iota or something?

IOTA isn't particularly new to my knowledge

There's probably a lot of shitcoins released every day

https://youtu.be/ivWqqfzunhI

@Jacob thats my concern. it seem like the .com bubble

i think the main cryptos will absorb the smaller ones

cryptos can't "absorb" each other

I heard that Bitcoin currently consumes the power equivalent of the island of Ireland, and in 9 months is projected to rival the United States. Does that worry anyone?

@John O That sounds unsustainable.

@DCViking exactly. The whole idea that the computing power required to complete each transaction rises exponentially is insane. It's something that occurred to me a year or two ago, but I just assumed I didn't really understand how Bitcoin worked. Now that other people are talking about it, I'm more confident that the whole thing is going to become worthless

@Jacob Is that how all crypto works, or just Bitcoin?

I mean, it's theoretically possible for some big brain developer to make that happen, but I don't see what the incentive would be to go through that whole shitshow

I'm trying to visualize how that would even work

Huh?

I'm not talking about absorption

I guess the Bitcoin code could be changed so that more Bitcoin is created, and those new Bitcoin could be split up and redistributed to the holders of the coin being "absorbed", and the one getting absorbed could subsequently be deleted.

oh okay

I'm talking about computing power

It sounds to me like it's either bullshit or overblown

It's not like Bitcoin transactions just hijack power from unsuspecting bystanders, the computers on the network have to supply that power

Large transaction fees are a problem, though, and I think Bitcoin will eventually be replaced by something with less insane fees and faster transaction

Of course not, but when the computing power required to complete one transaction is more expensive than the actual Bitcoin is when it will fail

oh, so I guess what you're asking is basically about transaction fees

ya those are an issue

It should not cost 16 fucking dollars to send money

More just the feasibility of an ever growing demand for power

Exponentially growing

I mean

People use whatever power they can suppy

So these Ireland comparisons are pretty dumb

Remember, here at IE, we care about per capita

But, yes, massive transaction fees are an issue

So I do think Bitcoin wil lose to something else eventually

If power demanded exceeds power supplied, the currency will crumble from lack of reliability

Which is the only thing a fiat currency has

Reliability

Like I said, some better coin will probably come long

In fact, there's probably multiple better ones

But I don't think Bitcoin will just crumble so quickly

I'm just making the case that people need to start thinking about selling Bitcoin. The thing about bubbles is that it's a huge game of hot potato. If you're not holding the potato, you're fine.

Should’ve fucking sold my BTC yesterday