To be honest, I suspect that these concerns about bitcoin's energy footprint are a bit like when some people freaked out over all the birds that are killed by solar reflectors and windmills. When a study was done and compared to the full environmental impact of fossil fuel based power stations, the latter's impact was far greater. A full comparison of the environmental impact of the traditional banking industry and bitcoin would need to factor in a lot more than just the energy consumption of traditional bank's computer systems.
On Mon, Nov 27, 2017 at 11:23 AM Alan Sondheim <sondh...@panix.com> wrote: > > And what will happen to the power grid? > > This may seem of small consequence, but, say, the foreclosure crisis in > the U.S. wrecked a huge number of lives, and I keep thinking about the > South Sea Bubble and Tulip Mania. But those examples might be way off the > mark. - > > On Mon, 27 Nov 2017, Pall Thayer via NetBehaviour wrote: > > > That's a good question, Jaka. Rob, how will miners be rewarded once all > of > > the coins have been mined? > > > > On Mon, Nov 27, 2017 at 3:20 AM Jaka ?eleznikar <j...@jaka.org> wrote: > > > > I'm not properly acquainted too - how the security of the > > Bitcoin > > network will be achieved once all the Bitcoins are "mined"? > > > > best, Jaka > > > > On 27. 11. 2017 04:56, Rob Myers wrote: > > > On 26/11/17 05:06 PM, Alan Sondheim wrote: > > >> https://powercompare.co.uk/bitcoin/ > > >> > > >> One question, why does it take so much power? > > > Security. > > > > > > "Miners" are machines that compete to be rewarded in Bitcoin > > for > > > securing the Bitcoin network. They do this by gathering up > > transactions > > > broadcast to the network every ten minutes or so into blocks, > > making > > > sure they all follow the rules of the system, then solving a > > difficult > > > mathematical puzzle to prove their good faith. > > > > > > The difficulty of that puzzle is set by an algorithm that > > measures the > > > average time of the last two weeks worth of blocks, and tries > > to ensure > > > that it will average out to ten minutes over the next two. > > > > > > Because Bitcoin has value, people compete for the block > > rewards. Lots of > > > people. Lots and lots and lots of people. With lots and lots > > and lots > > > and lots of ever more specialized computers. This means that > > the > > > difficulty algorithm keeps making the puzzle more difficult. > > And so it > > > takes more computing power to solve it. Which takes more > > energy. > > > > > > This is the "proof of work" system. It is not a waste of > > electricity, it > > > is the cost of securing the network. > > > > > > It is possible to try to create proof of work algorithms that > > are more > > > energy efficient. Or to use different security systems > > altogether, for > > > example "proof of stake", that use much less energy. > > > > > > But these are currently less popular than Bitcoin. So if > > people are > > > worried about blockchain energy usage they should make sure to > > use > > > hydro-electric or solar power for mining. ;-) > > > > > >> Excuse my ignorance. > > > No it's weird. It's an effect of the key technological > > breakthrough of > > > Bitcoin: cheating and using economic incentives to solve a > > computer > > > science problem. > > > > > >> And do you think this will affect future value? > > > It secures that future value. > > > > > > There was a hilarious article that extended the Bitcoin energy > > > consumption curve to show that in a couple of years it will > > consume all > > > the energy on the planet. > > > > > > If that happens its value will be absolute for a single moment > > before > > > the economy and human society collapses... > > > > > > - Rob. > > > _______________________________________________ > > > NetBehaviour mailing list > > > NetBehaviour@lists.netbehaviour.org > > > https://lists.netbehaviour.org/mailman/listinfo/netbehaviour > > > > _______________________________________________ > > NetBehaviour mailing list > > NetBehaviour@lists.netbehaviour.org > > https://lists.netbehaviour.org/mailman/listinfo/netbehaviour > > > > -- > > P Thayer, Artist > > http://pallthayer.dyndns.org > > > > > > New CD:- LIMIT: > http://www.publiceyesore.com/catalog.php?pg=3&pit=138 > email archive http://sondheim.rupamsunyata.org/ > web http://www.alansondheim.org / cell 718-813-3285 <(718)%20813-3285> > current text http://www.alansondheim.org/uy.txt > -- P Thayer, Artist http://pallthayer.dyndns.org
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