My question was why would BTC miners have to follow that ban?
Because it would be cost prohibitive not to follow the ban, put them out of business and ultimately make no economic sense to try continue relying on non-existent fossil fuel energy sources when there is cheaper alternative sources available.
It's not really that hard to understand.
So just for clarification you do agree that BTC can be controlled by a government per the example you provided and therefore agree it is not completely decentralised therefore?
How would a decision by government to ban, or make cost prohibitive, the use of, or resourcing of, fossil fuels amount to BTC under control of a government and therefore meaning it is not 'completely decentralised'?
Am I missing something here? I acknowledge your aforementioned direct involvement in the crypto space but I find this line of thinking, bizarre, quite frankly.
To clarify, inherent in my example of government(s) banning the use of fossil fuels is the underlying assumption that it will happen when their is ample infrastructure to provide alternative clean, renewable energy to supply society, industry and commerce.
If you can't see that problem then I don't know what to say.
This figure seems to derive from applying the John Bowe technique to the value of the world's $10trn gold. What has that got to do with it. I suppose we should be thankful that he didn't use the world's real estate value of $228trn. But then I suppose a prediction of btc of $10m might not seem credible.vp of sales at Metaco in Sindo said:A target of $300,000 to $500,000 is credible and reasonable.
Correct me if I'm wrong Dukey, but this guy works for a digital assets SaaS / industry infrastructure company. Unless there's something we don't know, there's no indicator that Metaco benefit from bitcoin at 300k-500k anymore than if it was at $50-100k?. It would be different if it was a hedgefund. It would seem that this is simply his opinion.This figure seems to derive from applying the John Bowe technique to the value of the world's $10trn gold. What has that got to do with it. I suppose we should be thankful that he didn't use the world's real estate value of $228trn. But then I suppose a prediction of btc of $10m might not seem credible.
I am familiar with the life assurance sector. There are very strict regulations and guidance about how they describe the potential for their products. The time has surely come when the consumer protection people at the central bank should move to stop the irresponsible hype around bitcoin.
Maybe (maybe) this guy is indifferent to the prospects for btc. But the person quoting him has a definite interest in hyping btc.Correct me if I'm wrong Dukey, but this guy works for a digital assets SaaS / industry infrastructure company. Unless there's something we don't know, there's no indicator that Metaco benefit from bitcoin at 300k-500k anymore than if it was at $50-100k?. It would be different if it was a hedgefund. It would seem that this is simply his opinion.
The time has surely come when the consumer protection people at the central bank should move to stop the irresponsible hype around bitcoin.
I was talking about consumer protection. Dangling prospects of a 10 fold return would be banned in any regulated activity.I assume you mean ECB? I can't imagine the Irish central bank making much in-roads in stopping bitcoin?
But then again, the ECB is hardly a model of responsibility in its own right, is it?
Whatever happened to their mandate to maintain a stable monetary system with an inflation target of around 2%?
Nowadays its "whatever it takes" - Draghi, or "we can never run out of money" - LaGarde.
The euro is finished. Great idea in theory, but in practice it's descended into a shambles.
Get out now while you can.
Just in case anyone is still in doubt about the nature of bitcoin mining, here's a current example of that relentless pursuit of wasted, renewable energy:
'Massive 70 MW Bitcoin Mining Rig Shipped to Russia'
This is one of a number of operations which are exploiting the estimated 5GW of surplus hydropower produced in the remote Siberian region.
Additionally, here is a thoughtful piece on the misconceptions surrounding bitcoin's energy use.
Back when the reward was 50 btc per block, people were predicting that by the time the reward had reduced by over 85% percent that this would have already happened, and yet here we are at 6.25 btc per block, and record high hashrate.When new bitcoin becomes a negligible part of the miners'revenue and they depend only on transaction fees, their revenue seems destined to collapse and so I agree that this will lead to a big reduction in hash power and thus electricity usage.
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