I sincerely respect that you do not value Bitcoin. But by voicing your opinion. You are implicitly partaking in the market. Clearing you are trying to influence others that Bitcoin has no usefulness or value. And again I sincerely respect that. After all that's how a free market works.
Now having said that. By implicitly partaking in the market. You'
d have to concede that other's have a right to partake in the market too. And the market clearly at this time thinks Bitcoin is worth 19,302.40 USD with a market cap of 369.95 billion. That's more then Meta (facebook) BTW
So clearly after 13 years. The market still thinks Bitcoins has value and that valuation has gone up not down. As much as you want to scream to the rafters about it. It's not going to change the markets valuation of Bitcoin. And that's what determines value the market.
If you had that many miners. You'd benefit more from mining then destroying the network. It's effectively financially impossible to attack the network through mining. Its the whole reason PoW is used since energy tethers bitcoin within the realm oh physic. Real world limitations are required to produce digital scarcity.
yes miners have an incentive to protect the network. Essentially they are providing a service.
That's the whole point, Bitcoin is a closed system and because people are inherently greedy that greed is used to benefit the greater good.
If bitcoin was over provisioned then miners would capitulate. Which actually does happen from time to time.
Also you make an assumption that miners are only providing service per transaction. This assumption is wrong. Due to how merkle tree's work bitcoin makes it expensive to add blocks to the tree but cheap to verify the whole tree. Each new block protects and verifies all previous blocks and transactions.
I wish I could respond to your concerns here. However almost every concern you have boils down to "I don't think bitcoin has value or use". As much as you are entitled to this opinion. The market says other wise. 19k USD per bitcoin to be precise.
What I do find ironic is how we are discussing the death of Bitcoin yet again (RIP bitcoin). On a startup accelerator with at best a success rate of 10%. But please tell me how Bitcoin is dead and useless after 13 years. Also consider that bitcoin was essentially created with no startup investment and now has a valuation of 400b dollars. If Bitcoin was y combinator incubated for all intensive purposes it would be considered a success. Maybe Bitcoin can teach us a lesson here.
Now its important to understand. I'm not here to change your mind or suggest you use Bitcoin. At this point I'd actually suggest the opposite. If you want to stop bitcoin though I suggest you'd be wasting your time (energy) but by all means you can try.
They cant mine as much as possible. 6.25 bitcoins will be mined every 10min from now till 2024 ish. Due to the variable difficultly there is a cap as to how many miners can mine and remain profitable. If there high energy usage at all it simply means bitcoin has that much value otherwise it would not be worth mining at all. * which refutes the whole bitcoin has no value argument *
There is no incentive to move methane from remote locations. The volume would probably not make it physically possible to do, never mind economical. Not to mention waste more fossil fuels ie diesel. And besides you completely overlook remote locations that cant afford infrastructure do to costs and low dense population. Bitcoin would make infrastructure profitable in those cases.
Bitcoin is easy to setup one container box plus sat up-ink. Seeing as how this ensures the methane is burnt of and also provides incentive to do so. I fail to see your complaint here.
Whats even more insulting is people are using the fact bitcoins is transparent and deterministic to quantify how much energy is uses (which is less then clothes dryers by a factor of 5 BTW) . Meanwhile they are enjoying all their guilty pleasures hiding behind the fact we cant even quantify their energy use.
It's just ridicules to think xbox and video cards etc etc have value. But providing banking to the estimated 1.8 billion people without a bank account has no value.
We've seen this kinda of thing before. In short it always boils done "we don't see the value". How can a computer widget have value after all. And the precise answer is because it's tethered in the real world . You cant make something from nothing.
Ultimately it doesn't matter because you cant stop/attack it. More energy will be wasted then bitcoin uses trying to stop it and still won't succeed. I suggest you conserve your efforts (energy)
what an arrogant proposition. That's so many things that use energy that have zero value subjectively speaking. But nobody suggests people don't do those things. I'm not even going to list some of the for sake of being called a hypocrite.
Whats even more insulting. Is people abusing Bitcoin's transparency and deterministic features to spit facts. All while they partake in their guilty pleasures. Pleasures who's energy usage we can't even begin to quantify.
And to add insult to injury their are an estimated 1.8 billion people in the world that do not have bank accounts due to things like fees and minimum balances or failed states. It's estimated there are 55 million in the US alone.
But you know what? screw those people who can self bank using Bitcoin at zero cost and zero maintenance fees. Because you simply don't see value in that.
Whats nonsense, is this idea that Bitcoin will consume as much energy as it can get. That's complete bullshit. Bitcoin mining is not static.
The difficulty adjustment is specifically designed so that blocks are found in an eta of 10min . This means that there are diminishing returns. There is a limit to how much energy can be used before it's no longer economically feasible to mine.
Whats worst is you discuss energy locality. But you failed to consider energy capture in locations where is is not feasible to transport the energy or there is no way to use the energy. eg Bitcoin mining at remote natural gas sites using methane which normally just be burnt off to CO2 reaping no financial benefits. This alone could make Bitcoin carbon negative. Not to mention landfill methane etc etc.
The idea that using less energy to foster more efficient energy is ridiculous. The only way to drive greener energy is to foster competition and intensives to innovate greener technologies. Which is exactly what Bitcoin does.
There no way a free society can dictate what people use energy for, simply because some people disagree on whats useful to them but not others. It's completely anti competitive. And anti-competitive practices will always stifle innovation.
I'm not here to change your mind. I'm simply setting the record straight. Due to the distributed nature of Bitcoin your laws are pointless. Bitcoin mining will move to more innovative locations. But beware those place will gain all of the benefits that healthy competition provides and they will end up with far superior electrical grids then locations that stifle innovation.
Well a 400b dollar market cap disagrees with you. If the energy usage was not justified then nobody would actually mine it. Which means more people think its worth while than not.
The great thing is even though we all respect your choice not to use Bitcoin. Bitcoin will continue to work as it was intended and there is not much you can do about it.
You are better of conserving your own energy then Bitcoins.
This is exactly what is happening here. Every discussion around the so called bitcoin climate issues always boils down to. We don't think it's worth while energy usage.
Ironically the fact that Bitcoin uses energy is exactly why these attacks will fail.
There is no way you are going to convince grid providers to stop serving Bitcoin miners. When miners contribute huge financial intensives to not only pay for grid improvements but for the roll out of greener energy.
Green advocates cant foot the bill for cleaner energy. But Bitcoin can.
Now having said that. By implicitly partaking in the market. You' d have to concede that other's have a right to partake in the market too. And the market clearly at this time thinks Bitcoin is worth 19,302.40 USD with a market cap of 369.95 billion. That's more then Meta (facebook) BTW
So clearly after 13 years. The market still thinks Bitcoins has value and that valuation has gone up not down. As much as you want to scream to the rafters about it. It's not going to change the markets valuation of Bitcoin. And that's what determines value the market.