Bitcoin's saving grace
In my last post I looked at the problems around Bitcoins ever increasing hunger for electrical power.
In the future it will be a major liability but right now it may be a major asset.
If one monitors the headlines these past couple of weeks, since the rocket underneath Bitcoin has really been lit, a trend emerges.
The level of FUD from governments, central banks and traditional monetary system players is substantially increased.
Perhaps they are FUD'ing the market to try to keep the price down as they try to enter the market.
More likely, if one analyses the tone of the announcements, it seems that they and their money supply control and dominance is threatened by Bitcoin and other cryptocurrencies.
If truly threatened and the FUD'ing doesn't work they could resort to other methods to destroy confidence in Bitcoin. A simple method would be to orchestrate a 51% attack on the network.
A couple of years back all it would have taken was a couple of million dollars worth of equipment assembled on the quiet.
That is not the case these days. With the amount of mining hardware in circulation and new hashpower being added everyday it would be alot more difficult and expensive for an attack on the network to be launched by a new emerging player.
The fact that Bitcoin's difficulty is so high and that the network is burning so much electricity at the moment actually protects it from attack from established monetary system players.
Thank you. We hope that the credibility of bitcoin will remain despite the enormous pressure of the governments of various countries.
'network is burning so much electricity' that kinda concerns me about the impact on the planet we live on rather than the freedom from the financial data silos, seems backwards. hope we can swap out the algorythm to be more energy efficient like DPOS and our beloved steem.
The cost of electricity is going down as solar energy becomes more efficient and widespread. In a couple of decades energy will not be an issue anymore.
http://fortune.com/2016/04/16/ray-kurzweil-solar-will-dominate-energy-within-12-years/
Visualized in a graph:
decades? i heard 2020, two years. it's gonna be a problem - in terms of global power usage alone for bitcoin. that kinda defeats the purpose if we are killing ourselves in the process? :) - i guess it's all about sources right? who you trust and when.
Bitcoins energy consumption is a problem now, and has been for awhile, but it will go away, when electricity no longer comes from fossil fuels.
There is an opportunity cost, over and above the cost of diverting electricity to the BTC network. That energy could have been used elsewhere.
this is definitely FUD. media is calling out the environmentally concerned public to defame crypto. pretending that humans can't come up with solutions to this via software, hardware, and science breakthroughs is just silly. as blockchain has demonstrated we no longer need corp/gov permission to advance our civilization. perhaps they should stand aside and allow free energy to be released... ;)
nothing is free. and this is not to defame anything. i think blockchain is amazing but everything has a cause and effect. it would be good to not add to existing problems. no such things as a free ride!
how about putting some solar panels in Africa's deserts to start? also highly suggest everyone dyor on alternative energy/electrical systems, they have been around a while. Nikola Tesla is a good place to start. his was another mind that believed in the liberation and endless potential of mankind. he would love blockchain. :)
if you want to see it. go do it. then steem about it. it's all well and good having the information you find, execution is just as important. go do it. talk about it. let people lead from your example.
Thanks forsharing this information@sme
what is FUD?
Fear, Uncertainty and Doubt
is that not life? part and parcel, we have to jump in and get swimming upstream!
You're absolutely right I appreciate your post @sme ✌✌👍
you are right
good read. thank you
You are right brother
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