Welcome • User Guide
ToS • Privacy • Canary
Donate • Bugs • License

©2025 Poal.co

JUST_DO_IT.MP3

JUST_DO_IT.MP3

(post is archived)

[–] [deleted] • 5 pts

I remember in like 2016 ish, people were banging their drums on crypto train. Only one financial guy I saw said... its a good idea, but nothing is stopping there from being first 10 cryptos then 100, then 1000, then 6 million. Elon probably going to keep pumping and dumping these things.

[+] [deleted] • 1 pt
[–] • 1 pt

Yeah there are easily over 10,000 already.

[–] [deleted] • 1 pt

One of my dumbass direct reports told me at one point that the energy needs of crypto would be so intense that they’d have to start building more nuclear power plants. Like, the government was going to fund these in order to keep crypto going.

I hated working in IT.

[–] • 0 pt

Some disaffected young people view this as how they "take back their power" over the stuffy old suits on Wall Street.

A lot of young people are going to lose everything they have. I have actually seen people claim that the fake Doge coin is a "long term investment." Crazy.

[–] • 0 pt

its a good idea, but nothing is stopping there from being first 10 cryptos then 100, then 1000, then 6 million.

What's wrong with competition exactly?

[–] [deleted] • 0 pt

Well... its all fiat. So everyone is just pretending it's worth something. With exception to ones backed by resources. But even then, a promise not is just that. Worth the amount to the persons ability to keep their promise.

[–] • 0 pt

Well... its all fiat. So everyone is just pretending it's worth something.

I've had this debate before, and no one has ever convinced me there's any other kind of value. Resources also derive their value from people pretending they're worth something. That's what worth is.

[–] • 4 pts

So someone making a joke needs to plan ahead in case clown world treats it like an investment?

[–] • 1 pt

I wonder who got to Musk. Billionaires don't do stuff like that for the obvious reasons.

[–] • 2 pts

He was always like that. Here's a great video on who he really is: https://yewtu.be/watch?v=Dkix4UzEbjU

[–] • 1 pt

He’s from a well-to-do luciferian family. Seems crazy but check out his mom and dad. She’s high up in it I’m guessing.

[–] • 2 pts

It's not hard to understand: His primary business's selling point is "climate change is a serious threat being driven by human carbon emissions," so he'll always default to believing that is true. I'd expect him to say "carbon emissions aren't a problem" about as much as I'd expect a cattle rancher to say "eating meat is wrong."

[–] • 0 pt

The kind of perception, critical thinking, reasonibg, or pattern recognition that leaves things more simplified than complex is a good way to explain the idea of "wisdom".

[–] • 1 pt

$ is my guess. not in the pump and dump way, but my guess is that tesla will come out with a "green energy miner" and he's setting the stage. he owns solar city, tesla has battery banks, slap a mining rip on that and boom you got a product the liberal pussies will go apeshit over.

here's what i dont understand. bitcoin uses a lot of energy... in comparison to what? the energy it takes to create the batteries and cars tesla sells? every brick and mortar bank that has heating,elec,gas costs? how about the printing of money and the energy it consumes or the trees needed? how about the gas used simply to transport the fucking cash from one place to the next? how about all the employees of the banks and financial markets driving to and from work everyday? whatever you think of bitcoin is fine and that's a worthy discussion, but what the fuck are you comparing the energy usage to?

if you're really interested, Michael Saylor has a good response to Elon's tweet talking about how much energy we fucking waste every year. no one gives a shit about that until this tweet comes out. just another example that facts do not matter in clown world, it's all about the biggest pussies feelings.

[–] • 0 pt

he ran a pump and dump scam. that's exactly what they do.

[–] • 0 pt

No one got to him. He is trying to force the price down so he can buy more and then he will make a post about how great crypto is to make it spike again so he can sell high. He is literally just manipulating the market and playing god. It's kinda crazy he can do this and no regulatory authority steps in.

[–] • 0 pt

The dude is most likely in the lucifer cult. His family and everything else about him is super suspicious. The guy believes in climate change right? He wants to capture CO2. That’s fucking retarded. There is no way he isn’t compromised. He’s part of the cult.

[–] • 1 pt (edited )

I can't believe people are entertaining this stupid idea.

Oh noes! Our decentralized incorruptible publicly distributed currency takes resources to maintain!

Are you fucking serious?

[–] • 0 pt

There has to be a less fucked up way to do stuff. There are better assets in the physical realm that would do you much better.

[–] • 0 pt

You're speculating on a commodity either way.

[–] • 0 pt

Yep and I’m betting on the least speculative.

[–] • 1 pt

The forethought i have straight up is... the less power it takes to mine, the more machines people will use to mine it.

/me shrugs

not solving anything, more like trying to circle the square.

[–] • 0 pt

The second the power goes out, your bitcrap is worthless. Better start investing in your future....acting like the power will be on forever is your downfall.

[–] [deleted] • 0 pt

One of the main points of crypto was to make mining it cost more and more energy to mine and verify transactions which would tie the currency price to energy availability something that is tangible similar to backing a currency with gold.

[–] • 1 pt

crypto as a whole is moving from proof-of-work (mining) to proof-of-stake (staking).

staking is drastically more efficient and does not require mining to process transactions. because of this efficiency, it is drastically quicker (some PoS blockchains finalize within 2.5 seconds).

eth 2.0 moving to PoS is a full concession that it's the future.

[–] • 3 pts (edited )

Counterpoint: Proof of work requires a miner to select one branch of a blockchain to dedicate his hardware to. So counterfeit branches will always be ignored by the majority of miners.

Proof of stake allows miners to back as many branches as they like, since they'll have a stake in all of them.

Also, the energy consumption of POW is massively overstated. I've seen articles saying crap like "each bitcoin transaction costs the equivalent of a month's electricity for an average household." Unless bitcoin miners are kind minded philanthropists making hundreds of thousands of dollars in losses per block, those kind of statements just don't make any sense.

[–] • 0 pt (edited )

pure proof of stake blockchains do not utilize miners or mining at all to process transactions. they use nodes, which do not function the same way at all.

examples would be cardano or algorand.

i do agree the energy use argument is wildly overstated and is a virtual non-issue for PoW, though. it's still just slow and shitty compared to PoS.

[–] • 0 pt

Who said this exactly?

That's not how boostrapping a currency works. Gold backed currencies are worth X gold because a central reserve is contractually obliged to trade them for that amount of gold. If I spend €20 worth of electricity mining crypto, it's not like I can trade my crypto back for electricity.

The only reason to impose proof of work on miners is to force them to devote scarce resources to recognise a single version of the currency's history. If there were no such proof of work they could gamble and recognise multiple fraudulant histories.

[–] [deleted] • 0 pt

You would still be forced to value the crypto at at least what you spent mining the crypto just like a gold mine has some specific difficulty(proof of work) to extract gold out of the ground.

[–] • 0 pt

That's a different concept to backing though. Gold backing means that the currency can always be traded for gold, which places a lower limit on it's value (at least in terms of gold).

Most crypto has no such backing so the lower limit for it's value is zero.