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Re:China says it wants to eliminate Bitcoin mining by tfha on Tuesday April 09, 2019 @02:34AM (#19612309)
Why don't people rail like this against the aluminum industry? It's just as wasteful. Bitcoin provides substantial utility and value to society, the energy to secure bitcoin is a cost just the same as the energy to smelt aluminum.
Re:China says it wants to eliminate Bitcoin mining by rootlocus on Tuesday April 09, 2019 @03:42AM (#19612587)
> Bitcoin provides substantial utility and value to society

Only for speculation and money laundering. Bitcoin's exaggerated volatility makes it unusable as a currency. If it would you wouldn't be making fun of the guy who spent N bitcoins on 2 pizzas instead of holding it. And conversely, if everyone would hold bitcoin, it wouldn't bring any utility to society.

Re:China says it wants to eliminate Bitcoin mining by ncallaway on Tuesday April 09, 2019 @03:49AM (#19612610)
> Bitcoin provides substantial utility and value to society

Equating the cost of Bitcoin and aluminum doesn't seem like a sound argument unless you can also equate the value (or show that they are approximately close.

Could you credibly claim Bitcoin brings the nearly the same value to society that aluminum does?

Re:China says it wants to eliminate Bitcoin mining by mprev on Tuesday April 09, 2019 @04:12AM (#19612701)
Aluminium smelting results in aluminium. You can make stuff with aluminium.

Bitcoin mining results in heat, both literal and metaphorical.

Re:China says it wants to eliminate Bitcoin mining by nightfly on Tuesday April 09, 2019 @03:00AM (#19612429)
Aluminum is infinitely more useful than bitcoin.
Re:China says it wants to eliminate Bitcoin mining by tirpen on Tuesday April 09, 2019 @02:54AM (#19612407)
> Bitcoin provides substantial utility and value to society

Do you have any proof of this dubious statement?

Re:China says it wants to eliminate Bitcoin mining by lozaning on Tuesday April 09, 2019 @04:04AM (#19612670)
I've been reading through True Names and the various essays that proceed it in it's most recently published edition and I see crypto currencies as the fulfilment of many of the ideas talked about there. Particularly uncensored anonymous value transfers between parties.

The idea that you can send "money" to anyone regardless of who you or they are does provide some value. Unlike any other financial transaction system that proceeded it that I'm aware of, you can't be deplatformed from crypto.

How valuable you find this likely coincides with the value you place in the ideas of crypto (the original definition) anarchy.

Re:China says it wants to eliminate Bitcoin mining by rootlocus on Tuesday April 09, 2019 @04:16AM (#19612721)
> I see crypto currencies as the fulfilment of many of the ideas talked about there.

As it stands, crypto currencies are a promise, not a fulfillment. They will become a fulfillment after they actually solve those problems. But it's a long way from theory to practice, even after all the technology is deployed.

Re:China says it wants to eliminate Bitcoin mining by belltaco on Tuesday April 09, 2019 @04:59PM (#19618879)
Here's a well reasoned essay by Bruce Schneiner about why cryptocurrencies are useless.

https://www.schneier.com/blog/archives/2019/02/blockchain_an...

Re:China says it wants to eliminate Bitcoin mining by village-idiot on Tuesday April 09, 2019 @12:23PM (#19616282)
Because I own things made out of aluminum....