For those interested in community organizing stories right now, don't miss Marin Scotten's report on small towns battling cryptomines: newrepublic.com/article/1927... - ThreadSky

hsouvainehorn.bsky.social • 27 days ago

For those interested in community organizing stories right now, don't miss Marin Scotten's report on small towns battling cryptomines:

https://newrepublic.com/article/192799/cryptomine-trump-strategic-bitcoin-reserve

Comments

llyrkellow.bsky.social•27 days ago

Important story - thanks!

nanjde.bsky.social•27 days ago

Nothing that a few large drones piggybacking bombs can't take care of..

rhonnie-72.bsky.social•27 days ago

What is it they are making/doing? I thought crypto was basically, 'in the mind of the beholder.' What need for factories? Sorry--cryptomines?

profitgreenly.bsky.social•25 days ago

Proof of work crypto (like Bitcoin) is secured by computers doing complicated math problems. Solving these earns crypto, so as it gets more valuable more people task computers with them. These computers use more energy than many countries. The cost of this is paid by users. It's a negative sum game.

profitgreenly.bsky.social•25 days ago

When a traditional ponzi scheme is uncovered litigation can move most of the money back to the original holders (this takes years and isn't perfect). Crypto's huge electricity and computer hardware costs mean this isn't possible for it because so much money has been spent just running the networks.

profitgreenly.bsky.social•25 days ago

All proof of work cryptos need to ensure that they have an inflow of real money greater than the cost to run their networks, if they don't they'll die. They usually have code that makes the pointless problems easier if fewer computers are working on them. This opens them up to a 51% attack though.

profitgreenly.bsky.social•25 days ago

A 51% attack is when some person/group controls 51% of the computational power mining a crypto. Once they have this they can validate any transactions they want (e.g. they can move money from any account to their own). This has happened multiple times already.

profitgreenly.bsky.social•25 days ago

Bitcoin has largely avoided 51% attacks by mostly growing in value. If its value ever drops hard then lots of these crypto mines will shut down. A clever hacking group could then pay to bring enough back online to execute a 51% attack and steal $ while accelerating the crash. It'll happen someday.

rhonnie-72.bsky.social•24 days ago

You've explained this thoroughly and well. I cannot understand how a computer churning away at equations = coin of any kind except in the imagination. The fact that it must be backed by currency is the give away. Seems scammy. My lack of understanding is caused by antiquated ways of thinking-

rhonnie-72.bsky.social•24 days ago

Please keep explaining this to people. Not everyone is as old as me, and I think it's important for people to grasp.
Between cryptomines and manufacture of AI chips, seems like we're expending energy faster than we can make it.

iamhereinmichigan.bsky.social•27 days ago

Terrible!

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