News Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity

[digitalgriffin]

Lol....you forgotten about their gas guzzling vehicles... Anyway is a joke that USA is even talking about environment. USA is the worst offender when it comes to carbon.

Yes and no. China is a lot worse. And if you do it based on gdp, China is a heck of a lot worst.

 

[escksu]

Yes and no. China is a lot worse. And if you do it based on gdp, China is a heck of a lot worst.

Lol.... go check the stats....wake up.

https://data.worldbank.org/indicator/EN.ATM.CO2E.PC?locations=US

USA. 15.2 tons per capita
China 7.4 tons per capita

Now you know why USA is the disease of the world. Russia and China should just nuke USA to oblivion.

 

[barryv88]

Yeah if you have to jump through a bunch of mental gymnastics to prove your "value", then it's not really there.

What???
If stupid could fly, you'd be a jet.

 

[digitalgriffin]

Lol.... go check the stats....wake up.

https://data.worldbank.org/indicator/EN.ATM.CO2E.PC?locations=US

USA. 15.2 tons per capita
China 7.4 tons per capita

Now you know why USA is the disease of the world. Russia and China should just nuke USA to oblivion.

Now calculate GDP per Capita and rework those numbers.

A lot is produced because we produce a lot. USA controls over 50% of the world's GDP.

But we don't have near the pollution probs of china's inner cities. Beijing is a nightmare air quality wise. I'm not saying we don't have cities with issues, but China far surpasses them with poor air quality.

China’s Economy Is Based on Fossil Fuels

China’s economy is based on fossil fuels (hydrocarbons), which generate 86 percent of its primary energy consumption. China’s investments in…

www.instituteforenergyresearch.org

https://www.eia.gov/energyexplained/electricity/electricity-in-the-us.php

We are 40% natural gas and around 20% coal. Compare that with China.

I'm not saying there isn't room for improvement on both sides. But China per GDP dollar/capita is worse.

 

[NotoriousPyro]

I registered here just to post this comment after shaking my head to the comments section...

If this is not peak insanity for Crypto, I don't know where the line is anymore... Maybe we've crossed it a long time ago? I wouldn't be surprised, but this is pretty darn out there to be a new line.

Regards.

First they ignore you, then they laugh at you, then they fight you, then you win.

The only thing insane about crypto is the fact people still call it insane. If I'd thought the same thing in 2017 I'd not be able to afford to buy a brand new car or a house right now, but thankfully I can - so in return over time I will repurchase the crypto I used to make such purchases. This is value no? What is so hard to understand about this concept? What is so insane about it? Can you care to explain what is 'insane' about buying a digital currency?

Bitcoin's value is based on speculation and nothing else.

This holds pretty much true for MANY asset classes including commodities futures contracts and leveraged stock/indices trading. What makes crypto any different that it should be exempt from speculative trading? You know a lot of it is not speculative and is used for actual purchasing right?

Yes, if he changed out his digital funny-money to actual US currency he'd be doing great. Bitcoin have no inherent value. They're nothing. They're not backed by anything. You can also spend a million dollars on a rare comic book - but it's still just a useless comic book.

Last I checked, US dollars is not backed by anything either than a promise by the US government. You can easily see how 1$ has lost value over the entirety of the time in its existence.

Meanwhile those of us buying crypto can easily see how our coins are appreciating value during their time in existence, not all but most.

 

[bobert4249]

Any financial transaction system that needs public confidence in it's transaction ledger is ultimately fatally flawed on creation. There should NEVER be a need to establish confidence in one's transaction ledger / log . That requirement should NEVER exist. Can't imagine VISA or MC asking for the public's help to ensure their DB is sound and accurate. Especially for a system designed to not have reversible transactions in case the whole thing does go up in a sorry storm corruption of that ledger. At least China is protecting their people from this. One should always be suspicious of something not taken credit for by any creator - for all folks know this is / was / are bait systems to flush out illegal money laundering - as evidenced by how fast the NSA / FBI jumped on the Bitcoin transaction for the ransomware recently. The agencies top priority was to break AES 256 as far back as 2014 and it doesn't take them long to reach their goals once set. For all the folks I know that have crypto - not one has admitted they have purchased a damn thing with it - every last one invested in it to not miss the get rich quick scheme going on. Folks don't even know how many of these dang things exist now (over 7,000), and there are numerous web sites guiding all of folks like myself - above average programmer - how create, name, and market this trash. World currency my butt - the world have more currencies than ever in man's history thanks to these now. That'll never work anyway - and you don't want it to. As folks learn how to break this - you don't want Russia, China, Iran, and others mining the financial transactions looking for who's doing what with their money - that's how folks get investigated for being in debt, over committed, and eventually for blackmail or espionage. There's a reason why Panama and El Salvador are first in line legalizing or attempt to legalize these folks - open your eyes - drug runner / trafficking / bribing to look the other way payoffs, among other things. Fine countries with established world histories of such great economies. There's a reason the world bank rejected them - fearing their economy is / will collapse. Have yet to hear a single valid reason we need crypto - and what problem it solves - except for the edge cases of start and end cash flow days of a business starting or ending, and private citizens annoyed waiting a few hrs for their cash. I'd rather have currency backed by limited edition Cabbage Patch dolls. Don't dream of 1 govt backed digital currency either - too many govts on this planet want control over their monetary supply - no different than Great Britain never going to the Euro (hint). Governments have final say via the laws they set, and they want traceability -which unless you are a tax cheat, drug dealer, briber of govt officials, or into some other nefarious affair - you / we want.

( Appologies for using an inappropriate word - was not meant to be vulger - just a term we commonly use for something bad. Thank you for not suspending and such. )

 

[NotoriousPyro]

...

The US government themselves use AES-256 as the highest level of encryption for top-security documents... Mind you, bitcoin is SHA-256 and not AES-256. AES-256 is an encryption block cipher, SHA-256 is a hashing algorithm. SHA-256 has nothing to do with encryption since it is a hash cipher designed to be computationally expensive not for encryption.

Additionally, there are other cryptocurrencies which use other algorithms if SHA-256 is not to your liking. Not that you understand the difference between any of them judging by the distrust of AES-256.

It's important you understand the basics of what you're talking about.

 

[bobert4249]

The US government themselves use AES-256 as the highest level of encryption for top-security documents... Mind you, bitcoin is SHA-256 and not AES-256. AES-256 is an encryption block cipher, SHA-256 is a hashing algorithm. SHA-256 has nothing to do with encryption since it is a hash cipher designed to be computationally expensive not for encryption.

Additionally, there are other cryptocurrencies which use other algorithms if SHA-256 is not to your liking. Not that you understand the difference between any of them judging by the distrust of AES-256.

It's important you understand the basics of what you're talking about.

Sorry - messed up the terms - none the less - they jumped on it - which proves it is not as anonymous as folks believe. I'm sure they've resolved both - and for the highest level security they do not publish what they use - the 256 issue was their top priority in 2014 and having myself nearly transferred to Annapolis in 2003 to support them (family in Ca.) and friends formerly over there before most retired - they normally achieve their goals. if they did find a productive method to resolve the SHA-256 - then that means the rest will soon also or get there eventually as tech leads are fleeting. Still serves to produce a linked list - granted, a more protected one, but conceptually the same principle - almost. There are other ways to do the same - via linked list crypto keys where the value in the linked list does not represent the actual location, displacement, or relative / physical record number such. Of course - how they jumped it will likely remain classified or compartmentalized for some time - could be a number of methods to also involve com intercepts. Also had a bad migraine when writing this which continues - so not at the top of the game - cryptocurrencies at the global level as implemented now ultimately headed to doom in my opinion - sovereign nations will want accountability and most of all traceability in the their financial markets and systems. Largest tell tale sign of this is all the insanity taking place - nuke plants to power mining being proposed and planned - and such - all to very a transaction log that should never be in question in the first place - in my opinion a sophisticated pyramid scheme to continuously inflate fictional value - and the vast overwhelming usage is investment - not purchasing normal goods and services - and first countries to legalize it and attempt to next - drug trafficking path countries with horrible histories and the need for a place to dump the coins for something else more easily. Won't end well - mark my words. May take some time however - needs to change or end gracefully rather than abruptly to avoid too much pain. I realize they claim they adjust their parameters and such for the mining - but if it takes what it does today for folks mostly just investing in it for quick rich - I would be concerned if it scales for wide spread public usage - the growth rate for the mining can not be long termed sustained as it is now taking place. If the public ever perceives energy rates are inflated to support this or compete with this - watch out - a public revolt could take place. The Tom's article about PA - will be interesting to watch the public reaction to this - folks in the states here already have disliked Nuclear power for some time - whether or not even justified - the env and other folks are eventually likely to converge on that like a bad smell emanating from something. And the attention that draws will not work to Bitcoin's or other coin's favor. Almost every conservative money person I know (accountants, etc...) view this all with great suspicion - and grudge when they have to determine the values on the books for reporting (when transactions and such must be).