Bitcoin Mining on Track to Consume All of the World’s Energy by 2020

Is it actually possible for the power consumption needed to run bitcoin to get so high? Why would it ever use more power than the internet?

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It's just journalists being stupid.

The bubble will have popped by then so that prediction is based on the wrong premise.
As for the reason why is because of dumb hashcash ending up being a centralization measure when it was intended to have the opposite effect.

If you put the power cap at current production capacity it's possible for something like bitcoin to consume an equivalent to 2017's total world power production, no way bitcoin could consume all of the worlds energy that's impossible, It's still way overblown and still sensationalist news

people are only willing to spend as much on power as it is profitable to mine
as long as the price keeps going up, it will use more power
when the price goes down, it will use less power, as it won't be profitable to mine

>Listening to whatever crap journalists write
Truly you have a thick skull

>listening to the media

i only listen to trump

this but unironicaly

Newsweek is a rag user. I get more accurate information from looking at toilet paper after running it through my ass crack.

>hurdur let's extrapolate this tiny graph of the last couple of years without accounting for any other facts and just make dumb predictions based on that for clickbait

make it so mining bitcoin is really working to manage the transaction process

Yeah, you would have to literally set up bitcoin mining in all the most efficient regions to maximize the utility network usage to use all of the world's energy.

But it does go to show how unsustainable the mining is becoming, and this should make those who have bitcoin happy because it means the generation of coins will level off, probably increasing demand (unless they reduce the difficulty) and increasing the prices.

Pretty much this.
Even now, transactions are too expensive or take too long for bitcoin to be of any real use anymore. The blockchain is just too large.

>The blockchain is just too large.
It's only 250GB or something, an extra 1MB every 10 minutes is nothing. Storage capacity will make that near negligible in no time.
Plus, only 5,000 people actually have the full block chain these days.

youtube.com/watch?v=uyoABcfdyAA

Bitcoin and blockchain is outdated time to move onto something like IOTA

Why I'm Negative on Bitcoin
youtube.com/watch?v=XDwOt_KO5gk

What is a BITCOIN WORTH
youtube.com/watch?v=LKr6li5QTzk

It's not about storage capacity. It's about the whole thing having to be re-encrypted all the time, and the amount of time and power that consumes.

>It's only 250GB or something, an extra 1MB every 10 minutes is nothing.
Every 10 minutes the entire 250GB on every machine with the blockchain has to be reencrypted.

I can see why this would be a problem.

I'm getting very concerned about Bitcoin for a few reasons:

1. From the Bitcoin chart, it's obvious it is a bubble, question is how far off is the peak

2. I'm hearing about Bitcoin from people who I normally don't associate with Bitcoin, e.g. my brother, my girlfriend, etc.

3. Coinbase sent out a letter when BTC was $10k USD telling users to "invest responsibly"

4. Related to #3, but there are a lot of media attention lately with nobody really understanding the underlying technology

5. Finally, Bitcoin has many flaws, the current valuation is based on an idealization of Bitcoin rather than grounded facts; that said, there is a bright future for blockchain technology, but Bitcoin probably will never achieve mass adoption

And unfortunately, places like r/Bitcoin has such a cult-like mentality and people will go there thinking it's an authoritative and objective source of Bitcoin/blockchain technology when really they're getting suckered into this thing. People, understand there are alternatives that you can still viably mine, there is no reason to invest your hard-earned cash into this thing

Many people will get hurt by this bubble, can you imagine Bitcoin going from $200k all the way down to $2k or lower. I honestly believe we will see a repeat of 1929 with people committing suicide, etc. Furthermore, many Bitcoin enthusiasts joked that a stock market crash would affect Bitcoin prices but it'll most likely be the other way around...

>I'm hearing about Bitcoin from people who I normally don't associate with Bitcoin, e.g. my brother, my girlfriend, etc.
This. That's normally the sign that the collapse is imminent. Was so in 1929, was so when the internet bubble burst, will be so this time.

This is such an obvious flaw and it's the first thing I thought would happen when I first heard about bitcoin years ago. Did they just not think it would be a problem or what?

crossposting:
>internet
(mostly) rational use of resources
>memecoins
millions of computers compete to calculate a transaction's signature. the ones who didn't get it right effectively just burn the resources.

Maybe they didn't think it would ever get this big. Sort of like Bill Gates once said nobody on this world would ever need more than 512kB of RAM.

Normies coming in and ruining a market is always a fucking pain.

While I am betting on Bitcoin to be in a bubble with caution, first of all, it is really hard to speculate on this since there is way too less precise measurement tools based on economic indicators to tell it for sure. I also think that although there will be dips and corrections, this bubble is not yet to explode. This time Wall Street will make this real friggin big and will blow up it together with the stock market and other bubbles Western economies are in at the moment. That's what they need to become even richer, they are the only ones who benefit in a long-run of the way our economies are set up. It feels like we are sort of in the end of 2006 when it was clear that doesn't make any sense anymore, but the party was only around midnight at that point and the strong liquor was yet to be served for real. My concern is, if the Bitcoin bubble becomes too big, it will literally become too big to fail, and it will fail, and if it does fail what are the ramifications on the global economy especially given the tense geopolitical situation, unsound financial foundation, technological upheaval, and more

Pretty much all of this. I'm in on the train with what was less than 5% of my portfolio when I put the money in. It's an obvious bubble and the only question is how high does it climb before coming crashing down. It's either gonna be a nice little bonus or some money lost that won't have much of an effect on me depending if I can time my sell.

>CLICKBAIT

All my money is in Bitcoin. What should I do? Where should I put it?

youtube.com/channel/UCTKyJALgd09WxZBuWVbZzXQ

Research and buy altcoins, every day one coin or another gets 50-100% gains, and just think bitcoin would need to reach like $30000 for that same percentage gain.

Certain tech needs to be banned to save the earth. Fucking republicans. We dont need torrents, bitcoins, etc

So when the bitcoin bubble bursts alts will be ok?

tha's a lot of asics

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Lol newsweek is so fucking salty

They're like that everywhere not only the american edition. Newsweek is pretty much the definition of THE shitty meddling media.

Nope. It's just this: You extrapolate any exponential growth uncritically and you'll get silly results like that.

At least Ray Kurzweil has some theoretical basis for justifying HIS exponential growth projections.

They were sold for a dollar a few years ago. They're desperate and stupid. A dangerous combination.

>1929
>Internet
lmao

We're not even at take-off phase yet you faggot.

Bitcoin isn't a bubble anyway. It's mathematically designed to increase in price.

Reminder that the only reason Bitcoin is going up is because exchanges are pyramids...

yegor256.com/2017/08/15/bitcoin-pyramid.html

>yegor256
opinion disregarded

>Why would it ever use more power than the internet?
why are you such a newfag normie ffs

I expect better than this from the fine people at Newsweek

just kidding, journalism is dead

You guys think it will crash?

He's right though.

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wall street missed the boat, so they're making their own boat

op confirmed brianna wu stupid

No. Newsweek is known as a fake news organization for a reason. We still have a shit ton of coal. Even the people who panic about oil acknowledge that.

Clueless normies plus Jews trying to scare you away from crytocurrency. Nothing to see here.

>literally can't read
lmao