The Bitcoin Thread (price and other bitcoin related topics)
#19
(06-27-2019, 05:17 PM)JayRothschild Wrote:
(06-27-2019, 04:35 PM)JayJuanGee Wrote: [edited out]

Blah, of course you don't understand my points.

Are they worth understanding?

(06-27-2019, 05:17 PM)JayRothschild Wrote: You're technologically illiterate.

Huh? Very presumptuous of you. I am participating in a thread to share knowledge on a topic. What is the purpose of comparing areas of supposed expertise? Such as technical literacy? There are a lot of ways to understand bitcoin and to share information on the topic, and if some guys have more "expertise" than others in certain areas, then hopefully we can share what we know in order to become better informed rather than some kind of dick measuring contest concerning who has more of what.. such as your implication that you supposedly know more than me in one area (technologically.. blah blah blah.. who cares?)

(06-27-2019, 05:17 PM)JayRothschild Wrote: Which is why you don't understand bit coin. 

You are the one who does not seem to understand it. I got that from your post.


(06-27-2019, 05:17 PM)JayRothschild Wrote: Energy is the limiting factor associated with any new technology. If you push energy in one way or another, you usually have to control the push in that direction and that takes energy.

You come off as distracted. Sure energy is a component, but bitcoin is decentralized and based on incentives, so miners choose how much to mine based on incentives and their choices about how much to mine will contribute towards their energy consumption levels. They choose to mine or not to mine. No one is forcing them.

(06-27-2019, 05:17 PM)JayRothschild Wrote: To keep a system clean or to prevent decay or to repair the damage done by constant variations, etc etc takes energy. The result is the same, energy is the limiting factor... If we go to the next level, something like Dyson sphere level of energy control, the capabilities within reach are beyond most people's imaginations. 

You appear to be off topic, again... or at least going into a kind of tangent that might only be relevant from a kind of minute perspective, perhaps? Giving you the benefit of the doubt again.

(06-27-2019, 05:17 PM)JayRothschild Wrote: Unlocking a bitcoin requires an intense amount of computational power. Where its value is derived by solving a programmable puzzle. Getting through this puzzle requires computer brainpower.

I think that it only requires two computers, but with the passage of time the network has grown to beyond minimum requirements. The more value in the system, the more justification to have more value spent to secure it. Of course, in bitcoin a vast majority is decentralized, but also based on incentives. For example, you are not going to want to store value on bitcoin if you perceive it not to be secure enough for the amount of value you decide to put into it.

(06-27-2019, 05:17 PM)JayRothschild Wrote: Electricity is 90% of the cost to mine bitcoin. As such, bitcoin mining uses an exorbitant amount of power: somewhere between an estimated 30 terrawatt hours alone in 2017 alone. That’s as much electricity as it takes to power the entire nation of Ireland in one year.

Who gives any shits? Again it is decentralized and no one is being forced to mine bitcoin, but surely they are likely incentivized to search for the cheapest energy sources and to use that.. so there seem to be decent incentives in a kind of open market search for improving efficiencies in the search for less cost energy sources.

(06-27-2019, 05:17 PM)JayRothschild Wrote: Bit coin has no future as a currency
First of all, you don't even know how to spell bitcoin, and second, bitcoin is not just a "currency" and third, you are likely to be wrong about the prospects of bitcoin. You can invest in it if you want, or you can remain a no coiner.

From your comments, I gather you are a no coiner? Have you ever owned any bitcoin? Are you getting paid for your nonsense spreading?

(06-27-2019, 05:17 PM)JayRothschild Wrote: and you're not a creditable source of information at all. What schooling do you have?

~ Stanford University BS/MS

Who cares about my level of schooling? You seem distracted. Also, for being so, supposedly, smart, you make a lot of dumb, lame, distracting and irrelevant arguments. You doing it on purpose? Seems so.
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