Economy "For the first time in history you have an asset more scarce than gold"

[Eric Silva 2.0]

I'm not a climate guy. I think all of that is way overblown. I am an Energy and Economics guy. I work with most of the U.S. Nuclear Plants and at very high levels of the U.S. DOE and have for close to two decades. Do you seriously want to argue that 127 TWh of energy a year isn't absolutely insane and doesn't drive up inflation for everyone? I hate just being a rock thrower. I almost always come with a solution if I am critical of something, but I don't have one yet. I am going to have to work with my staff, who are solving another amazing problem and nearly completed it, before I lobby for us to consider a replacement for Block Chain which is pure energy insanity. I think Block Chain is clever, but highly impractical in an energy challenged world. Al Gore, Jr. can eat a dick... well that goof would probably like it, but that's not my business.

Either share an argument of why that energy demand is worth it, or you're the one without an argument.

"I am an Energy and Economics guy."
How much energy do banks and credit card consume? I am not an energy guy but you throwing out an number (estimate?) doesn't tell me a story. Is it a big number? Yes. Does bitcoin use a lot of energy? Yes. Is it worth it? I believe so. I think the current system is slowly breaking down and I don't see serious solutions being talked about. The U.S. Dollar and other currencies need to be replaced and bitcoin is a better standard than the U.S. Dollar.

"Do you seriously want to argue that 127TWh of energy a year isn't absolutely insane and doesn't drive up inflation for everyone?"

I've adressed the first part of the question and don't necessarily agree with the second part. I think BItcoin will drive the demand for more energy and innovation and new ideas as well (i.e. solar, wind, etc.....).

Bitcoin is worth more than Berkshire Hathaway, Facebook (Meta) and Tesla. Ethereum is worth more than Coca-Cola, Bank of America and Disney. I know people on here just say bubble, bubble or lol, lmao....stuff like that. Is it possible that Bitcoin, Ethereum and others are filling a need in this world? I think so.

 

[Wrath of Foamy]

Thought it was going to be about fathers for a sec...

 

[Whippy McGee]

"I am an Energy and Economics guy."
How much energy do banks and credit card consume? I am not an energy guy but you throwing out an number (estimate?) doesn't tell me a story. Is it a big number? Yes. Does bitcoin use a lot of energy? Yes. Is it worth it? I believe so. I think the current system is slowly breaking down and I don't see serious solutions being talked about. The U.S. Dollar and other currencies need to be replaced and bitcoin is a better standard than the U.S. Dollar.

"Do you seriously want to argue that 127TWh of energy a year isn't absolutely insane and doesn't drive up inflation for everyone?"

I've adressed the first part of the question and don't necessarily agree with the second part. I think BItcoin will drive the demand for more energy and innovation and new ideas as well (i.e. solar, wind, etc.....).

Bitcoin is worth more than Berkshire Hathaway, Facebook (Meta) and Tesla. Ethereum is worth more than Coca-Cola, Bank of America and Disney. I know people on here just say bubble, bubble or lol, lmao....stuff like that. Is it possible that Bitcoin, Ethereum and others are filling a need in this world? I think so.

Having any currency use 127 TWh is obscene. Hopefully proof of reserves and proof of stake, along with future innovations will change this fact. If they don't, it will fail in time. Those giant server farms will be shut down in favor of humans' needs for manufacturing, travel, technology, and far more important items that compete for that energy.

 

[Long Dark Blues]

It's good to hear. I'll check them out. I have the ear of two members of Congress that head the procurement and funding of the DOE projects and a bunch of very high level DOE feds bureaucrats. If this looks promising, I have no problem being an advocate. Do you have any recommended reads on those topics? Thanks.

This has a bunch, but I don't believe all, of the various consensus mechanisms in use now or at one time and a short description of each:

https://www.sciencedirect.com/science/article/abs/pii/S0065245820300668

The full text is behind a pay wall, however.

 

[Whippy McGee]

This has a bunch, but I don't believe all, of the various consensus mechanisms in use now or at one time and a short description of each:

https://www.sciencedirect.com/science/article/abs/pii/S0065245820300668

I did some reading on Proof of Stake and it's a much better path for sure. There is some risk, but perhaps the guys/gals smarter than us can reduce it way down. It would be interesting to see the benchmark differences between mining and stake processes in regards to energy usage.

I'm stuck right now on Idaho National Lab's Conference (online 3rd day) on improving nuclear plant operations. Some of the topics like Control Rooms let's me wander on the net for a bit.

 

[Jack V Savage]

Not everyone who is involved in Bitcoin is being duped. Some of them, particularly the ultra-wealthy, are in it to dupe other people.

El Salvador, unfortunately, has been duped.

 

[Andy Capp]

"I am an Energy and Economics guy."
How much energy do banks and credit card consume? I am not an energy guy but you throwing out an number (estimate?) doesn't tell me a story. Is it a big number? Yes. Does bitcoin use a lot of energy? Yes. Is it worth it? I believe so. I think the current system is slowly breaking down and I don't see serious solutions being talked about. The U.S. Dollar and other currencies need to be replaced and bitcoin is a better standard than the U.S. Dollar.

"Do you seriously want to argue that 127TWh of energy a year isn't absolutely insane and doesn't drive up inflation for everyone?"

I've adressed the first part of the question and don't necessarily agree with the second part. I think BItcoin will drive the demand for more energy and innovation and new ideas as well (i.e. solar, wind, etc.....).

Bitcoin is worth more than Berkshire Hathaway, Facebook (Meta) and Tesla. Ethereum is worth more than Coca-Cola, Bank of America and Disney. I know people on here just say bubble, bubble or lol, lmao....stuff like that. Is it possible that Bitcoin, Ethereum and others are filling a need in this world? I think so.

You're not going to convince me "it's a better asset" when it has none of the systemic protections, e.g. FDIC, Securities and Exchange Commission, of traditional financial vehicles. I cannot understand the desire to abandon these mechanisms unless the point is to take advantage of the ignorance of others who are doing the same.

 

[ringking1982]

Bitcoin which has an inflation rate of 1.69% right now, will be halving in April. After the halving, the inflation rate will drop to .84%. The predictablility of the inflation rate is a big plus to people all over the world who are trying to protect themselves from inflation. Gold and silver are another great way as well but bitcoin has advantages. It's a better medium of exchange than gold since it is more portable. U.S. inflation was calculated at 8% last year and this year will probably drop to about 3% here in the U.S.. That doesn't sound too bad but the devil is in the details. I calculated inflation to be 8.8% last year which isn't much of a difference but this year I have estimated it to be 9.5%. In 2020, the stated inflation rate was 1.23% but I calculated it to be 18.6%. I guess it's good to own gold, silver and bitcoin. It's important to have money with defined inflation rates. History has shown what has happened with fiat currency (paper 'money'). It never ends well. For the record, bitcoin is behaving like a store of value or reserve asset. It hasn't shifted into the 'medium of exchange' phase yet. It's interesting how Milton Friedman predicted internet money (Bitcoin) in 1999.

Edit:
Added Video


"Inflation is always and everywhere a monetary phenomenon." Milton Friedman

U.S. inflation rates

U.S. Inflation Rate 1960-2024

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

www.macrotrends.net

For problems with inflation calculations a website like Shadowstats might be a good start. I have my own method of calculating inflation.

Then ask the talking head if he'd rather have a barrel of bullion gold or some bitcoin. He will tell you gold.

 

[Eric Silva 2.0]

You're not going to convince me "it's a better asset" when it has none of the systemic protections, e.g. FDIC, Securities and Exchange Commission, of traditional financial vehicles. I cannot understand the desire to abandon these mechanisms unless the point is to take advantage of the ignorance of others who are doing the same.

I'm not trying to convince you of anything. I am trying to raise awareness of the inflation problem in the U.S. and the worldwide currency system. I think Bitcoin is a possible part of the solution. It's a new asset/form of money. I think gold and silver are a better form of money than fiat currency. I see Bitcoin as a possible store of value that right now is in it's speculative phase. The U.S. Dollar isn't a store of value so it doesn't even qualify as money (only currency). I think we are pretty early on in the big change that is going on in the world.

 

[Eric Silva 2.0]

El Salvador, unfortunately, has been duped.

Yes, they have been "duped" into making money. I've been "duped" for about 7 years now. You won't see me complaining.