Reddit r bitcoin cash

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Markets Data. Market Moguls. Expert Views. Technicals Technical Chart. Commodities Views News. Forex Forex News. Currency Converter. Presented By. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. Reuters The company said in August that it would start accepting bitcoin, the most popular cryptocurrency, by the end of the year.

AMC Entertainment Holdings Inc boss Adam Aron said the theater chain would accept ether, bitcoin cash and litecoin alongside bitcoin for ticket purchases, as cryptocurrencies gain acceptance among mainstream investors and companies. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum , Litecoin and Bitcoin Cash," Aron said in a tweet on Wednesday. The company said in August that it would start accepting bitcoin, the most popular cryptocurrency, by the end of the year.

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There is potential to capitalize on differing approaches in deflationary or inflationary coin supplies to provide robustness to the overarching goals outlined in the original architecture specification. These decisions are likely to not be in line with what is the best for Bitcoin or the speculative investors, but the entire system of systems could be better off for it. First, the use of transactions as the driver of future Bitcoin emissions is questionable, given the tenuous correlation between transactions and mining energy use.

It is well established that energy use is driven by the computational difficulty of the blocks mined whereas the number of transactions per block can evolve for example, via SegWit with no direct effect on block mining difficulty.

The authors themselves calculate Bitcoin energy use and emissions in on the basis of block difficulty, not the number of transactions. Without explanation, the authors switch to transactions as the driver for projecting future emissions, undermining their methodological consistency and the integrity of their projections.

The noise about proof of work's environmental impact originates from the Digiconomist, which is authored by an employee of the Dutch Central Bank. In case you don't see the obvious bias conflict, the main idea behind Bitcoin is that it is a decentralized alternative to central banking. The Digiconomist is a propaganda outlet of the central bank system that is the dominant economic paradigm today that got us into the over-consuming environmental mess that we find ourselves today.

They completely mislead the public as to how Bitcoin works: the notion of a "per transaction cost" is nonsensical, because one transaction on the blockchain could represent millions of real-world transactions, through transaction batching and layer 2 payment networks. There is no way of knowing the true number of transactions. Bitcoin is the solution, not the problem -- fix the money, fix the world.

The environmental FUD levelled at Bitcoin and Proof of Work has been debunked over and over again by those who actually understand Bitcoin and it's integration with the global energy markets. Bitcoin is a net positive for the environment, subsidizing the deployment of renewable energy production and directly reducing GHG emissions in the oilfield. As civilization progresses, we need to and will produce more -- not less -- energy.

Bitcoin will play a vital role in subsiding sustainable energy rollout in global energy markets, in spite of the FUD being propagated by the incumbent financial powers and the misinformed who believe their lies. We believe concerns about the high-energy intensity of Bitcoin mining are overstated, and the technology can play a less-acknowledged but important role in promoting financial inclusion.

Bitcoin's carbon emissions are low compared to its market value, implying that Bitcoin is characterized by a lower carbon intensity than the average asset in the portfolio. Thus, an isolated focus on Bitcoin's absolute carbon emissions can be highly misleading from an investment and portfolio perspective Importantly, in contrast to the widespread negative perception of Bitcoin in the climate change debate, we also find that Bitcoin investments can be less carbon intensive than standard equity investments.

The addition of Bitcoin to a diversified equity portfolio can thus lower the portfolio's aggregate carbon footprint. With bitcoin it is at least theoretically possible to perform monetary transactions using exclusively FLOSS software, without the use of a centralized proprietary infrastructure.

The proposal conflates the existence of Bitcoin to merely using it. The proposal does not demonstrate that dropping acceptance of Bitcoin or other cryptocurrency will actually have an effect. As a technical matter, there is no direct relationship between making a Bitcoin transaction and energy usage that's significantly more than the domestic banking system.

Besides being a purely subjective point that doesn't belong here, you risk your reputation by taking damaging political stances like this. For these reasons, the RfC should be revised and resubmitted. Point 2 needs evidence that the call to action will accomplish the stated goal; points 1 and 3 should be withdrawn. Please see the reliable sources section below, rather than just disputing the one source.

Plenty of high quality sources publish the fact that Bitcoin is a significant contributor to climate change and unethical energy waste, at the level of disrupting economies of entire countries. Advocating that the Wikimedia Foundation must continue to accept the use of Bitcoin, and tacitly supporting its use, should at least have the same quality of reliable sources to justify that decision, rather than repeating and relying on PR spin and rhetoric from lobbyists, which most of the input on that side of the discussion so far seems to boil down to.

We further calculate that the resulting annual carbon emissions range between The magnitude of these carbon emissions, combined with the risk of collusion and concerns about control over the monetary system, might justify regulatory intervention to protect individuals from themselves and others from their actions. We determine the annual electricity consumption of Bitcoin, as of November , to be This means that the emissions produced by Bitcoin sit between the levels produced by the nations of Jordan and Sri Lanka, which is comparable to the level of Kansas City.

In the light of the disruption resulting from single purpose accounts dropping in to vote and add to discussions, but these boiling down to rhetoric which on examination has zero reliable sources, here are a few more reliably independent sources and correctly peer reviewed publications that could be quoted to support various viewpoints and may help go beyond PR spin from "business centres", website FAQs or "opinion" pieces being reprinted for catchy headlines.

Maybe others voting in this discussion have high quality sources not just opinion pieces from those paid to lobby for bitcoin and peer reviewed sources they can recommend:. But the global chip shortage means semiconductor foundries like Taiwan Semiconductor Manufacturing Co. They are also cautious about adding new capacity given how finicky crypto demand has proven to be.

It is my understanding that the Wikimedia Movement wants to be a global movement. Thus I believe the fact that Bitcoin is legal tender and therefor an official currency in El Salvador should be taken into consideration when making a decision. I could not find that Wikimedia Foundation has active chapters in El Salvador.

However if we did have a chapter there it is my understanding that we would legally be required to accept Bitcoin in El Salvador. Also while looking at that page I wonder weather Wikimedia Foundation accepts all other official currencies of sovereign Nations or are there some currencies which are not accepted at all? If so, why not? Currently, Accessing or sponsoring Wikipedia, or international non-profit organizations in general, is not exactly legal in a number of countries.

Cryptocurrency is a way of contribution that allow individuals from those countries to made donation, without having to worry about their own personal information on the donation being revealed to the national government through the national banking system, and thus is a safer and lower risk option for them.

Not everyone living in such countries are in total poverty. Eliminating cryptocurrency as a mean of donation would increase the personal risk of donors coming from individuals in those countries, and this in my opinion is extremely undesirable. Identity of the donor will still be retained by the payment processor, however that payment processor is most likely in a different country from those aforementioned, and thus wouldn't have as much risk of donor personal information being revealed to relevant national governments.

C talk , 17 January UTC [ reply ]. Reading this thread is frustrating. I am one of those "small number of people" who make donations by crypto. I do not have any access to banking services. But in many parts of the world it is a powerful tool of financial inclusion and also the most economical and reliable way to send money. WMF could demonstrate its environmental commitment by encouraging newer crypto technologies such as Nano XNO while discouraging high-energy and high-fees BTC and ETH, which aren't really suited for donating small amounts anyway.

If you need further proof that PoS cryptocurrencies should at least be considered, here's an extract from an article in today's Financial Times archive :. The WWF published a well-sourced article about the "sustainability" of the Polygon blockchain network, I'm not familiar with this blockchain network and not particularly a fan of NFTs but it's worth a read.

Proof-of-stake cryptocurrencies are better than Proof-of-work in terms of energy usage, but they still consume large amounts of energy compared to more traditional payment systems because everyone needs to process and store everyone's payments. Additionally they suffer from all the other disadvantages all cryptocurrencies have, like Cryptocurrencies are only a tool for crime and a financial scam. Per Wikipedia citing The Economist and two seemingly reliable sources :. The United States dollar is the de facto world currency.

The petrodollar system originated in the early s in the wake of the Bretton Woods collapse. President Richard Nixon and his Secretary of State, Henry Kissinger, feared that the abandonment of the international gold standard under the Bretton Woods arrangement combined with a growing U.

In a series of meetings, the United States and the Saudi royal family made an agreement. The United States would offer military protection for Saudi Arabia's oil fields, and in return the Saudi's would price their oil sales exclusively in United States dollars in other words, the Saudis were to refuse all other currencies, except the U. Given the massive environmental impact of oil, should we stop accepting USD donations?

Abcd9 talk , 19 January UTC [ reply ]. On January 22nd, the Central Bank of Russia proposed to ban crypto mining, officially due to perceived risks to the country's energy supply. The FSB convinced the Central Bank to ban cryptocurrencies in Russia as they are used to finance the opposition and independent media. Bloomberg , Meduza. Abcd9 talk , 20 January UTC [ reply ]. The Central Bank said "speculative demand" is driving the rapid growth of decentralized cryptocurrencies and risks creating a bubble in the market.

Bloomberg earlier cited sources as saying that Russia's domestic security agency, the FSB, had lobbied central bank head Elvira Nabiulina for a ban. The FSB cited concerns over Russians frequently using the hard-to-trace transactions to support "undesirable organisations", such as opposition groups. In a Cointelegraph article published today, they write,.

Following a proposal from users to stop accepting crypto donations to Wikimedia Foundation, the nonprofit confirmed that it would proceed with crypto donations. Contributors banded together to urge the foundation to disable the option to donate in crypto because of environmental concerns. However, while the organization will continuously monitor the conversations around crypto within its communities, it will not budge on accepting crypto donations.

GVarnum-WMF : , or someone else from the comms team, would you be willing to shed some light on this? It's not clear to me if Cointelegraph may have misinterpreted or spun a statement about the current state of donations that are being accepted, or if the Wikimedia Foundation has indeed decided to communicate to the community via a statement to Cointelegraph that they do not intend to consider the wishes of the community demonstrated in this RfC should it turn out in favor of ceasing accepting crypto donations.

The environmental impact of bitcoin mining is a valid concern, but most important is the fact that cryptocurrencies are only two things: a tool for illegal payments and money laundering, and the object of the biggest ponzi scheme in history. The requirement of decentralization has a very high negative impact on all aspects of a payment system -- including transaction cost, speed, capacity, safety, value stability, and convenience.

Those disadvantages mean that cryptocurrencies are absolutely laughable as payment systems for legal commerce. These are not implementation flaws that could be solved in time: they are unavoidable consequences of decentralization. Criminals of all sorts love bitcoin, because it is the only online payment system that they can use which does not comply with the "know your customer" KYC and "anti money laundering" AML laws that existing systems must comply.

THAT is the only advantage of decentralization. Thank to that "quality", bitcoin is the single reason why ransomware grew from a practically unknown risk to the major form of cybercrime, both in number of victims and in monetary value. As an investment, all cryptocurrencies are negative-sum gambling games.

All investors expect to get back the money invested with fat profit; however, any money that they may take out comes from only one source: new investment money. That is the very definition of ponzi scheme. There is no other source of money that can get back to them, but there is a big sink: the money collected by miners, which is not about 30 million USD per day. An easy estimate says that people have spent about 20 billion USD more buying bitcoins than they received selling them.

That deficit will never decrease; it will only increase, as long as the price is greater than zero. Those who insist that Wikimedia accept bitcoin donations are not doing so because they intend to donate. Bitcoin believers will not part with their precious coins, which they are sure will be worth 10x or x more "some day". They only want to use Wikimedia to make bitcoin more respectable -- because they know that their profit depends on more people investing in it.

As I already mentioned in my vote below, the whole reputation argument based on the Mozilla backlash seems very reactionary, this situation further supports that and one could probably argue the very opposite based on it. This is also a good example of what other people already argued regarding the advantages of cryptocurrency and how it enables some people to donate in the first place. If two people or organizations want to do business with each other and are not able to do so through the banks, they can do it with bitcoin.

If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in bitcoin in order to be protected from such actions. From Meta, a Wikimedia project coordination wiki. Crypto was around 0. The total number of donors who opted to donate cryptocurrency In the last financial years we had donors who used the cryptocurrency option. Which cryptocurrencies were donated preferably with information about total value and number of donors using each In the last financial year the most used cryptocurrency was Bitcoin.

And that factoids cryptocurrency that interrupt

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Meanwhile, the whole time this was happening all of , the 2X fork was on the horizon, and the very same people who were applauding BCash were simultaneously pushing for 2X to try and divide the Bitcoin community. Read my 2X article for more on that. So again I ask, why try to block the most important upgrade to the Bitcoin network since its inception?

Why play marketing and social media games? Podcasts are good too but they rarely dive deep technically. That inner circle keeps growing, but nowhere near the rate of the outer circles with wildly different opinions. Putting real-world accuracy aside Coinbase is just a single platform , do you see what I see? I see 10,, people that can potentially be manipulated into believing false premises and propaganda.

How many of them would I have to convince if I wanted to sway enough opinions to appear competitive with the real community? In a room of 1, people, I only need to convince 2 of them to believe me and take to Reddit or Twitter. So what do you do to combat that? People can have no clue what the following arguments mean, but if they are just getting in and they stumble across this they become instantly biased and they have no idea the goalpost was moved 10 times already:.

Notice his friend Fake Satoshi Craig in the bottom right corner? Roger owns Bitcoin. They started doing this late last year, before the 2X fork day had passed:. Despite this announcement, Roger went ahead and promoted the 2X fork as well mentioned above , because he knew it might have an effect on dividing us. None of this stops the attempts, and it seems like doubling down on his actions is all Roger knows how to do. The Bitcoin. I have a strong feeling this is all going to come crashing down on him, but until then Bitcoin Jesus will keep on keeping on.

I published this section as a standalone piece so it can easily be referenced when someone makes this argument in the future. You can find that here. In short, the mantra goes something like this:. Notice how the third one has nothing to do with the first two? Even people who have hopped on the BCash bandwagon after knocking Bitcoin non-stop knew years ago that latency is the issue, but none of this stops this argument from being brought up over and over again.

This takes time. This delays propagation. Then at some point a miner successfully finds a valid hash for a block and sends that block out to the network, which must then propagate to the nodes on the network and get validated just like all the transactions. If you want to increase the block size, put in work that helps offset this issue. Any change you propose that results in someone no longer being able to run their node, and the code they agree upon when they connected to the network, is a bad thing to do.

You just created an enemy who has the financial incentive to oppose your change, and you downsized the network by some degree. You also established a precedent that disincentivizes others from getting involved because they may fear being disconnected. Tangentially, this precedent is one reason why a Proof of Work change is also a bad idea. Additionally, you run the risk of breaking infrastructure that is already in place.

Right now this includes services that are dependent on running nodes, current and future services that make use of the Lighting Network, and anything else down the line that will get built on top of this network. Lightning is just the beginning. If you implement network code or hardware that uses different rules, and then connect 2 computers together with those new rules, you just created a new network which is completely incompatible with the rest of the Internet.

If you do this with a datacenter full of new hardware and software, network them all together, and then try to connect to the outside world, nothing happens, and you just wasted a lot of money and time. From your lawyer calling you all idiots down to the engineering group being told that in 6 months they need to offline all of their switches globally, and then subsequently laughing at the memo you just sent them.

There are just too many layers to the entire system such that going against the grain and refusing to cooperate with existing infrastructure would only result in you getting cut off from the system. Try driving on the opposite side of the road as a hard rule. Never going back to the normal side? See how long that works out for you. Get back to me with the results. Given its broad disinterest in regulatory norms and preponderance of first-time investors, doctored screenshots trying to nudge prices one way or another are fairly common within the cryptocurrency community.

Still, many Reddit users appeared to lend this particular thread enough credence to check it out for themselves. Again, Coinbase users knew that Bitcoin Cash was coming by January 1, — the deadline Coinbase gave itself in August — but most users assumed that the new coin would be withdrawal-only, letting Coinbase users who stored Bitcoin on the exchange at the time of the fork get their trapped Bitcoin Cash out of the platform.

As Coinbase stated in its August 3 blog post :. We are planning to have support for bitcoin cash by January 1, , assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

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Just a few hours later, the company disclosed that the chaos had prompted an insider trading investigation , a surprising concession after some in the cryptocurrency world cried foul to be fair, they are often crying foul. Given its broad disinterest in regulatory norms and preponderance of first-time investors, doctored screenshots trying to nudge prices one way or another are fairly common within the cryptocurrency community.

Still, many Reddit users appeared to lend this particular thread enough credence to check it out for themselves. Again, Coinbase users knew that Bitcoin Cash was coming by January 1, — the deadline Coinbase gave itself in August — but most users assumed that the new coin would be withdrawal-only, letting Coinbase users who stored Bitcoin on the exchange at the time of the fork get their trapped Bitcoin Cash out of the platform.

As Coinbase stated in its August 3 blog post :. We are planning to have support for bitcoin cash by January 1, , assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash.

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