Non-obvious advantages. The useful mining Bitcoin?
Source:The Cost of mining Bitcoin and the amount of electricity consumed often become the main arguments of the opponents of cryptocurrencies. They argue that the maintenance of a modern financial system, taking into account its efficiency is much better than working with Bitcoin. However, analysts Bitcoinist have found evidence to the contrary.
thethe Gold standard
At the time, opponents of gold enjoyed a similar argument, citing the high cost of mining and storing precious metal. However, the American economist Roger garrison found additional losses, which society sacrifices of the circulation of paper money.
the-
the
- the value of the struggle of different political forces for control of emissions; the
- the cost of the activities of relevant groups who use the issue of money for its own benefit; the
- inflation is caused by incorrect allocation of resources due to the abuse of power; the
- expenses of the business of trying to predict the future actions of governments.
The economy is necessary to consider the cost and benefits of the subject transaction during trading operations. In most cases, exchange is possible only when the benefits of the product to the party concerned exceeds its cost.
theback
According to nick Szabo, the high cost of Bitcoin mining «buys» we are the scalability of society that much more important. Dynamic algorithms, Proof-of-work and the involvement of huge amount of resources computers provide protection against theft, fraud, and inflation. Instead, the crypt gives us three advantages:
the-
the
- reduction of the state apparatus; the
- ends the endless cycle of economic UPS and crises; the
- reduction of spending on social security and the military.
image Source — Bitcoinist
So if the next time again will hear arguments on baseless «excessive consumption», think of how many other things can save. The very cryptocurrency cherish the members of our cozy .
Recommended
the long-awaited summer. Niche cryptocurrency supported the event and gave unusually hot week. During the last seven days, we learned about the new line of graphics cards from AMD, the mining in TON and hard forks . In addition dealt with the profita...
Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam
co-Owner Bitcoin.org and most popular forum about cryptocurrency Bitcointalk.org Cobra called Coinbase Scam Pro trading platform American crypto currency exchange Coinbase. In his tweet he wrote «if you read Coinbase Pro backwards, get the word ...
The Ethereum is a cryptocurrency Scam. A new report Chainalysis
When people learned how to create a new cryptocurrency and began to build their infrastructure like marketplaces, in the field began to appear and fraud. According to blockchain auditor Chainalysis for the past two years, fraud in the ecosystem has s...
Related News
VEB and the Grozny mayor's office transferred the housing sector on the blockchain
In February, the first Deputy Chairman of VTB Olga Dergunova positively the prospects of the blockchain. According to her, the technology will improve the speed of transactions and security standards. To move from words to action ...
Hacker 1337. How to hack Etherscan not to cause any harm
Monday on the website Etherscan.io appeared a pop-up message with the numbers 1337. The visitors began to panic and spread rumors about hacking Explorer. really hacked, but the damage from a hacker attack was zero. About it writes...
The analysts very soon Bitcoin will return to the level of 5 thousand dollars
Advisers about investing in cryptocurrency as always in excess. And after significant investors eager to absorb any information. While many experts argue that now is the time to enter cryptoprotection, there is another opinion. Ac...
A new vulnerability in the smart contracts Ethereum allows you to empty people's wallets
the Developer under the name Level K said about the existence of the vulnerability Ethereum, which allows the crooks to produce a huge amount GasToken when receiving ETH. Recall GasToken is a smart contract that allows you to toke...
What to expect from altcoins in the next week? Analyze graphs
How's the market altcoins? Spoiler: very bad. Investors continue to suffer losses, and the coins were falling below key support levels. The only coin that somehow showed itself last week was Stellar. Other cryptocurrencies are loo...
Minus the million: how a hacker was hacking other people's phones and stealing cryptocurrency
Loss of mobile communication always involves discomfort. However, this can sometimes mean that you have been hacked. October 26, a resident of San Francisco Robert Ross noticed that his phone suddenly lost the signal. In disbelief...
Money here: venture capital investments in the blockchain for 2018 increased by 316 percent
the European venture capital firm Outlier Ventures has prepared a new report called Q3 State of Blockchains. It refers to the activity of venture investors at all stages of financing. For example, for the third quarter of 2018 acc...
The whole truth about the fork: Bitcoin better than Cash for Bitcoin?
did you Know that Bitcoin Cash came from the Bitcoin? That's right — the nodes of the Bitcoin Cash was once part of the blockchain the Bitcoin. Bitcoin Cash (BCH) is a fork (fork, fork) of Bitcoin. They are often confused, which i...
Mining giant Giga Watt — bankrupt. The company kicked out of Washington
November 19, one of the largest American mining and blockchain companies filed for bankruptcy. The company argued that she «insolvent and unable to repay the debt». According to court documents, Giga Watt owns assets in ...
First to market: Bakkt explained why bet on Bitcoin
the User Bakkt recognizes the item and suggests a high demand for digital assets among many people. Because of this cryptocurrency was chosen following a trading tool of the site. However, commencement of trading in Bitcoin future...
How exactly Bitcoin will soar to 500 thousand dollars? Forecast Blockstream CEO
on Tuesday morning Bitcoin its annual low amid the hype about the possibility of a quick surrender. The BTCC co-founder and brother of the Creator of Litecoin, Bobby Lee made some stuffing information via Twitter. Probably Recalli...
The dump continues: ICO drained the last reserves of Ethereum
Last year was very fruitful for CryptoStream, because they were able to accumulate a good amount of Ethereum during the fundraiser. Now it's time to get rid of coins to somehow cover the costs of their existence. Some experts are ...
Fiat is better: bitcoin pay 80 percent less than in the beginning of the year
According to analysts Chainanalysis, the use of Bitcoin in commercial activities were seriously affected because of the bear market. Given the steady drop in cryptocurrency, fewer retail outlets and buyers want to use it as means ...
Go to the end: you still believe in Bitcoin for 15 thousand dollars by the end of the year
Despite the recent draining of the stock market, the most famous cryptowall with wall street you still believe in Bitcoin for 15 thousand dollars. And do not ever, but strictly by the end of this year, that is almost 40 days. He s...
Analyze graphs: when Ethereum will regain second place on Coinmarketcap?
the Price of Ethereum once again come to the key support level. Only now he's almost a hundred dollars less than a couple of weeks ago. Abroad $ 120 cryptocurrency is waiting for «abyss» — a drop to $ 90 and beyond. To m...
Continue to fall: Bitcoin moving to the level of $ 3,000
For the arrival of institutional investors in the industry, we need the green light from financial regulators. Unfortunately, the question of approval of the cryptocurrency ETF postponed indefinitely, and the commencement of tradi...
Who owns the five richest Bitcoin wallets?
together the five richest addresses at the time of writing become lies 2.75 billion dollars at the rate of BTC at $ 4600. The amount is 3.5 percent of the total number of coins. Not surprisingly, all 5 wallets belong to exchanges,...
Here or tuzanor? Roubini and Weiss fighting again
November 16, Nouriel Roubini wrote in Twitter that could gloat about падениz Bitcoin for 10 percent. But according to him, this is just where Bitcoin and the place. The collapse of the stock market spurred a long-standing discord ...
Buying at lower levels: the number of buyers on eToro increased after the fall of Bitcoin
the Latest wave plum like as not frightened off most investors. It turns out that the volume of purchases of the cryptocurrency continues to grow with the fall of Bitcoin prices. This is indicated by the representatives of eToro, ...
Bottom punched, Hasrat Ethereum has fallen to its lowest level in last 9 months
Mine is not profitable, so miners with relatively high cost of electricity continue to turn off their farms. The result is visible on the chart changes Hasrat cryptocurrency in November it dropped to the lowest level since Februar...
Comments (0)
This article has no comment, be the first!