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nfts are powered with ether, which is bitcoin hth
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Mar 15, 2021 15:46
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Pyrus Malus posted:do NFTs actually use significantly more energy than bitcoin? or are people just late jumping onto the "holy poo poo crypto uses a lot of electricity" thing? It's more that at least bitcoin is ostensibly useful for something to justify it's environmental cost Which it absolutely doesn't, obviously, but this is just an order of magnitude dumber
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Mar 15, 2021 15:49
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Pyrus Malus posted:do NFTs actually use significantly more energy than bitcoin? or are people just late jumping onto the "holy poo poo crypto uses a lot of electricity" thing? The Ethereum blockchain uses an enormous amount of energy but only about 1/3 of Bitcoin because it has fewer miners. Both are insanely wasteful.
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Mar 15, 2021 17:02
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Fame Douglas posted:The Ethereum blockchain uses an enormous amount of energy but only about 1/3 of Bitcoin because it has fewer miners. Both are insanely wasteful. theyre definitionally wasteful if they use any energy (they do) while serving no purpose (also true)
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Mar 15, 2021 17:26
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if a bitcoin is worth $50,000 how much resources does it use to produce 1 buttcoin compared to 50,000 american one dollar bills? checkmate libs
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Mar 15, 2021 17:34
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doesn't it also take an absurd amount of energy to process any given bitcoin transaction
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Mar 15, 2021 17:44
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The Nastier Nate posted:if a bitcoin is worth $50,000 how much resources does it use to produce 1 buttcoin compared to 50,000 american one dollar bills? Loads more.
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Mar 15, 2021 17:55
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V. Illych L. posted:doesn't it also take an absurd amount of energy to process any given bitcoin transaction it takes the same energy independent of transactions, the entire setup for logging bitcoin transactions is: a mining computer basically prints lotto tickets until it gets a winning one. when it gets a "win", the miner gets the transaction fees for a batch of transactions (that the miner itself decided upon) plus the "reward" which is the new bitcoin being put into circulation. the more energy you spend, the faster you can mine a winning ticket. a winning miner is sort of incentivized to include transactions, but it's not necessary, you could just mine empty blocks forever
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Mar 15, 2021 17:55
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V. Illych L. posted:doesn't it also take an absurd amount of energy to process any given bitcoin transaction Sort of. Like Plank Walker said, they're kinda disconnected technically, but I don't think it's entirely wrong to talk about how much power a transaction takes either. For example, the entire global network can only process an average of 2-3 transactions per second, and the global network is using eleventy billion megawatts all day every day to try to generate those lotto tickets. I'd say it's not entirely unfair to claim that a transaction "takes" eleventy billion megawatt-seconds, since processing transactions is the thing the network is ultimately trying to do. Shame Boy has issued a correction as of 20:18 on Mar 15, 2021 |
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Mar 15, 2021 20:15
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Yes. But transactions aren't processed every second, they're processed every ~10 minutes with new blocks, the "x transactions per second" thing is misleading people.
Fame Douglas has issued a correction as of 20:55 on Mar 15, 2021 |
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Mar 15, 2021 20:53
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Fame Douglas posted:Yes. But transactions aren't processed every second, they're processed every ~10 minutes with new blocks, the "x transactions per second" thing is misleading people. i think there's also a data limit as to how many transactions you can stuff into a new block. it works like: you look at the pool of transactions waiting to be processed and pick as many as you can stuff into a block (you would probably optimize for the ones with the highest transaction fee, but you can pick them totally arbitrarily as well) there exists some magic number that you have to add to these transactions to make it a valid transaction, but the only way to find this number is to brute force it. "mining" is the process of trying magic numbers until you find the winning one. the system is built in such a way that it takes on average 10 minutes for any of the hundreds, thousands, or millions of miners in the world to find a magic number, i.e. if it there was only a single miner and it took 1 minute to make a guess, the number would basically be a random number between 1 and 20 99.999% of the energy is spent trying to guess and check these magic numbers, the actual processing of the transactions is trivial, you transmit your transactions and your magic number and you get the fees and all of the above transactions are added to the global ledger
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Mar 15, 2021 21:05
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Fame Douglas posted:Yes. But transactions aren't processed every second, they're processed every ~10 minutes with new blocks, the "x transactions per second" thing is misleading people. Hence why I said "on average" a bunch, but yes if you wanna be more accurate it's actually using eleventy billion megawatt-ten-minuteses-times-average-transaction-size-divided-by-block-size Plank Walker posted:i think there's also a data limit as to how many transactions you can stuff into a new block. Yeah there's a data limit on how much data you can stuff into a block. It's effectively a limit on transactions, since transactions have a minimum possible size. In practice, transactions are much bigger than that minimum, so you get even less throughput.
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Mar 15, 2021 21:10
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There's also the added possibility of your transaction landing in an orphaned chain (which happens when two miners happen to guess the correct number at the same time, the chain that ends up being longer due to the next block being found faster wins). So you can't rely on a transaction going through just because it was included in a single block. And with smaller coins like Bitcoin Gold, this was used to scam exchanges. Everything about Bitcorn is stupid.
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Mar 16, 2021 01:25
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So wait, do the transactions get more expensive over time too then as a result of the bitcoins having the work required to mine scaling over time?
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Mar 16, 2021 01:41
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Forseti posted:So wait, do the transactions get more expensive over time too then as a result of the bitcoins having the work required to mine scaling over time? Yes, deflationary pressure is built in.
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Mar 16, 2021 01:54
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Gonna sell a NFT and then change the file the URL points to to goatse.
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Mar 16, 2021 03:06
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why not just sell the goatman
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Mar 16, 2021 03:11
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Forseti posted:So wait, do the transactions get more expensive over time too then as a result of the bitcoins having the work required to mine scaling over time? You can choose what transaction fee to pay, so you can pay what you want! If you don't pick the right number, your transaction will sit around for days until some miner's algorithm takes pity on you, or until the system just gives up and drops the transaction. As a result of the glorious invisible hand of the free market this builds in to the system, transaction fees are up to like fifty bucks or something now.
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Mar 16, 2021 04:53
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Plank Walker posted:i think there's also a data limit as to how many transactions you can stuff into a new block. there is however, no minimum. so those 10 minutes of mining can be used on exactly 0 waiting transactions, plus the 1 transaction of where to send the reward btc for mining the block.
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Mar 16, 2021 05:47
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the logical end state of bitcoin is going to be like those big rocks in the pacific which are too big to move, but people still count as money through memory of ownership
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Mar 16, 2021 08:36
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https://twitter.com/adamferrier/status/1371600540640059398 Vegemite has cured racism
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Mar 16, 2021 08:39
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coinbase is basically that, yes. buy coins and trade them on their postgres instances. basically cornered the market on peeps who can do kyc and follow aml
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Mar 16, 2021 08:41
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Megillah Gorilla posted:Don't feel bad. I mean they make a lot of sense to me as a money laundering vehicle, which both explains why they are happening and why people are paying a lot of money for them. The surprise then is that the state is allowing any of this poo poo to be legal, which also makes sense when you realize that a lot of lawmakers either are too old to understand what the gently caress when it comes to anything computer related or have an interest in money laundering, either for themselves or their backers. Especially the kind that is difficult for the general public to understand.
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Mar 16, 2021 08:59
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Orange Devil posted:I mean they make a lot of sense to me as a money laundering vehicle, which both explains why they are happening and why people are paying a lot of money for them. The surprise then is that the state is allowing any of this poo poo to be legal, which also makes sense when you realize that a lot of lawmakers either are too old to understand what the gently caress when it comes to anything computer related or have an interest in money laundering, either for themselves or their backers. Especially the kind that is difficult for the general public to understand. lmao @ the lawmakers being so old that their dementia addled brains are incapable of forming new memories. many such cases.
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Mar 16, 2021 09:18
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NFTs increase demand for Ethereum, driving up its value, and for transactions, driving up transaction rewards. Both of this things encourage more mining. It is absolutely fair to say that trading NFTs uses a lot of energy.
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Mar 16, 2021 12:51
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Orange Devil posted:I mean they make a lot of sense to me as a money laundering vehicle, which both explains why they are happening and why people are paying a lot of money for them. The surprise then is that the state is allowing any of this poo poo to be legal, which also makes sense when you realize that a lot of lawmakers either are too old to understand what the gently caress when it comes to anything computer related or have an interest in money laundering, either for themselves or their backers. Especially the kind that is difficult for the general public to understand. That's not entirely fair to the lawmakers. Some of them are both to old and stupid to understand AND have an interest in money laundering. Also some of the younger ones have legitimate brain worms and think that less regulation is always better.
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Mar 16, 2021 13:57
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Why are they always talking about plans to steer asteroids away from hitting us? Has anyone considered that maybe we should shoot some nukes at the one that's supposed to near miss in 2028 or whatever to correct its course for a direct hit?
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Mar 16, 2021 15:52
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No no no you gotta break it up into a shotgun blast aimed directly at Earth
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Mar 16, 2021 16:21
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Colonel Cancer posted:No no no you gotta break it up into a shotgun blast aimed directly at Earth thats about all nuking an asteroid on a collision course would accomplish Capital demands instead that mineral rich asteroids turn Africa into a crater and get mined at minimal expense. maybe after fomenting conflict among the survivors over mining rights.
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Mar 16, 2021 16:25
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kaschei posted:thats about all nuking an asteroid on a collision course would accomplish Well yeah, that's why you shoot it now so you can do it with the tiny push of the shock wave of a nearby detonation
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Mar 16, 2021 16:28
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Forseti posted:Why are they always talking about plans to steer asteroids away from hitting us? Has anyone considered that maybe we should shoot some nukes at the one that's supposed to near miss in 2028 or whatever to correct its course for a direct hit? i'm a manifestation of earth's consciousness and i support this message
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Mar 16, 2021 16:30
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Forseti posted:Why are they always talking about plans to steer asteroids away from hitting us? Has anyone considered that maybe we should shoot some nukes at the one that's supposed to near miss in 2028 or whatever to correct its course for a direct hit? I think we needed to do that before it passed through this one region of space a few years ago. I'm sure another one will be by some time though.
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Mar 16, 2021 16:35
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HAIL eSATA-n posted:i'm a manifestation of earth's consciousness and i support this message  https://www.youtube.com/watch?v=_x2GlgyF8yE could use another billion years of that
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Mar 17, 2021 01:00
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Jel Shaker posted:the logical end state of bitcoin is going to be like those big rocks in the pacific which are too big to move, but people still count as money through memory of ownership
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Mar 17, 2021 06:16
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blasting them into such tiny pieces but at such a volume that they burn up before they hit the ground but the entire atmosphere is mainly silica giving us all instant miners lung, collectively gasping for air until we all suffocate in a painful but deserved end, a month later it all settles on the surface and the insects and edit; poo poo the whales breathe air, they will be necessary collateral damage with all other mammals fanfic insert has issued a correction as of 11:40 on Mar 17, 2021 |
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Mar 17, 2021 11:37
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Inceltown posted:https://twitter.com/adamferrier/status/1371600540640059398
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Mar 17, 2021 20:57
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fanfic insert posted:blasting them into such tiny pieces but at such a volume that they burn up before they hit the ground but the entire atmosphere is mainly silica giving us all instant miners lung, collectively gasping for air until we all suffocate in a painful but deserved end, a month later it all settles on the surface and the insects and no problem, the whales will return to sirius https://www.youtube.com/watch?v=_-XaaTqOICU
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Mar 17, 2021 21:14
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https://twitter.com/mortimer_1/status/1371893202345545730?s=19
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Mar 17, 2021 22:27
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lol reminds me of abandoned shacks and former drug houses in SF selling for $1 million+ 
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Mar 17, 2021 22:33
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Only $1 million?! What a bargain
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Mar 17, 2021 22:40
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