0 sats \ 24 replies \ @momboteq OP 21 Aug 2023 \ parent \ on: Which sub should I choose? meta
I am not talking about tokens but cryptocurrencies that have their own blockchain and a fixed amount of cryptocurrencies. E.g. Nano. It is quite an interesting project but not valuable. It has its own unique blockchain and has a fixed amount of cryptocurrencies in circulation. It is also fully distributed and is not centralized
As for the value, I mean such to fiat. If I buy BTC for $100 in a bull market, I can have much less in a bull market. BTC is not cash that is widely available, so if I want to buy something with it I will have to exchange it for fiat, which means I will lose. Of course, if I hold it, it won't "physically" lose value because there is no inflation on the BTC market, nor do they take cryptocurrencies from our wallets.
There are 10,000+ of these tokens so I'm not an expert on the one you mention but a quick glance suggests that the development is centralized around a foundation. Doesn't that mean a hard fork is possible that could change fundamental consensus rules like the maximum supply? E.g. like the completely centralized Ethereum that has frequently changed its monetary policy. Also if there's no proof of work then there's nothing of value backing the token.
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You're talking about tokens and I'm talking about cryptocurrencies NOT TOKENS.
PoW is not environmentally friendly, which is why it is being abandoned in favor of something greener. E.g. Nano has PoW, but it is so undemanding that it can send thousands of transactions using the power that 1 Bitcoin transaction needs.
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Of course, I am talking about PoW such as in Bitcoin. There are cryptocurrencies that have a lighter and less energy-intensive PoW.
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Okay, I also understand your opinion. I, however, prefer something less energy-intensive because currently most of the world's energy is from burning coal, which is not environmentally friendly. Currently our planet is already destroyed by the development of technology. Just so you know, I'm not some eco freak or something😅.
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last time I checked, bitcoin used 0.5% of total global energy output and 60% of it comes from renewable sources, a lot higher than other industries. imo, bitcoin's PoW is the least of our problems if not even part of the solution
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The source of energy depends on the people who mine Bitcoin.
Of course, this does not change the fact that there are other cryptos that use PoW and consume much less energy.
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