Bitcoin....who's gotten into it?

[MultiVerse]

A ponzi isn’t about the flow of money?

It depends a bit on your definition of a Ponzi scheme, and I recognize that it isn’t a deliberate and centrally coordinated fraud…. But in the sense that all returns are more than 100% dependent on new money coming into the system, how is it not a Ponzi?

Agreed, it depends on the definition. If the definition of a Ponzi is any asset that *only* goes up because more investors want to buy it then that definition is too broad. There are lots of speculative investments like that, so that alone doesn't make bitcoin a Ponzi scheme.

[MultiVerse]

I'm not doing it to convince him. I'm adding to the record so people can decide on their own.

Wait, what? Even taking bitcoin industry data at face value still convincingly proves my argument.

Setting aside the fact batcoinz page link for their BEEST model goes to "Page not found," the fact is according to even stalefish's own arguments made here bitcoin uses more fossil fuel both in absolute terms and in relative terms than in the past:

"Based on the data, Bitcoin mining is currently the highest user of sustainable energy (52.6%) across sub-sectors, and has also achieved the highest increase in sustainable energy mix (+38%) during the period charted from Jul 2019 – Jun 2023 compared to other global industries."

Stalefish has also cited Bitcoin Mining council data which a few years ago claimed (lolololol) bitcoin mining sustainable energy mix was 56%. Now stalefish is claiming 53%. Whatever ¯\_(?)_/¯

Even taking the more recent mix at face value, 2019 annualized global bitcoin energy use peaked at 60 terrwatt-hours(TWh). Now, annualized global bitcoin energy use is around 175TWh and climbing, almost triple the amount. So even if the sustainable energy mix is up 38%, fossil fuel use is still waaaay up compared with 2019.

Because according to Stalefish's self-reported industry data fossil fuel use as a percentage went from 65% down to 47%. Meanwhile bitcoin energy use ~3X'ed. That means even if the network is getting cleaner, fossil fuel usage still more than doubled at a percentage increase of 111%.

[stalefish3169]

I'm going to congratulate all of us for maintaining a 647 page half decade long argument. Nice job everyone.

At least some of us are actually making money. I can't imagine being so pathetic to come in here flappin' gums for years without any skin in the game.

[byates1]

Bottling farts ppl. Art is anal. Artisanal.

They all have Etsy accounts w fart bottles for sale.

[J. Barron DeJong]

At least some of us are actually making money. I can't imagine being so pathetic to come in here flappin' gums for years without any skin in the game.

Shit, guess I’ll buy some Bitcoin so I can keep pontificating here.

Do I need to buy a Tesla if I want to keep complaining about Musk too?

[bennymac]

You can’t own it and criticize it or its devout followers in any way. That makes you a “fucking idiot” and a “hypocrite”.

You also can’t not own it and criticize it. That makes you “pathetic”.

These are the rules set out by the thread mods.

[byates1]

Benny can you link your Etsy page. We need that exquisite fume.