"But Bitcoin is a great way to monetize excess renewables"
No, this was never true. If you make a capital investment in a mining rig, then you want that rig making you money 24hrs, not just when the rest of the grid is not consuming renewables.
#Bitcoin :bitcoin: will do so once the last #cpin has been mined and transaction fees will skyrocket...
Whereas #Monero :monero: doesn't have that problem: It's on it's #TailEmission and is quite stable...
As history has shown us, Bitcoin is unable or rather unwilling to adjust to necessary changes (#HardForks like #BitcoinCash are evidence) and thus it will die out soomer or later...
But them again you do have the freedom to bankrupt yourself regardless if you choose securities or insecurities.
I bet you that the entire market crashes once the last Bitcoin has been mined and the only value generated are absurdly high transaction fees to the point that people will rather print paper wallets if fixed denominations.
@asei_sano@aruiz
And then you'd basically have #FiatCash, #butWorse because unlike with a real banknote just copying the serial number and prints won't allow one to cash it in - or anyone else who saw it...
@asei_sano@aruiz So you do have an escalating commitment and naively believe that artifical scarcity will fix issues.
Well guess what: Whilst #Bitcoin :bitcoin: 's absolute limit of coins will kill it long-term, the #TailEmission of #Monero :monero: will long-term result in a asymptotically near-zero inflation rate.
It merely compensates for the loss of coins AND keeps miners from continuing go facilitate transactions.
Furthermore unlike #ASIC- & #FPGA-based mining, Monero is decentralized.
Again: There is no valid reason to use #Bitcoin :bitcoin: except to sell it to some #BiggerFool, thus cashout as best as possible and if possible, retire.
@kkarhan@alexdp@asei_sano@aruiz line goes up got a lot wrong about the ethereum consensus algo, but thats understandable as it was released before the merge
proof of stake is safe and effective and does NOT mean "rich get more control of the network"
Granted I'm not into #NFTs and my only involvement with #Cryptocurrencies is forking this #PaperWallet generator for #Monero :monero: and fixing some documentation issues the original had.
@harkl@alexdp@asei_sano@aruiz
Whilst I can at least understand someone using #Solana if they do care about #NFTs I'm not telling artists how to monetize their work - almost all I know don't do [#NFT|s out of principle but I do know some that did but that's not point!] there is no valid reason to use #Bitcoin :bitcoin: !
Even if you haven't heard of #LocalMonero and only trust #Coinbase of all places there are far better coins to swap into #Monero :monero: or whatever. https://mstdn.social/@kkarhan/111048421768067616
@harkl@alexdp@asei_sano@aruiz Then you already know the problem relying on a cryptocurrency where less than a dozen people have almost all mining power!!!
IMHO #Monero :monero: is the least worst in terms of #payment because it's battle-hardened and with a 7+ figure bounty on it's security (by the #IRS alone!) one can assume that'll stay this way for tue time being... @sollee@asei_sano@harkl@aruiz
@kkarhan@asei_sano@harkl@aruiz Monero is quite nice, tbh even as an Ethereum maxi, Ethereum needs to step up its game with privacy solutions
I'd say that plain Ethereum mainnet is bad for payments, but rollups + escrow can get the same functionality as PayPal while maintaining censorship resistance (I'm building something related to this actually, coming out soon™️ !)
@sollee Compare that to #TraditionalFinance where if one were to sent me money linked with drugs or terrorism chances are I'd never even notice it because my bank automatically widthholds transactions to comply with laws.
So unless I were to complain about missing a [widthheld transaction] I'd not even be questioned.
But on #Ethereum and #Bitcoin :bitcoin: this doesn't happen and thus it's easier to stick some dirt onto someone than planting drugs onto someone's car and then framing them...
@volkris@sollee yes and no.
Whilst it's easy to argue one's innocence and non-affiliation with drugs or drug money if neither fingerprints nor DNA are inside the package, but on a post-privacy chain where one can't really prevent getting dusted, that makes it harder for the person affected to evidence without having to self-d0x all their transactions.
I do agree that the policestate and overreach is the core problem, but sadly it's very unlikely to change in a favourable direction anytime soon.
In a chain without privacy (post? no, simultaneous) the evidence of innocent is obvious and out in the open and incontestable.
That’s a feature.
YES if you want to hide your transactions then don’t use a system that puts everything out in the open. That’s just common sense.
But like anything else on the internet, or in normal life, a person might decide that convenience or value or whatever else outweighs privacy for some transactions, and from time to time will make that trade.
The open ledger proves innocence in this case. That has value!
@volkris@kkarhan Personally, I believe privacy is quite important and if we want to prove our transaction history to certain entities we can use proving tools or hand over secret view keys (Monero).
Despite it potentially being able to prove innocence in, say, a legal dispute, I'd say the tradeoffs outweigh the benefits here as government could mandate the use of open ledgers, and then this could lead to authoritarian surveillance for a million years
@volkris@sollee I don't think #privacy should be the reason for or against it. #Bitcoin :bitcoin: and #Ethereum's inefficiencies make them completely useless and gross waste of energy in the size of Argentina when it comes to it's power consumption.
There is no legitimate reason to use or support #ASIC-based #Mining or even accepting #Cryptocurrencies that do so as even ignoring the wastefulness of #Energy they create far more excess #pollution with their #eWaste aka. once the Hardware is old.
You say these things are useless, but the people with actual skin in the game disagree, finding that they have so much use that they’re willing to spend that energy in exchange for them.
The amount of energy put into Bitcoin mining is a direct measure of the value of Bitcoin to the people trading that energy for the currency.
I get it that you personally don’t value it. Great! It’s not useful to you personally. Great! So don’t spend energy to get any since it’s not valuable to you.
But it IS valuable to so many other people, so valuable that it’s worth spending a lot of energy on it.
@kkarhan@volkris good point, bitcoin has a security budget problem
however, cryptocurrencies do offer an interesting new alternative to fiat money, we have payment infrastructure, free-market legal systems, etc. only time will tell if crypto succeeds in killing the state, integrates into traditional finance, or is driven into obscurity by the state
Is that video available somewhere other than youtube (Google)?
Feels wrong being directed to Google when trying to learn about supposedly free and decentralized technology. I don't want to be owned by Google. Maybe use #PeerTube ?
@aruiz Bitcoin doesn't have a CEO and doesn't care about your opinion. It's anti-fragile tech. #Satoshi knew that people like yourself wouldn't understand it, or even worse would dumbly view it as a threat. His design safe-guards against destruction. So not only are you wrong, you're also a Simpsons meme.
#Bitcoin will drive #nuclear adoption - which if you're serious about the environment is the ONLY viable option for a clean energy abundant future.
@tecnijota not that easy though, you need an already existing pair of reservoirs, and enough water on the lower one otherwise you have to desalinate water which is energy intensive as well so now you have the same problem as with a bitcoin rig, are you going to use all that new infra only on curtailment periods?
@aruiz
Desalinating water sounds like an awesome use of excess renewables - very few places in the world where there is both excess renewables and excess freshwater. Here in the Nordics, that's sort of the case, but elsewhere, not so much. @tecnijota
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