This seems big to me as well but the market is more or less flat on this news. I'm fairly new to crypto but it is strange to me that the market hasn't reacted positively to this news.
First of all, 'news' like this usually isn't actually news - the market was likely aware of it, or at least aware that it was likely, prior to the announcement, and therefore it would already have been priced in.
Also, crypto, and Bitcoin specifically, are global in scope - there could be a lot more going on elsewhere than just this, and the other things are overshadowing it.
Most importantly, prices are set by buyers and sellers, and cryptos have been under extreme selling pressure for some time now, and it is just likely the case that this good news is not enough to stem the overall negative cloud that is currently looming over the market.
By most rational accounts (other than the biggest Bitcoin-is-going-to-a-million! supporters), it is very overpriced and very ahead of itself. And that is causing the selloff. News out of South America, which likely isn't news, and isn't all that significant in the grand scheme of things, just isn't enough to stem the tide at the moment.
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Crypto's getting absolutely flogged the past month. Party over?
A month is minor. Most haven’t even dropped anywhere near this year’s lows yet.
There will never be an end to the party because there’s always a future gain to be made so money hangs around waiting for a bottom.
Bitcoin could still slide easily to $12,000 yet before a bottom if past history means anything, which it doesn’t really but those buying in will always be looking for a reason to justify where the bottom is.
Every time someone posts a link the the Bitcoin price graph I think wow that price has really fluctuated huge this quarter/year. Then I quickly realize (again) that is the hourly/daily chart.
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I think Ethereum's EIP 1559 transition in July and the subsequent dilution of mining into other GPU coins will trigger something. I don't see the other alts quickly coalescing behind a specific coin (except maybe ERGO because lots of bad actors seem to be pushing that one and the Reddit crypto crowd is easily led).
LOL. Sounds like that study was absolute trash. Oh, yes, we'll just increase global power consumption by 6x, it will all be green energy, and the excess gets used for Bitcoin mining(or sold back to the grid, depending on the section of the paper). Now to just figure out how to convert all energy production to green energy, and increase it 6 fold. Easy problems like this are good problems to have!
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Crypto is already green...its uses less than half the energy of the traditional banking or gold industries. It can be far greener though.
That's a ridiculous claim. I know it's repeated often, but if you don't want to look like you don't know what you are talking about it, you should stop repeating it.
Every transaction takes as much energy as an average house consumes in a month. You think the billions of credit card and debit transactions taking place every day use that much power? You can't compare the entire banking sector to Bitcoin because banks do far more than process transactions. You are comparing one small part to an entire economic sector. It doesn't make sense.
If those were done with Bitcoin, that would be 120 000 GWh. The US currently consumes 11 GWh/day. So ya, only more than 10 times the US total power consumption if all transactions were handled in BTC.
TLDR; Dino7c's claim is entirely false.
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That's a ridiculous claim. I know it's repeated often, but if you don't want to look like you don't know what you are talking about it, you should stop repeating it.
Every transaction takes as much energy as an average house consumes in a month. You think the billions of credit card and debit transactions taking place every day use that much power? You can't compare the entire banking sector to Bitcoin because banks do far more than process transactions. You are comparing one small part to an entire economic sector. It doesn't make sense.
If those were done with Bitcoin, that would be 120 000 GWh. The US currently consumes 11 GWh/day. So ya, only more than 10 times the US total power consumption if all transactions were handled in BTC.
TLDR; Dino7c's claim is entirely false.
Just credit card transactions and nothing else lol
look I said it can be greener and will be greener....and gold mining, its not a guy in a river with a pan
The traditional banking system and gold mining industry use more energy than Bitcoin...the statement is a fact
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Last edited by dino7c; 06-18-2021 at 12:45 PM.
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What does gold mining have to do with transactions? You know gold has other uses, right?
Beyond that, how can Bitcoin replace traditional transactions when it would require 10x the power consumption of the US to do it?
What does gold mining have to do with transactions? You know gold has other uses, right?
Beyond that, how can Bitcoin replace traditional transactions when it would require 10x the power consumption of the US to do it?
I have said multiple times it needs to become greener and more efficient. I just think its hypocritical to knock crypto for energy consumption when our current model after 100s of years is worse.
Seems people butt hurt about being wrong about crypto are suddenly tree huggers but only towards crypto.
"It uses as much power as Argentina!"
yeah so do microwaves but I don't remember any crying about hot pockets
I have said multiple times it needs to become greener and more efficient. I just think its hypocritical to knock crypto for energy consumption when our current model after 100s of years is worse.
Seems people butt hurt about being wrong about crypto are suddenly tree huggers but only towards crypto.
"It uses as much power as Argentina!"
yeah so do microwaves but I don't remember any crying about hot pockets
It's not worse! Did you read any of the stuff I posted? Bitcoin is for transactions. If you compare transactions, it's far worse. It's impossible to replace traditional transactions with Bitcoin, as I have demonstrated. If you want to compare it to a store on value, compare it to cash under you mattress. You can't just compare it to the banking sector, because it's a meaningless comparison, because you can't use Bitcoin to manage your mortgage, or loan you money. Why is it so hard for you to acknowledge reality?
It's not worse! Did you read any of the stuff I posted? Bitcoin is for transactions. If you compare transactions, it's far worse. It's impossible to replace traditional transactions with Bitcoin, as I have demonstrated. If you want to compare it to a store on value, compare it to cash under you mattress. You can't just compare it to the banking sector, because it's a meaningless comparison, because you can't use Bitcoin to manage your mortgage, or loan you money. Why is it so hard for you to acknowledge reality?
People store gold, consider what it takes to get gold out of the ground then it is placed in a vault, buried in a yard, or made into a toilet
