Per popular request we're exploring alternative payment options. Let's assume we keep Paypal and ONLY add #bitcoin as an option, will you use Bitcoin for future purchases?
@PINE64 I am very concerned about the energy expenditures of Bitcoin. During the climate crisis we must conserve energy, and proof-of-work intentionally wastes energy as a fundamental design goal.
E-mail sometimes uses proof-of-work to defeat spam, and I still use e-mail. But I avoid using cryptocurrencies like Bitcoin or Ethereum that rely on proof-of-work or similarly wasteful algorithms. There must be better alternatives, like proof-of-stake or Filecoin's proof-of-storage.
@tomosaigon Citation needed.
Regardless, you could have used that energy to do something like Folding@Home and maybe cure a disease.
Or store it for later in a battery or some less obvious storage solution.
Or power a small country of actual humans, we're not talking about small amounts of power here. Build infrastructure to get it to where the people are.
If Bitcoin miners weren't using that energy, I find it difficult to believe that nobody would.
@skyfaller that's not true at all. You can't use Bitcoin mining hardware to run Folding@Home. That would require purchasing separate hardware and then paying for the electricity but who's going to pay? You?
@tomosaigon OK, so you're saying that because Bitcoin mining rigs already exist, they are the only way we can use the "spare" electricity they are currently using?
Even if we had to preserve every existing mining rig (why?), at the very least we could gradually phase them out as their specialized hardware wears out.
Alternately, I seem to remember Bitcoin mining causing GPU shortages. I bet I could make money selling GPUs to scientists, gamers etc. who need those GPUs.
@skyfaller Briefly: regarding your points on F@H, battery, powering a small country, nobody using the energy, GPU shortages - each point is flat out wrong.
@tomosaigon I don't know if there are GPU shortages right now, but there have been GPU shortages in the past:
Is it unreasonable to believe that there would be GPU shortages again in the future if Bitcoin were to increase in popularity?
@tomosaigon OK, whoops, you've got me there, I didn't look very closely at the article I linked :) That is Ethereum.
Can we just insert here whatever specialized hardware Bitcoin miners like instead, or is their specialized hardware literally only useful for mining Bitcoin and no other productive activity?
@skyfaller Nowadays, you can mine Bitcoin with anything but you will be wasting money/electricity/time if you aren't using efficient specialized Bitcoin mining hardware. Literally designed to be really good at mining Bitcoin at the hardware level.
@tomosaigon Fair point.
I would expect people like myself and Pine64 failing to adopt Bitcoin would limit demand and therefore the market price, de-incentivizing increased Bitcoin production. Which I think would be wise!
But the price of Bitcoin fluctuates weirdly enough that perhaps ordinary market considerations don't matter. A whale could negate anything you or I or a small country might do: https://mashable.com/article/bitcoin-1-1-billion-transaction/
Also, during a pandemic, maybe gov'ts should fund e.g. Folding@Home.
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