By the Blockchain, the last bitcoin will be mined in 2130, approx 100 years from now. The blockchain operates within these rules because it is a computer system that largely regulates itself.
So youâre trying to tell me a business idea canât change or be adapted? How can wrong or right apply if the reason the fork occurred wasnât apparent at the start? Are you saying professionals in the crypto industry must also own a crystal ball which tells the future?
Itâs not uncommon for people to disagree in business, I do not disprove because there is nothing to disprove. Just a difference of opinion that the community can choose to support or not.
What is wrong with there being 2 parallel currencies? As far as I can see itâs not against the law to create a currency similar to existing currencies and then allow the community to determine a use or if it is successful.
It seems to me you are the one who wants to impose rules on what can and cant be done.
Lets say, If I know how to create a blockchain which features a currency called âBytecoin Liteâ why do you have a problem with me doing so? Lets say for example my âbytecoin Liteâ could handle 15 million transactions per second. I strongly believe I have a product that can help the world.
Your views would take away my freedom to create and implement a business idea, your view is backwards and wrong.
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Two things hereâŚ
âLargelyâ implies that there are times where someone (or some people) regulate it - Who has this power?
Second, I canât think of a single human implemented system that is using the exact same processes for over a century. Do you honestly expect this system to continue for over 100 years unchanged - or even unmaintenced? If not, then who is authorized to maintain or revise the process?
âGadget is just askinâ
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Bitcoin is owned by all miners, So, the Economic majority will have to agree in order to force change, meaning every BTC miner in the world must vote on a change. A change will only happen if it is beneficial to the network. So if a proposal is not beneficial it will get rejected.
Yes, the blockchain and ledger will always exist in any computer mining BTC. so whenever a new miner is added to the network an up to date copy of the blockchain will be downloaded onto it. This process could continue for centuries as long as new miners are constantly added.
Due to the blockchain being an unchangeable ledger and a set of instructions I class it as a recursive program (and simple data cache) as it will keep on executing the repeated application of specified rules. So it isnât the sort of system that breaks down. A good btc crypto operation will ensure they have multiple internet connections as the internet or power outage are the only things that can stop BTC ticking over.
So basically millions of computers are updating a ledger and confirming ledger updates with each other while mining new blocks and rewarding the mining pool that finds the new block.
It is a rather complex topic. If you really want to know the answer I recommend reading up about the âblock size warsâ. This is like the history about how the community battled it out for over two years if they want to do a hard fork, a change that is not backward compatible and would require every node to update to change the block size from 1MB to 2MB.
You will not believe the insane drama such a small change proposal caused. This is all about the protocol and the consensus rules. The software obviously gets maintained and improved over time, just not the protocol.
Itâs similar to the IP protocol in many ways. There are a lot of implementations, and they get better and are maintained, but they donât change the protocol, because then you canât talk to the rest of the network anymore. And they are even centralized and donât manage to update to push IPv6 out since 24 years. Once such a protocol is rolled out, itâs basically impossible to change.
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âThe bitcoin price jumped to over $45,000 per bitcoin after a senior Russian official said the country would accept bitcoin as payment for its energy exports. Meanwhile, the ethereum price has continued to climb as âenthusiasmâ builds ahead of a long-awaited upgrade.â
âNow, Larry Fink, the chief executive of BlackRock, the worldâs largest asset manager with around $10 trillion in assets under management, has said his company is âstudyingâ digital currencies due to climbing client demand.â
So Russia has made somewhat of a U-turn on their currency policy due to the position they are in. Hmmmm, I can see the knock on effect.
The countries that want Russiaâs energy will have no choice but to exchange some of their currency for BTC and give it to the Russians, I suspect a few countries will be reversing their currency policy for this.
Now countries could rush to crypto exchanges and buy the remaining BTC and drive the value higher. Does anyone know which countries depend on Russiaâs energy?
This is the thing about BTC itâs all quiet for a few months then it kicks off suddenly due to some kind of announcement. Politics is crazy man!
Forbs is still â â â â though.
I smell market manipulation. It will probably dump again
Just listened to an interesting podcast about Bitcoin and clean energy. There is a lot in the works to utilize Bitcoin mining as an incentive and enabler to build out new renewable sources in a competitive way and help stabilizing the grid, which is a challenge if a lot of the energy production comes from renewable sources.
Meanwhile the rest of the world is basically playing the blame game and hope if everyone just eats lentils instead of meat we will magically make it. They have no plan forward.
The good thing is that the plan they worked out here works by pure market forces. There is no good will or personal restrain required, things that will not work anyway. It just sets the incentives right to get the energy production on the right tracks.
Like half of Europe.
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I donât know man this might be the real deal, I know russia has been locked off of every financial platform, they are desperate for trade which is a fact.
Based on this fact, the acceptance of BTC for energy may well be true.
Bitcoin uses energy intensive âproof of workâ.
Many articles exist stating the âproof of workâ is not required.
The white paper also indicates the âproof of workâ (The Bitcoin whitepaper, explained and commented â section 4: Proof-of-Work | by Cryp-to | Medium )
âMe and my MeatCoin miners kill cows every day and say âwe can do this because anyone commenting on this is a hypocrite because they eat meat.â However we donât actually use the meat, we throw it away. Also, I love animals.â
See how this looks?
Proof of work runs processes which generate timestamps which can easily be compared with other timestamps, with proof of stake an outside source of time would be needed due to no process running at all which can be manipulated and the whole system isnât secure. I believe this is the main reason why Ethereum hasnât switched to proof of stake.
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BlackRock began trading Bitcoin futures early last year. Offcourse they said "Boo! Bitcoin bad, please sell so we can buy. Now they are awaiting the peak to sell, like I posted above as most people see it rise.
A lot of âsoon te beâ poor people will buy, get stuck and loose money. When the rich will sell to grab the money of the new load of fresh money from the newly impressed âinvestorsâ.
That however is good news and one day, we will be able to say Bitcoin is made from clean/renewable/sustainable energy. Then, and only then I will retract my pollution argument.
Pavel Zavalny says âfriendlyâ countries could be allowed to pay in the crypto-currency or in their local currencies.
Earlier this week, Russian President Vladimir Putin said that he wanted âunfriendlyâ countries to buy its gas with roubles.
You should check the âfriend or foeâ map. I think you are mistaken.
However, itâs a nice ruse where Russia lures people to buy bitcoin, then dumps it for laughs. That will teach people (who are on the foe list of Russia) to war profiteer,well, rather to gamble on a war. Letâs see how that pans out. lol. 
It would be good if they find some tamperproof solution that uses lessenergy. If that hapopens, I will immediately withdraw the energy/pollution objection. Like you said above, itâs technology âunderconstructionâ so there is room for improvement.
Iâm sure they wonât be laughing very loudly when they canât produce anything due to lack of trade.
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True, but in love and war people do some nasty things.
PoW is the only consensus mechanism that makes sense for Bitcoin. Iâm aware that shitcoiners advertise their coins as green because they use PoS, and that consensus protocol has itâs uses. But not for money.
PoW makes sure money is not created out of thin air and auctioned off instead. Itâs an extremely trivial algorythm that is easy to understand and solves a lot of problems that implementations like PoS have to solve in an insanely complex way only a couple of the devs of each of those projects truly understand.
If you watch the video I liked above and actually understand what they say, you will realize that PoW is an asset and Bitcoin will have to use an insane amount more energy than now to get our world to a renewable future.
Oh dear, someone think of the children!
So far, even if you bought at the worst possible time, after an insane 10x move, where every indicator says âoverextendedâ and every alarm bell should ring that it will come down again⌠even then you had to wait 4 years to at least double your money.
Look, Iâm a pretty dumb investor, but I just DCA when the price is 50% down or more and I have spare money. I was maybe for a couple of months in the red at the start because I started before the corona dump. But when it came out of that, like days later, I was in the dark green and ever since.
I would not buy at the moment. Itâs already too high again for my taste.
This isnât rocket science
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I mean everyone can help with this right now and make renewables more profitable at the same time.
Here is what you do:
- You seek out locations of stranded waste energy. This is energy that can not be utilized or stored because there are no consumers or storage capacity. You typically find this with renewable energy plants because they produce when the wind blows or the sun shines and not when the customer turns on the microwave.
- You start mining Bitcoin with that energy
This will do two things:
- It will take away profits from miners who use fossil fuels to mine, because there is a finite amount of coins to be mined in a given time (~900 BTC per day at the moment). You will start to push them out of the market and make Bitcoin greener.
- At the same time you will make the power plant more profitable, because without someone consuming their energy they would have to stop their production. More profit means they can faster expand their operation and build out more renewable energy plants.
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This is the good thing about BTC as there are a few types of investments, my investment could get complicated as there is only so many rigs one can operate at home safely. I will have to move he operation into a data center at some point if I want to expand. Sometimes I wish I was a buy/sell type of BTC investor.
Climate change: Wind and solar reach milestone as demand surges - Wind turbines and solar panels produced 10% of global electricity in 2021 but coal also had a resurgence.
BBC UK
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Bitcoin price -8.560,23 (17,52%)
Itâs slowly going there⌠but itâs not catching on. It needs a boost⌠I think Elon Mush needs to start shitposting, you know for the economy⌠
https://mobile.twitter.com/business/status/1340798770813030400
Did he do the right thing ?
Yes, if the price goes up, he can sell some for profit. Grabbing the money out of the ânew investors who can still get a lot of profit as Bitcoin goes past the moon, to Marsâ pocketâs.
Yes, if the price goes down, he can sell to reduce his taxes. Grabbing the money out of the American Taxpayerâs pockets.
Either way he wins, but there will always be someone at the other end paying for it.