Yves Smith Truthout

yves smith discusses bitcoin's fundamental value

yves smith discusses bitcoin's fundamental value submitted by rcoronado to Bitcoin [link] [comments]

yves smith discusses bitcoin's fundamental value

yves smith discusses bitcoin's fundamental value submitted by BitcoinAllBot to BitcoinAll [link] [comments]

12-03 17:33 - 'yves smith discusses bitcoin's fundamental value' (nakedcapitalism.com) by /u/rcoronado removed from /r/Bitcoin within 1812-1822min

yves smith discusses bitcoin's fundamental value
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Author: rcoronado
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bitcoin's energy endgame

this article from yves smith spells out a pretty bleak picture of what mining is starting to do to the global energy supply.
notably:
current bitcoin mining rate of consumption is 32 terawatt hours annually - approximate to the consumption of Serbia.
As bitcoin continues to increase in value, the energy costs involved with mining will continue to increase, and this is of course by design.
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
This is an unsustainable trajectory. It simply can’t continue.
So, what's the roadmap out of this situation? Or is it so structurally built into the concept that we're gonna run into energy caps before we run into other stabilizing forces?
As a relative novice, it seems like lowering the energy costs would adversely affect the structure of this tech at a fundamental level - but its entirely possible i'm missing something.
submitted by rcoronado to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] bitcoin's energy endgame

The following post by rcoronado is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7i5z7s
The original post's content was as follows:
this article from yves smith spells out a pretty bleak picture of what mining is starting to do to the global energy supply.
notably:
current bitcoin mining rate of consumption is 32 terawatt hours annually - approximate to the consumption of Serbia.
As bitcoin continues to increase in value, the energy costs involved with mining will continue to increase, and this is of course by design.
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.
This is an unsustainable trajectory. It simply can’t continue.
So, what's the roadmap out of this situation? Or is it so structurally built into the concept that we're gonna run into energy caps before we run into other stabilizing forces?
As a relative novice, it seems like lowering the energy costs would adversely affect the structure of this tech at a fundamental level - but its entirely possible i'm missing something.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Z-Money GossipRoom - YouTube [69] Max Keiser on crypto-currencies & Dean Baker on aggregate demand Der Neue Wiesentbote - YouTube Vidéo 3  Théories économiques

Yves here. I've heretofore avoided the topic of Bitcoin, since I recall the brief fad of the Second Life currency, which then flamed out impressively. And Bitcoin already has had the US Treasury clear its throat and say if market participants try exchanging Bitcoin for dollars, it takes a dim view of that. Recall that the IRS threatened to tax frequent flier miles, but later dropped that idea. And Yves Smith argues that Bitcoin actually plays into the hands of the central bankers: ... s also provided a useful test-run of a digital system that can now be adopted universally by almost any pre-existing value system. This is important because, in the current economic climate, the introduction of a cashless society empowers central banks greatly. A cashless society, after all, not only ... Likewise Bitcoin: what gives it value is that other people want it. If they stop wanting it, it has no value, but that’s psychological and can’t be directly measured. With that in mind, is its fair value $1K or $1B? No one knows. Can its value fall from $10k to $5k? Yes, and it has many times. Only the market, that is, we can decide what it’s worth to us, and the market is small and ... I read them and they caused my respect for Yves Smith to crash through the floor. Anyone who thinks that the project shame attack on Megan McArdle is worthy journalism has no integrity. And I use to read Gary Brecher on occasion (who I suspect is one and the same as Ames). Douglas Knight April 11, 2013 at 11:34 pm Hide Replies 20. John Dolan admits to being the War Nerd. It's possible that it ... Trump’s Eviction Moratorium Opens the Door for Medicare for All by Executive Order - 09/16/2020 - Yves Smith; 2:00PM Water Cooler 9/15/2020 - 09/15/2020 - Lambert Strether; Political HHS Appointees Demand Authority to Rewrite CDC Reports - 09/15/2020 - Jerri-Lynn Scofield; Links 9/15/2020 - 09/15/2020 - Jerri-Lynn Scofield; The Bitcoin Bubble. Posted on December 20, 2017 by Yves Smith. Yves ...

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