this post was submitted on 14 Sep 2023
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All those GWh wasted on “mining” only got us closer to the edge.
Which is why a lot of cryptocurrencies adopted proof of stake in favor of proof of work.
which is literally a rich get richer scheme on steroids...
It's trickle up economics
Vacuum cleaner economics
Just like the cycle of water ! if it never rained
Too little too late.
They were using more power than the entirety of Switzerland, just so a handful of people could get rich.
Not like the millions or billions of man hours wasted to make 50-ish removed into defacto-gods.
Don't forget its not just man-hours, but man-lives too
Potentially our future as well considering the carbon and ecological footprint of crypto, both in terms of energy spent mining, and production of single-purpose hardware that can't really do anything else, rival some medium sized developed countries.
The GPU mining got me a free GPU and several hundred dollars, for the cost of about 10 cents per KWh. I'd take that "scam" any day of the week, and so I mined until it was over for GPU mining. No regerts.
And that money came from someone. You can’t win in crypto unless someone else loses. Typically it’s vulnerable people wishing for a get rich quick hack who lose.
You probably don't really know how much of it works. I was paid by a mining pool, for completing blockchain work segments. The mining pool being a for-profit enterprise that pays GPU workers to mine coins that they keep or sell for profit. If you want to extrapolate that to the extent that you imagine I'm harvesting someone else's wealth, then you're going to have to warm up for an intense workout of mental gymnastics.
No, you were given a piece of a worthless token by the mining pool. If you ever want to get anything with that worthless token somebody else has to lose money. That somebody makes the bet that another somebody will be an idiot and lose more money so he can get his back.
I bought gold with the crypto haha. Mined me up some gold with a computer.
I'm hoping the gold appreciates in value over time, but I also just wanted to see if I could directly get gold with the crypto and I could.