Crypto-Community Grows Skeptical of Bitcoin Forks

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Bitcoin mining reportedly accounts for more energy consumption than many of the world's nations. The environmental effect of this activity bitcoin fork forum be bitcoin fork forum. Bitcoin might feel a bit like gold lately, but its rise has not made it very green.

In November, a report was published that indicated that activity related to the cryptocurrency exceeded the energy consumption of countries around the world. However, it may be reductive to look at the energy consumption of bitcoin mining purely at the surface level.

The real issue is the fact that a large proportion of the electricity used is generated via fossil fuels. But even if the cryptocurrency were to be mined using renewable energy, would the problem be solved? Nadine Damblon is the co-founder of a startup called HydroMiner that specializes in bitcoin mining using hydro power stations. According to her, the energy situation is a little less dramatic than it might seem. She argues that as cryptocurrency evolves, more efficient hardware will be introduced that requires less energy.

This bitcoin fork forum — that as hardware improves, cryptocurrency mining will use less electricity — is a pervasive one. He says this is because mining has become increasingly reliant on specialized equipment. It seems unlikely that serious miners would cut down on their efforts simply because they can use less electricity in the process.

This means that even as hardware gets more efficient, there will be no drop in consumption — and that could bitcoin fork forum that this problem will only get worse. Even if we were able to swap the whole Bitcoin network onto renewable energy, de Vries still sees there being a problem. Proof of work is the system that Bitcoin uses to verify transactions, one of the core tenets of its operation.

Proof of stake gives more mining power to those who own more of a cryptocurrency. De Vries says that bitcoin could be By forking the cryptocurrencythese changes could be implemented without affecting its overall stability. It certainly seems that something needs to change if cryptocurrency is to be sustainable in the long-term.

That said, it remains to be seen whether action will be taken before usage swells furtherand its energy bitcoin fork forum grows even greater. Several members of the Futurism team, including the bitcoin fork forum of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

Brad JonesWriter for Futurism. This article is published in collaboration with Futurism. The views expressed in this article are those of the author alone and not the World Economic Forum.

We are using cookies to give bitcoin fork forum the best experience on our site. By continuing to use our site, you are agreeing to bitcoin fork forum use of cookies. Our environment Something needs to change if cryptocurrency is bitcoin fork forum be sustainable in the long-term. Brad Jones Writer for Futurism. Here are five tips to make your message clear in a crowded world Serena Scarpello 07 May Here are 5 rules every responsible bitcoin fork forum leader should follow Srikar Reddy and Vijay Raju 07 Bitcoin fork forum How can we build happier cities?

Vafa Valapour 07 May More on the agenda. Accelerating climate action Our Impact. Explore the latest strategic trends, research and analysis.

Are these the innovations that will save us from climate change? Six ways to spot a cyber security risk before it explodes How data can heal bitcoin fork forum oceans. Written by Brad JonesWriter for Futurism. How secure is blockchain? Blockchain can solve some of the world's most pressing challenges. Blockchain is facing a backlash. Jem Bendell 12 Apr

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In transactions fees were basically zero. Until they were just a few cents. Only when the network started to get congested last year, fees of a dollar or more became the norm. Segwit2X was the compromise to give create an extra year of time to come up with solutions to scale. People like Dave Harding seem to think only very expensive transactions can provide the pressure for these solutions to mature. He forgets that Bitcoin isn't the only game in town. There are plenty with more capacity than Bitcoin.

The market share of Bitcoin has already dropped by one third this year, and users will continue to vote with their wallet and their feet. I just paid a GBP 9 transaction fee - it took a while before I realised this was not a mistake. The fact that there are alternative already existing or potential crypto currencies which may be less expensive to use, amongst other advantages, is the reason why I think BTC is not going to keep going up in value. People buy gold in Hill Samuel because they think it looks pretty, without any expectation of making money out of it.

That's what give it its value. What is the intrinsic value of Bitcoin? One might think that if you invent some cryptocurrency and you want it actually used for payments by lots of people, you would also design it sufficiently scalable. But of course scalability does not matter if the entire thing is just an elaborate Ponzi scheme The arrival of significant transaction fees may be a sign that the scheme has now entered its "cashing out" phase, with the transaction fees being the source of real money that the original scammers need to milk before everyone else notices that Bitcoin per se is actually worthless.

A colleague of mine was trying very hard to persuade me that SegWit2x would be an opportunity to make a killing because it was essentially free money. This was clearly an idea that had wide, ahem, currency. Any intrinsic merit or failure of Bitcoin seems almost irrelevant in that light: I just missed my edit window, but wanted to add this depressing survey.

When I first learned about bitcoin back in , I was suspicious due to it essentially being free money. Not really got anything to add except how much I'm kicking myself for not taking advantage of the free money at the time.

Hindsight investing is a truly wonderful thing. However there's nothing to say it couldn't have shat itself at that point for any number of reasons and gone to near zero.

That is the nature of a Ponzi - you simply do not know when the game is up until after it happens and you start lamenting "I should have read the signs, they were there for all to see". The price that it indeed has any value suggests some people still think the fork will happen and are taking a punt on it. There are indeed better ponzicurrencies out there with lower fees and better, scale-able design that doesn't involve warehouses of Vega 56s.

They're just putting off the inevitable. Bitcoins become more scarce with time, so mining gets less and less rewarding. When the last Bitcoin is mined, somewhen around [1], the only reward for miners will come from transaction fees alone. With the enormous growth in miners seen in the last 5 years, an awful lot of people are going to want paying, or find that mining is not rewarding enough to do.

The bankers that started this fraud will make the money disappear soon and surely won't wait until Putting off the inevitable does make some sense, though.

SegWit was added last August, and it will take time for people to switch to using it, and more time to build layers like the Lightening Network on top of it. Until that's happened, it's hard to tell what the blocksize needs to be. Those who are saying Bitcoin isn't a currency or worthless must read up in to how their own country's currency operates. It's a "Fiat" currency, and no it's not backed by the car manufacturer.

Bitcoin isn't a currency. It is not "generally accepted" for a start. It is also wildly volatile which is an undesirable trait. There's also zero privacy vs cash - all transactions are known.

Not sure how desirable that is to the common man. To me bitcoin is like an impossible to forge food stamp, albeit less widely accepted. Not a member of The Register?

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House rules Send corrections. Add to 'My topics'. The energy cost of modifying the bitcoin blockchain is in itself a not unrelated concern. The Bitcoin fraud keeps going Bit coin is not a currency anymore It is an asset,like gold, to be traded.

If you stop looking at it as a currency then it starts to make a lot more sense. Bitcoin per se is actually worthless A colleague of mine was trying very hard to persuade me that SegWit2x would be an opportunity to make a killing because it was essentially free money. Bitcoin per se is actually worthless I just missed my edit window, but wanted to add this depressing survey. Bitcoin per se is actually worthless When I first learned about bitcoin back in , I was suspicious due to it essentially being free money.

Bitcoin per se is actually worthless Hindsight investing is a truly wonderful thing. Just remember the saying "the market can stay wrong longer than you can stay solvent". Transaction fees must rise, anyway They're just putting off the inevitable.

Transaction fees must rise, anyway The bankers that started this fraud will make the money disappear soon and surely won't wait until Transaction fees must rise, anyway Putting off the inevitable does make some sense, though.

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