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(NPR)   Bitcoin versus the Volcano   (npr.org) divider line
    More: Interesting, El Salvador, Renewable energy, Bitcoin mining, Twitter, Capacity factor, Currency, president of El Salvador, geothermal energy utility  
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845 clicks; posted to STEM » on 11 Jun 2021 at 4:11 PM (12 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



18 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-06-11 4:29:05 PM  
Life has become a joke.
 
2021-06-11 4:31:35 PM  
Volcano crypto miners experience explosion, only to be burned by the market. And lava.
 
2021-06-11 4:31:49 PM  
El Salvador Plans To Use Electricity Generated From Volcanoes To Mine Bitcoin, because in El Salvador there is simply no better use to put the electricity to really. No one needs it and we just can't figure that it's really useful for much of anything else.
 
2021-06-11 4:48:32 PM  
So this guy is, like, the Trump of Central America, right? That's about where we are here? And this is his "nuke the hurricane" moment?
 
2021-06-11 5:08:29 PM  

PvtStash: El Salvador Plans To Use Electricity Generated From Volcanoes To Mine Bitcoin, because in El Salvador there is simply no better use to put the electricity to really. No one needs it and we just can't figure that it's really useful for much of anything else.


If you can think of a better use for volcano electricity than to get in a computational pissing match with a bunch of Chinese coal miners to be the first to crack the passwords on a bunch of pretend Internet dollars, I would like to hear it.

Yeah, I didn't think so.
 
2021-06-11 5:36:29 PM  
But boosters of the cryptocurrency, such as Twitter CEO Jack Dorsey, say Bitcoin mining could lead to more renewable energy projects, such as the one being announced in El Salvador.

But if you suck it up immediately on a glorified Prime95, such as the one being announced in El Salvador, then the renewable projects aren't a benefit.
 
2021-06-11 6:29:31 PM  
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2021-06-11 6:34:51 PM  
So it's actually El Salvador's fault I can't get a 3070 for anything less than my first two children's souls?
 
2021-06-11 6:39:58 PM  

padraig: Life has become a joke.


Fark user imageView Full Size
 
2021-06-11 7:12:41 PM  
I think a lot of people here are skeptical, but those skeptics probably didn't make any money from the Bitcoin boom. So how valid is that skepticism?

/very valid
//it exposes the state to a huge risk if the price collapses
///if a state sponsored theft occurs, which North Korea is dedicating itself to, it then sets up a security and sovereignty issue too
 
2021-06-11 7:42:33 PM  

nigeman: I think a lot of people here are skeptical, but those skeptics probably didn't make any money from the Bitcoin boom. So how valid is that skepticism?

/very valid
//it exposes the state to a huge risk if the price collapses
///if a state sponsored theft occurs, which North Korea is dedicating itself to, it then sets up a security and sovereignty issue too


Well then, El Salvador will be in a war with North Korea.
 
2021-06-11 8:23:41 PM  
War is not the option, so ceded
Sovereignty becomes the issue, unless they can convince a stronger power to sanction them. So other countries may or may not want to get pulled into it, and if they do it would be likely self serving, as they intended to crack down on crypto anyway.
 
2021-06-12 3:24:50 AM  
El Salvador has a lot of experience with highly unstable currencies. Like a lot

Which is why they currently use the US Dollar as their official currency. Bitcoin is simply the second official currency. I suspect that they are hedging in case the US Dollar becomes inflationary. Getting a long term asset like a geothermal plant is a nice bonus. If Bitcoin does well then it boosts El Salvador's GDP. If it tanks hey its free electricity.

A country where transactions between Bitcoin and the US Dollar are legal and not reported to the US Government. Interesting
 
2021-06-12 5:48:25 AM  

padraig: Life has become a joke.


It always was, it's just that it takes some time to notice when your species is the punchline.
 
2021-06-12 6:16:24 AM  

uttertosh: So it's actually El Salvador's fault I can't get a 3070 for anything less than my first two children's souls?


Proof of Stake is coming and will ease your gaming adiction withdrawls
 
2021-06-12 6:17:57 AM  

ExYank: El Salvador has a lot of experience with highly unstable currencies. Like a lot

Which is why they currently use the US Dollar as their official currency. Bitcoin is simply the second official currency. I suspect that they are hedging in case the US Dollar becomes inflationary. Getting a long term asset like a geothermal plant is a nice bonus. If Bitcoin does well then it boosts El Salvador's GDP. If it tanks hey its free electricity.

A country where transactions between Bitcoin and the US Dollar are legal and not reported to the US Government. Interesting


Plenty of USD around with the Fed pumping them out like popcorn.
 
2021-06-12 6:19:26 AM  

padraig: Life has become a joke.


The joke is ignoring progress and the future at your own peril
 
2021-06-12 7:04:42 PM  

Linux_Yes: uttertosh: So it's actually El Salvador's fault I can't get a 3070 for anything less than my first two children's souls?

Proof of Stake is coming and will ease your gaming adiction withdrawls


I'll see calling for all remaining cryptocurrency miners and apologists to be punched in the dick.
 
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