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Mastercard Will Let Merchants Accept Payments in Crypto This Year


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33 minutes ago, Joe said:

I don't know enough to have an opinion on crytpo, but man, those Coinbase fees are fucking dumb.

 

This is the rub. It was the same thing that kept people like me from investing in stocks before the big trading houses started doing no-commission trades. I have some money in a few cryptocurrencies but when you want to put ten or even a hundred dollars in, that fee is a real drag. I just save to put bigger sums in to make it more worth it. 

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11 minutes ago, b_m_b_m_b_m said:

And then do what with it

 

Right now? Save and offset inflation to buy back your own currency or another.

 

Ten years from now? Use it to buy shit at a more equitable price.

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1 hour ago, Jason said:

Sounds like the first one they'll use will be USDC, so...just...why?

 

 

Bitcoin is an energy guzzler, apparently some other cryptos are a lot more reasonable on the energy consumption front though.

 

I don't understand this idea of some crypto being less energy consuming. If these other cryptocurrencies were valuable enough then production would be created to fill up available energy capacity.

 

Ultimately I view crypto in a similar way to something like Uber/Airbnb/other gig economy technology "solutions." These "disruptive" technologies worked so well because they were largely unregulated and in the case of something like Uber is incredibly exploitative and still struggles to turn a profit. At some point bitcoin will be up against actual regulation and it will need to be reigned in.

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10 minutes ago, ThreePi said:

 

I don't understand this idea of some crypto being less energy consuming. If these other cryptocurrencies were valuable enough then production would be created to fill up available energy capacity.


My understanding is it has to do with how much energy it costs to process each transaction, but I am not an expert at all.

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51 minutes ago, sblfilms said:


My understanding is it has to do with how much energy it costs to process each transaction, but I am not an expert at all.

 

I mean, people aren't buying up crates of 3080s to process transactions. Those video cards, those ASICs, those hacked botfarms are going ot be running at capacity whether they're mining bitcoin, etherium, doge, or whatever.

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Just now, ThreePi said:

 

I mean, people aren't buying up crates of 3080s to process transactions. Those video cards, those ASICs, those hacked botfarms are going ot be running at capacity whether they're mining bitcoin, etherium, doge, or whatever.

 

Rising values in less efficient crypto encourages more hardware to be online to generate profits, thus more energy usage. 

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There's also the issue that a lot of the heavy activity happens in areas with extremely cheap/free electricity. I remember something about people secretly setting up in Venezuelan industrial zones with free electricity, for instance. So the activity is not really responsive to how much energy they're using because they're not paying for it anyhow, or the rate is so low that the difference amounts to a few pennies even if it's a huge energy difference.

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51 minutes ago, Jason said:

There's also the issue that a lot of the heavy activity happens in areas with extremely cheap/free electricity. I remember something about people secretly setting up in Venezuelan industrial zones with free electricity, for instance. So the activity is not really responsive to how much energy they're using because they're not paying for it anyhow, or the rate is so low that the difference amounts to a few pennies even if it's a huge energy difference.

Wasn't there also a farm somewhere in northern europe where it was powered by hydro power and they could cool the machines by basically just opening the doors to the outside?

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I don't think I can adequately describe how much I both hate crypto currency and the obsession to use "blockchain" for things it has no business being used for -- which happens to be all the things people want to use blockchain for.

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15 minutes ago, Anathema- said:

but how will my fruit stand take off without the blockchain

 

There's always money in the banana stand. 

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