this post was submitted on 28 Feb 2024
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Bωockchain
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bwockchain is not a technology of the future, buttcoin is a scam.
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Energy costs will not sink bitcoin. I don't want to even begin to imagine where you got that from. And if it did, there would be no value for anybody. That's but a ponzi then, is it?
Energy costs will absolutely sink the coin. How do you propose it stay afloat when the continual energy costs of maintaining the network is designed to skyrocket continually over time? New investment?... Some other magic mechanism to break the laws of physics and generate free power?...
There is nothing that says energy costs would skyrocket. It's a strawman used by the most ill-informed. If you want I can go into it, but if you are just looking for an argument and won't consider what I write, then I will just leave and you can think what you want.
What are you smoking?... Can I get some? Bitcoin is a proof of work coin, this relies on computers being able to solve an increasingly complex and increasingly difficult to solve mathematical equation to approve transactions on the bitcoin network. This takes up egregious amounts of electricity that grows proportionately to the ledger size. As the ledger grows more compute will be needed and given bitcoin decentralized ledger plus proof of work (instead of say, proof of stake or another decentralized confirmation scheme) it will always by design consume more and more electricity. Electricity is not free. Compute is not free. Even if a clean method of generating fusion power was discovered tomorrow bitcoin would be unsustainable long term BY DESIGN. It's dead on the vine. It's a Ponzi scheme set in the motion of years. It consumes the electrical equivalent higher than most countries and has insane, unsustainable network costs, and you can't just wrap the damn thing because wrapped coins are worthless without the original transaction network running.
What you wrote is factually incorrect. You don't know what you are taking about.
And you say I'm smoking something lol? Your emotions have taken hold of any reason and you attack me with some childish insults? You are embarrassing.
Compute power doesn't increase with the size of the ledger, not enough to matter, but with the amount of miners doing the computing and amount of transactions needing to be confirmed. And none of those need to increase, especially since there are L2 options available and because normal bitcoin transactions are not meant to have the highest number of transactions.
Your claim is ludicrous, especially since miners would not be incentivised to burn some infinite amount of electricity, because they would need to pay for it and bitcoin mining rewards are halved every so many blocks.
You. Don't. Know. What. You. Are. Taking. About.
Please. Stop.
Nothing I've said is factually incorrect. It is all based in reality and although some nuance is lost as I'm not going to dedicate research paper level time to trying to get you to come to your senses, the overall ideas are backed by factual information.
I'm not attacking you, I'm engaging in a meaningless argument with a meaningless person to kill time. As far as the insults go, I believe the first was hurled from you referring to me sounding like a derogatory term? Maybe get yourself checked if you can't take what you dish Mr mad bro. 😂
I'm not sure once again what you're smoking but damn I want some. The cognitive disconnect is insane. You can feel free to look up whatever you'd like to provide alternative viewpoints in this regard but you cannot change the simple reality that bitcoin will eat it's own tail in runaway compute and electricity costs; it already has. Layering on more efficient transactional networks won't change that. You can bundle transactions and go through L2, hell you can wrap the coin and go through an entire other network, but the underlying network will die to its runaway unsustainability the moment new user growth ceases to outpace costs. It's a mall cafeteria inside a Ponzi castle built on Ponzi sand. The aroma of legitimatcy and desire disguising tax write offs and fraudulent accounting.
Oh and yeah, they wouldn't burn an infinite amount would they. They'd just... Stop mining it as the costs would be too high for any reasonable person to want to pay transact fees on the network. That's certainly different than the coin dying.
If I don't know what I'm talking about, at least I know as much as you. 😂🤷♂️
What you said is literally wrong, incorrect, false. Don't believe me, read it somewhere else.
Bye.
Nope! But good luck with your delusional self. Hope it goes poorly for you.