‘Intel to announce asic for bitcoin mining during ISSCC’ – Computer – News

I wonder where this ends. Soon we will use 10% of all the power on the planet for mining Bitcoin and what will we get in return? 7 transactions per second. Even if it soon becomes the replacement of the dollar as a global reserve currency, I am afraid that the rich will use those 7 transactions per second for themselves. You can then open a Lightning Network channel as a user, or if it is too expensive, let someone else do it for you. But once the elite is the only one who can still pay for the on chain, you are again obliged to trust them to participate.

Currently, the electricity for mining Bitcoin costs $50 million per day, but 90% of the coins have already been mined. If that 50 million per day has to come from 400,000 tx per day, then you have to pay 125 dollars per transaction. Not a problem for the 1%, but for the 99%.

And to open or rebalance or close a Lightning Network channel you need a transaction. If that costs $125 in the future, most people will not be able to afford it and will not be able to use Bitcoin directly without third parties. Those third parties are simply Bitcoin banks.

Well and we already have banks, but are they currently consuming 10% of the world’s electricity?

And at banks you have people who work, you can ask questions.

If that will soon be replaced by Bitcoin banks where you can only talk to computers, I don’t know if that will be as much a better world as it is now.

Especially with global warming right now, I think it’s all crazy.

Look if Bitcoin now just costs a tenth of a cent and can do 20,000 tx per second, you could still say: yes it costs a lot of power but you also get a lot in return.

But Bitcoin usage has only gone down since 2017. The power consumption has been at least 10 times higher since 2017, and the use is 50% lower.

I think that’s very bad. https://bitinfocharts.com…transactions.html#alltime

And now there are a bunch of tweakers who don’t know what they are talking about and then say: Yo just use lightning network and then they will promote their custodial wallet. Which only have disadvantages compared to paypal and venmo and no advantages ….

[Reactie gewijzigd door Kain_niaK op 18 januari 2022 19:56]

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