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Over 2 percent of the US’s electricity generation now goes to bitcoin
(arstechnica.com)
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this post was submitted on 03 Feb 2024
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Honestly eth just made more progress between built in smart contracts and proof of stake, I'm surprised Bitcoin is still holding on. Sunk cost fallacy I guess.
I'm not an economist or anything, but I don't think it's a sunk cost fallacy I think it's just a market. They're all mining both. Just leaning heavier on whichever one makes them more money in the moment. The market is going to have a hell of a lot of inertia.
The market is run by people, and people have been proven not to be rational. So, sunk cost easily applies to the market
Come on, that's logic 101
All a are b
some b are c
all a are not c.
You can't even claim that most A are C with that logic
I can't quite follow you beyond the fact that in your example "all A are not C" is correct
Yeah I think that's our major problem here.
That's a good point a lot of the crypto markets influence is still more focused as an investment vehicle for getting more fiat wealth, that's more reasonable to me. I guess I am just a die hard engineer and the practical uses matters a lot more than the price of tulips.
I mean honestly you're right. Nobody should be left on the Bitcoin side from an environmental or a cost standpoint. But I have no idea how long it's going to take to catch up.
I will say that at some point if there is an awakening, bitcoin's going to crash so f****** hard. And the first ones out are going to make all the money.
PoS and PoW both suffer from a centralizing of power issue IMHO so that doesn't sound implausible, TruthLabs seems to be throwing a lot of allegations towards the network though but I am not seeing the evidence yet.
Did you only skim through? They are literally presenting hard on-chain facts.
Honestly just couldn't find them just second hand outlets saying they say.
https://twitter.com/BoringSleuth
Yeah, it still seems like a lot of unfounded claims, like they point to an account and say "this is the CCP" and it very well be but I keep failing to see where those claims are substantiated.
If you dig some deeper you will see it is. Ethereum Prometheum Wanxiang CCP
Yep, Ethereum uses less power than a debit/credit transaction or even a PayPal transaction.
Have you read some of the work Visa has been doing with EVM and zero knowledge roll ups? Pretty interesting stuff.