Message from @Jacob
Discord ID: 392838309401067533
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
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
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
Why?
It just plummeting 3,000 in an hour
oh no nigga
And the exchange is crashing