Primecoins are an answer to one of the criticisms of bitcoin, which is that mining is a huge waste of electricity and computing power. But if you can have the miners do useful computations as their "proof of work," as it's called, then the economics make more sense.
— fishfry
That IS cool because it's one of my biggest gripes. — Benkei
For everyone thinking how cool it has been making a quick buck out of bitcoin, bitcoin is now using more electricity than the entire Netherlands combined.
Some more perspective: you can power 100,000 visa transactions with the energy used for one bitcoin transaction. — Benkei
It's indeed not true for every cryptocurrency but I'm not familiar with any fork of BTC that has resolved the energy drain issue. — Benkei
For everyone thinking how cool it has been making a quick buck out of bitcoin, bitcoin is now using more electricity than the entire Netherlands combined.
Some more perspective: you can power 100,000 visa transactions with the energy used for one bitcoin transaction. — Benkei
Visa's transactions use less energy, yes, but Visa is piggybacking on the existence of a secure reserve currency. — csalisbury
Yet I think the chip shortage is more because of the pandemic problems on our wonderful globalized supply system than the "everything bubble". — ssu
When this thread goes out of fashion again for a year ...or even six months, that's when bitcoin is very interesting. At least it has dealt obstacles, that is for sure. But have we yet seen any collapse in crypto or something marketed as crypto?
Somehow I don't buy the "hyperinflation immediately" -idea, so I guess that we will have again a similar roller coaster ride in the financial markets as we had in last year. — ssu
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