoin-to-use-05-of-worlds-electricity-by-end-of-2018.html

User avatar
Abdul Alhazred
Posts: 68463
Joined: Mon Jun 07, 2004 1:33 pm
Title: Yes, that one.
Location: Chicago
Has thanked: 2524 times
Been thanked: 999 times

Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Sun May 20, 2018 1:09 am

How does that compare to the amount of electricity used by cam whores?
Image "If I turn in a sicko, will I get a reward?"

"Yes! A BIG REWARD!" ====> Click here to turn in a sicko
Any man writes a mission statement spends a night in the box.
-- our mission statement plappendale

User avatar
Anaxagoras
Posts: 20376
Joined: Wed Mar 19, 2008 5:45 am
Location: Yokohama/Tokyo, Japan
Has thanked: 1258 times
Been thanked: 1034 times

Re: BitCoin: Should I Sign Up?

Postby Anaxagoras » Sun May 20, 2018 10:08 am

Jesus, that's a lot of electricity.

Abdul Alhazred wrote:How does that compare to the amount of electricity used by cam whores?


I don't know, but somebody has calculated how much electricity it takes to run the Internet.

https://www.forbes.com/sites/christophe ... dd9ef41fff

America’s myriad server farms and data centers operate 100 million drives that hold 350 million terabytes of data — everything from your decade-old emails to lolcat videos and the collected offerings of Netflix NFLX -0.3%.

A new report from the Department of Energy’s Lawrence Berkeley National Laboratory figures that those data centers use an enormous amount of energy — some 70 billion kilowatt hours per year. That amounts to 1.8% of total American electricity consumption. At an average cost of 10 cents per kwh, the annual cost of all that juice is on the order of $7 billion.

Seventy billion kilowatt hours is such a giant number that it’s helpful to put it into some other terms. For comparison purposes, 1 kwh is enough power to keep ten 100-watt lightbulbs illuminated for one hour, or to keep your smartphone charged for an entire year.


To generate 70 billion kwh you’d need power plants with a baseload capacity of 8,000 megawatts — equivalent to about 8 big nuclear reactors, or twice the output of all the nation’s solar panels.

Sliced up per capita, the average American uses about 200 kwh a year for his or her internet use, costing about $20. For those of you obsessed with carbon footprints, your internet use is responsible for the emission of about 300 pounds of carbon dioxide per year.

But our internet addiction is only growing. According to Nielsen, the average adult in the United States spends 10 hours and 39 minutes a day consuming digital media. That’s up an hour a day in the past year. And we’re spending most of that additional time peering at our smart phones, which now occupy us for an hour and a half each day.


And that's just for America. According to another article I found, porn accounts for about 30% of internet traffic, so you can do the math. As of now porn probably uses more electricity than bitcoin, but they're in the same ballpark.
A fool thinks himself to be wise, but a wise man knows himself to be a fool.
William Shakespeare

User avatar
Rob Lister
Posts: 19639
Joined: Sun Jul 18, 2004 7:15 pm
Title: Incipient toppler
Location: Hiding under ed's bed
Has thanked: 549 times
Been thanked: 559 times

Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Sun May 20, 2018 11:53 am

Anaxagoras wrote:Jesus, that's a lot of electricity.

Abdul Alhazred wrote:How does that compare to the amount of electricity used by cam whores?


I don't know, but somebody has calculated how much electricity it takes to run the Internet.

https://www.forbes.com/sites/christophe ... dd9ef41fff

... Sliced up per capita, the average American uses about 200 kwh a year for his or her internet use, costing about $20. ...


And that's just for America. According to another article I found, porn accounts for about 30% of internet traffic, so you can do the math. As of now porn probably uses more electricity than bitcoin, but they're in the same ballpark.


This growing consumption is not reflected as growth in total consumption.
Image

I'm going to consume energy no matter what I do. The only thing I could do that is less of a load than surfing the internet or watching Netflix is perhaps reading a book.

One conclusion: Given the choice of watching porn or ironing clothes, we're all very wrinkled.


Return to “Science, Mathematics & Technology”

Who is online

Users browsing this forum: CCBot [Bot] and 0 guests