Kolek planning to go pro
This boomer has zero idea what the price of gas, nor do I care. I have a friend that lives in NYC and whenever he asks me how much gas is in MKE, I tell him $10 a gallon.
Same 😂, except the boomer part
How much of this is just pent up demand that's been ginned up by stimulus payments though? As demand is met, and as the economy moves away from stimulus support, won't prices stabilize? I don't think there is much structural that will keep prices rising over time.
That said, the US government has spent/printed an awful lot of money over the past decade and that has yet to be felt in regards to inflation. To me, a perfect storm is brewing. I am not sure when, but I think we are going to be in for a tough road ahead some time in the next year or two, could be sooner.
TBF, there has never been a printing of money Krugman didn't simultaneously like and think didn't go far enough.
TSmithI do not disagree with most of the article. There are a lot of moving pieces in the world today and excessive printing of money is only piece of the puzzle. My point earlier is that coupled with the additional pieces of the puzzle, the printing press might create the tipping point. I believe the can has been kicked down the road since 2001 and sooner or later we were/are going to pay the price for the spending.
Some folks say Bitcoin can't be used to buy stuff, but it came in handy for paying off the hackers who brought a major pipeline to its knees. Totally untraceable, just the way the criminals like it!
Speaking of bitcoins, why does it take so much energy to do 1 transaction? I read this:A single bitcoin transaction uses roughly 707.6 kilowatt-hours of electrical energy–equivalent to the power consumed by an average U.S. household over 24 days,
So basically each Bitcoin transaction is computer algorithms solving numerical puzzles or equations to produce the batches of transactions. And one computer is only doing fractions of the data processing for the full transaction. So think of when your computer is straining and using up all of its computer power, it gets hot, the fan is loud, etc…computer rigs set up for Bitcoing mining/processing are super high powered versions that are working like that constantly. And hundreds are working per transaction. So your average server room for a company uses much more electricity than a normal home. Well Bitcoin mining and processing is like a bunch of de facto server farms
Thanks. So will the power supply needed always be this high? How can this ever be a mainstream way of conducting business?
The power argument is what a bunch of haters are pushing.Why don't we ever ask the same of the current financial system?Also ... idles devices (phones, iPads, laptops, computers) consume 4x more power than bitcoin in a year.https://cointelegraph.com/news/energy-used-by-idle-device-in-the-us-can-power-bitcoin-for-4-years
That’s misleading. The market value of gold mined in a year is like 9x the value of Bitcoin (2500 tons vs 324k coins). I would also assume the same costs to maintain the Bitcoin financial system aren’t in the mining costs. So yeah other things can get more efficient, but it doesn’t mean crypto is an incredibly energy intensive way to create value.
Okay now add in the environmental, and human costs of mining gold.
Consider that gold has intrinsic value
Right, but that isn't what we use it for, generally. We use less than 8% of what we mine every year in electronics.Also, should we discover a lode of gold that would drive prices down and increase human and environmental harm.I'm not suggesting that Bitcoin's power usage is acceptable, but I think a lot of people don't quite understand why it uses POW instead of POS protocols. BTC will never work for everyday transactions.
I think far less even know what POW vs POS means