You are not entirely wrong but I think the idea is more akin to:
You have excess (renewable energy) you mine bitcoin with that excess energy because it’s cheap/free (with some renewables you can’t really turn it off iirc and if you can’t store you need to use it).
Your production is near demand, → energy is not cheap and you don’t mine at that time.
The 24/7 bit is more that the demand is always there if you need/want to use it, not that you have to.
I would say it’s very much on topic at least for me, given the title of the thread.
It’s funny how some of you says that renevable = continous. The only continuous energy source is nuclear, which is very hard to stop so it’s basically the definition of baseline. Some renevable are continous, but they can stop it if there is too much production (theoretically possible, but won’t happen).
The discussion seems reversed. BTC minimng might be good to use the excessive production of nuclear during the night maybe. Renevable never get wasted.
Having said that I think the positive of btc mining might be that the high request of energy production is pushing providers to make more energy, which nowadays means building more renewable sources(for political and other reasons). It seems though a bit far fetched. The best outcome would be if a some point people stop mining and suddenly there is too much energy available.
There’s enough energy needs beyond BTC, if we had a surplus we’d turn off energy sources with high level of emissions. (Or make green hydrogen for eg making steel with less emissions)
Even just the extra load for switching to 100% electric car fleet is massive.
You’re not naive, it’s just a 1000% manipulated market. None of it means anything, there is no use case, there are no rules of finance playing into it, theory, backing, production of any value, it’s all foofoo, fugazi, magic beans.
Whales want to periodically unload on dupes for real money (the type of money they purport to hate yet are eager to collect, because it’s the only real money), thus they create the narrative and the upcoming bull run will be a self-fulfilling prophesy. Hence it will happen. I got a small, very small % in it because it’d be stupid not to.
Then it will crash again despite nothing having changed. Then it will cycle again. The funhouse is open 24/7/365 and there’s no shortage of punters.
I 100% believe people will make money in the coming months, even hope it because I’ve bet to be among them, but I haven’t found a single convincing argument that crypto has any value.
Being in academia for 10 years and consulting/pharma for another 10 I learnt early on that unless the value of something can be explained in 30 seconds to someone willing to listen (the old elevator pitch!) by someone who’s supposed to know about it, there is either a problem with the message or the messenger. I haven’t had anyone manage to explain crypto’s value to me and this includes close friends whom I consider both smart and honest.
Edit: This could also mean that the problem is with the receiver (ie me) too, won’t deny it, however I keep an open mind whereas the crypto maxi community has a religious fanatic/Soviet propaganda level of conviction, which suggests a very closed mind
Well, it does. My laptop is DELL, my phone is an iphone, and I am typing in google chrome right now, with an Intel chip made by TSMN with machines bought from AMSL, running MS Windows. If none of this mattered, even if the whole global market is manipulated (humans really aren’t that smart), then nobody would invest in anything, ever. I need to believe that my investments - even if they are a market cap weighted world index - are actual investments and not speculation or gambling because I don’t have the appetite for it, otherwise I’d do something else with my money.
I’d argue that is very much parallel to weather or not bitcoin has any value, or at least a secondary metric.
I mean then the Internet had no value either. Not making the argument that Bitcoin is as big as the internet but there are plenty of things that are not that easy to explain at first glance. Bitcoin being hard to understand is more of a hindrance to it’s usage than to it’s value imo.
When I said what you said was wrong is that in a nutshell Bitcoin (and I’m not using crypto here because 99.99% of crypto is shit) is a decentralized, trust less system to store and exchange value. That’s not nothing and it’s not really something that has a parallel in today’s world. You can manipulate the price in some way, sure but the underlying system is intact.
You can definitely argue that such a system is not needed, that relying on a central authorities is not a problem and that it’s more efficient (this one is a fact basically by design) but that’s a different thing. But even then it offers a “banking solution”, however bad you may argue it is, to literally everyone. Living in Switzerland this is probably useless but, quick google search:
" According to the World Bank’s latest report nearly 1.7 billion people are unbanked globally. That’s close to to one forth of the global population."
With bitcoin your age, location or visa status doesn’t dictate this. Heck you don’t even need to be a person. But all of that is straying less from the technological aspect of it and more into the social/political.
Funny you mention it. In many cases crypto has been adopted more by right/far right anarchic/libertarian sides and much less from the left. At least less than I hoped it would be.
You know, there are articles from btc fans, articles from reputable universities, concrete video examples like the Irish farmers… Just pick whatever you prefer and make your own informed judgement.
If you remove methane from the air thanks to bitcoin miners, I don’t see how this can be seen negatively.
Old data from 2020/21, energy mixed has changed a lot as China and Kazakhstan have now tiny shares. We have data but people will tell me the source is not reliable
Anyone can post here a Ligthning Network invoice (keep it below 21sats), and I’ll send it to you (until I wont, if my inner limit is reached).
(Aqua is great, but not in this case [coz handled via Liquid] and amount would be below the fees. You can use any LN wallet like the custodial but easy-to-use Wallet of Satoshi.)
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download a wallet, I will send you a few sats and you send them back to me, okay?