BitcoinEmissions – A project to calculate CO2 emissions of mining bitcoin

Re:BitcoinEmissions – A project to calculate CO2 emissions o... by tormeh on Sunday February 15, 2015 @09:43AM (#9052710)

It can't succeed. Cryptocurrencies might succeed, but not bitcoin. It's not even inflationary; it's a cross between a payment system and a pyramid scheme.

Its a bit pedantic, but please don't say bitcoin when you mean cryptocurrency, as bitcoin is a pretty bad one.

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Re:BitcoinEmissions – A project to calculate CO2 emissions o... by oafitupa on Sunday February 15, 2015 @12:12PM (#9053217)

> It's not even inflationary

And that's exactly the whole point, and is the very reason it's working.

> a pyramid scheme

Then every other successful investment is a pyramid scheme. Gold is a pyramid scheme! Storing food for catastrophes is a pyramid scheme! Paintings are a pyramid scheme!

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Re:BitcoinEmissions – A project to calculate CO2 emissions o... by ufo on Sunday February 15, 2015 @05:06PM (#9054345)

Not every investment has to be a pyramid scheme. If you are generating value or selling a product then you end up with more money than what your investors are putting in.

What makes bitcoin into kind of a pyramid scheme is that right now a big part of the reward for miners is the 25 bitcoin you get from mining a block. Only a very small fraction comes from the transaction fees. The only way to keep bitcoin stable is by having a constant supply of new users buying into bitcoin by acquiring those fresh bitcoins from the miners.

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Re:BitcoinEmissions – A project to calculate CO2 emissions o... by calinet6 on Sunday February 15, 2015 @11:09AM (#9052963)

Maybe a naïve question, but are there any good ones we should support instead?

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