General Cryptocoin Discussion

[lexluthermiester]

If the legislature wants to reduce the power grid burden they should ban electric cars.

While you'd think that logical, it really isn't.

As usual, government only creates problems.

Please take off the tin hat..

Crypto is such a small portion of electric usage.

It's larger than you think.

I agree though companies that are investing in those useless crypto mines should be on something like solar, but I don't believe in forcing them through laws.

If history has taught us anything it's that companies rarely do anything unless it fits their agenda and/or pocket-book. Government needs to force the issue or the needed change will not happen.

EDIT:
I feel your pain. The less government the better. However, with some things, especially where big money and resources are involved, we gotta do what's needed and regulation is what's needed.

Doesn't New York gets most of it's electricity from Niagara Falls and Quebec hydro plants?

Yes, maybe. Not sure. I thought they also had nuclear options, but that could be in the past..

 

[kapone32]

Yes, maybe. Not sure. I thought they also had nuclear options, but that could be in the past..

I think that was after the 3 Mile incident,

 

[Vayra86]

You can't measure things like that. Cars are not the problem, or any particular item, the problem is the use. We should all reduce the usage on the grid for things that aren't essential (especially at peak hours like you said and i agree with all you said). There is a lot of use that could simply be avoided, jokes aside. Keep using fossil fuels in not an option anymore.

Especially now

‘The situation is serious’: Germany plans to fire up coal plants as Russia throttles gas supplies

Germany says it will compensate for a cut in Russian gas supply by increasing the burning of coal — the most carbon-intensive fossil fuel in terms of emissions.

www.cnbc.com

Back to the topic, mining is not an issue. It is if you use coal to power the grid.

Tis true, and its the whole reason crypto is fighting that reality. I think the word we're looking for isn't so much 'use', but excess. We're never going to stop people from living their lives. Acceptance level is zero.

We are born and bred with the idea that we should always want for more. Commerce turns this into a want for more material bullshit, or in the case of crypto, a way to buy material things, at least, if you manage to get the money out again.

 

[Easy Rhino]

If history has taught us anything it's that companies rarely do anything unless it fits their agenda and/or pocket-book. Government needs to force the issue or the needed change will not happen.

EDIT:
I feel your pain. The less government the better. However, with some things, especially where big money and resources are involved, we gotta do what's needed and regulation is what's needed.

Why? What makes you think the people in government are any better than those running the large companies? At least in the USA corporatism is a huge problem.

 

[lexluthermiester]

Why? What makes you think the people in government are any better than those running the large companies?

As a general rule, many(not all) government officials care about their oaths to serve the people. Companies have no such obligation and many don't care unless they have to.

 

[Easy Rhino]

As a general rule, many(not all) government officials care about their oaths to serve the people. Companies have no such obligation and many don't care unless they have to.

While I appreciate your response I simply do not agree with your world view regarding government officials. Even if they are not corrupt they are usually inept. Plus everyone has a different opinion of what "serving" the people looks like in today's society. There is so much corruption it is hard to know just who is dumb and who is evil. That is why I think when it comes to crypto people out to feel the pain of their own poor decisions and leave the government out of it. Of course I would probably think differently if I bought into the lie that man is changing the climate to such a degree that we will be all dead soon.

 

[kapone32]

Of course I would probably think differently if I bought into the lie that man is changing the climate to such a degree that we will be all dead soon.

Not dead but life is already becoming miserable because of Climate Change. Whether we want to believe it or not. The Heat around the World last week or the Washing Machine that has been over Southern Manitoba since May are definite signs that the Weather is in a State of flux. I was reading a report that up to 10 Million people in India have been displaced by the Monsoon. F me Yellowstone Park was closed last week. When is the last time that happened? Meanwhile other places have not seen rain since the start of the decade. I live in Canada and our weather used to be boring until Climate change took hold like in 2013 when a Super warm April melted all of the snow in the Foothills of the Rockies.

 

[lexluthermiester]

While I appreciate your response I simply do not agree with your world view regarding government officials.

I can respect that. We can agree to disagree on this one.

Even if they are not corrupt they are usually inept.

Let's be honest, the same can be said for company officials.

Of course I would probably think differently if I bought into the lie that man is changing the climate to such a degree that we will be all dead soon.

As a scientist, I can not deny that we have had an impact. However, to what degree is still open for debate and examination.

Either way, I think the governments of the world and our nation need to enforce regulation to compel miners to be more responsible and less of a burden.

 

[the54thvoid]

Let's keep the topic to cryptocurrency please. Climate change is off-topic.

 

[dragontamer5788]

On the reddit.com/r/Coinbase subreddit right now... https://www.reddit.com/r/CoinBase/

Given Celsius, Voyager, and other major "cryptobanks" having bankruptcy issues right now, this doesn't look good? Even if Coinbase is fine, they need to keep their systems rock solid otherwise rumors will break out.

Anyone know what's going on exactly? IIRC, Coinbase was doing some kind of weird USD / USDC merger, but I don't know the status of that.

 

[R-T-B]

On the reddit.com/r/Coinbase subreddit right now... https://www.reddit.com/r/CoinBase/

View attachment 255212

Given Celsius, Voyager, and other major "cryptobanks" having bankruptcy issues right now, this doesn't look good? Even if Coinbase is fine, they need to keep their systems rock solid otherwise rumors will break out.

Anyone know what's going on exactly? IIRC, Coinbase was doing some kind of weird USD / USDC merger, but I don't know the status of that.

USD / USDC are still seperate on my coinbase, and I have seen no solvency issues with my crypto on there... *shrugs*

The coinbase reddit is usually 99% people moaning about their tickets, FWIW.

 

[dragontamer5788]

USD / USDC are still seperate on my coinbase, and I have seen no solvency issues with my crypto on there... *shrugs*

The coinbase reddit is usually 99% people moaning about their tickets, FWIW.

This reminded me that I actually have like an 8-year-old account on Coinbase... so I just decided to see for myself and sell a bit of coin. I have almost no coin in Coinbase, but I did have enough to test out "selling" a bit last night.

No issues withdrawing on my end. Really strange to see so many Reddit threads on the subject though...

 

[R-T-B]

This reminded me that I actually have like an 8-year-old account on Coinbase... so I just decided to see for myself and sell a bit of coin. I have almost no coin in Coinbase, but I did have enough to test out "selling" a bit last night.

No issues withdrawing on my end. Really strange to see so many Reddit threads on the subject though...

It seems they are all non-US users. Real weird.

 

[lexluthermiester]

This is a thing.

Cryptomining boom has people’s energy bills skyrocketing; feds mull new rules [Updated]

No major US cryptominers said they track energy use impacts on local residents.

arstechnica.com

Governments need to bring some serious regulations. The environment and well-being of the general public is more important than cryptocoin.

 

[hat]

They seem to think cryptomining is expanding... guess they didn't hear about the crash and the miners dumping their cards in the second hand market?

 

[lexluthermiester]

They seem to think cryptomining is expanding... guess they didn't hear about the crash and the miners dumping their cards in the second hand market?

Actually, some mining groups are expanding on the expectation that the market will recover. And that is causing a resurgence of power usage by mining clusters.

 

[Outback Bronze]

This is a thing.

So is this: Sustainable Bitcoin mining power mix hits 59.5%: BTC Mining Council (cointelegraph.com)

It also found that Bitcoin mining accounted for just 0.09% of the 34.8 billion metric tons (BMT) of carbon emissions estimated to be produced globally and consumed just 0.15% of the global energy supply.

Its not accounting for the rest of the crypto market though so...

 

[lexluthermiester]

So is this: Sustainable Bitcoin mining power mix hits 59.5%: BTC Mining Council (cointelegraph.com)

It also found that Bitcoin mining accounted for just 0.09% of the 34.8 billion metric tons (BMT) of carbon emissions estimated to be produced globally and consumed just 0.15% of the global energy supply.

Its not accounting for the rest of the crypto market though so...

Given the source and how counter intuitive and contradictory it seems, that information is unacceptable until independently verified. So unless mining farms are building solar panel arrays, wind-mill farms or some other energy neutral source(hint, they're not) or buying power from same(possible), it's dubious at best..

 

[defaultluser]

Given the source and how counter intuitive and contradictory it seems, that information is unacceptable until independently verified. So unless mining farms are building solar panel arrays, wind-mill farms or some other energy neutral source(hint, they're not) or buying power from same(possible), it's dubious at best..

What, you want us to be responsible?

Hey, look over here: this is Chewbacca . He's a wookie who lives on Endor.

 

[Papahyooie]

The irony of course being that we have an antiquated and unnecessary infrastructure in banks that could be entirely replaced with distributed crypto systems. And those banks use orders of magnitude more energy than crypto could ever dream about.

 

[defaultluser]

The irony of course being that we have an antiquated and unnecessary infrastructure in banks that could be entirely replaced with distributed crypto systems. And those banks use orders of magnitude more energy than crypto could ever dream about.

Says the man who has never heard of a credit card, or wire transfers.

Tell us again what crypto does better than either of those?

bank branches are all about dealing with tech support of the money transactions WORLD. do you honestly think that crypto will be any less complex than the banking system already is? If you want t exchange coin for any form of currency, you have to choose a reliable exchange (and then don't be pissed when your entire transaction disappears anyway from an exchange with "95% reliability rating)

 

[lexluthermiester]

And those banks use orders of magnitude more energy than crypto could ever dream about.

Strawman argument. And those banks provide MANY orders of magnitude more services than cryptocoin ever could/will.

 

[Bomby569]

They seem to think cryptomining is expanding... guess they didn't hear about the crash and the miners dumping their cards in the second hand market?

i think they only refer to the US. This is just speculation but with power prices going crazy everywhere and China ban it's not unrealistic to think many may move operations to the US and the low power cost.

 

[MarsM4N]

Anyone ever heared of Ocean Falls/BC Canada? Yea, me neither.

"Ocean Falls is a community on the Central Coast of British Columbia, Canada. Formerly a large company town] owned by Crown Zellerbach, it is accessible only via boat or seaplane, and is home for a few dozen full-time residents, with the seasonal population upwards of 100."

So while I was binge watching some UrbEx videos I came across the following video. At 17:34 the explorer shows a building where someone set up a giant bitcoin farm in a former industrial building. It's really in the middle of nowhere. The miner obviously did choose the spot because he gets dirt cheap power from the hydroelectric dam nearby. Man, that's just genious. Sounds like 100% profit.

 

[Papahyooie]

Says the man who has never heard of a credit card, or wire transfers.

Tell us again what crypto does better than either of those?

bank branches are all about dealing with tech support of the money transactions WORLD. do you honestly think that crypto will be any less complex than the banking system already is? If you want t exchange coin for any form of currency, you have to choose a reliable exchange (and then don't be pissed when your entire transaction disappears anyway from an exchange with "95% reliability rating)

Credit cards, wire transfers, all of that currently requires giant office buildings that require lights, air conditioning, etc etc etc. By comparison, crypto is downright green.

The rest of your post is changing the subject, and I'm personally not interested in debating everything in the world with you.