The Great Reset

[ME]

World Economic Forum Presents [2016]: The Great Reset—"You'll own nothing, and you'll be happy."
A reuploaded 'promo': https://www.youtube.com/watch?v=4zUjsEaKbkM

I think two things:

The first thing is: The less one needs, the happier one becomes. And the less dependent on those who provide, the less enslaved one becomes. That includes those creepy central-nodes in technology on an otherwise decentralized network.

The second thing is: When those on the provider's side start to determine how little I'd actually need and only have subscriptions to 'own' then it will directly counter my first thing I thought

... with the side note 2b: Unless 'owning less' is about free/fair-access without any strings attached. (prolly unlikely).

With the WEF's message of "taking care of the environment and each our health" we definitely need to work on this "first thing"-item, but it will my "second-thing option-a" whether we like it or not.
The WEF's proposals include all tech-enhanced-stuff, like blockchain and bitcoins. Those are unknowingly energy consuming and will become a 'certified' (read: depended) product.
Sure, calculating blockchains should be 'doable' on your rented portable computer. But sooner or later it becomes too 'doable' and thus insecure leading to more sophisticated algorithms, leading to less doable by rented computers anyway, leading to dependency on central-nodes again to determine your social validity. A never ending cycle that only spikes consumption, while thinking we're doing great.

We either need more self-control or a global disaster that cuts power automatically.
One thing to certainly avoid is that self induced global 'final solution' disaster like Solar geoengineering attempts (ScoPEx).
=> Sunshine is not our issue but our savior <=

oh well, that's what I think.

[agor95]

https://www.youtube.com/watch?v=scZBwQW7h0E

Cheers

[ME]

Cheers.

Thanks.

Bitcoins, handy for buying coffee.
Now tell me how long a bitcoin transaction actually takes.

1.
With that speed then sooner or later we 'need', let's call it, a trusted mediating facilitator to dramatically speed things up. And also adds its own verification-block into that chain so we all known.. (for a fee of course)
And who would ever want to sit in between.
I say: Busting video-Chapter 1, What is bitcoin (2:30)

2.
Anyway, while your transaction needs verification (with "math and computer science") it expends a lot of energy energy doing that.
-- Need "Proof of activity" [pdf: iacr.org]?: Recalculate the expended amount of FPU Joules into lifting 10 kg some height, or (at least try to) compare it to a (centralized) online bank transaction.
I say, it confirms my point in my previous post. And the "virtually no cost"-argument (6:50) is mute.

That whole Chapter 2 (Who created bitcoin) is a shady argument. Even with Bitcoin you still have debts and mortgages, and bills and loans...Hence, BTC remains an abstract word and idea (7:30).
While you're waiting for your payment confirmation, someone tweets and the whole arbitrary exchange price it represents (8:00) may change faster than any FIAT can.
I am personally glad the mortgage (for repaying what I lend) is relative constant and does not change so fast that I'll be multiple times both broke and a millionaire during that multi-year stay: Too volatile for the good it (more or less) represents.
Sure I live in a good country, but there are a lot of those good countries where bitcoin will not solve the sketched "issues". The inevitable "until" will neither be solved by bitcoin.
Also, you'll be taxed anyway.

3.
Blockchain...
Have your own distributed nodes in place, or "occupy" them while a transaction takes place; Flush it with more than 50% of your fabricated 'consensus' to redirect the transaction. Et voila.
Fantasy or reality, doable or not, the question that distills: Which nodes are actual the trusted decentralized nodes and who tells 'you' that they are trustworthy and diverse enough?
While currently based on honor and glory because it's new, which ledgers will actually be dealt the blockchain verification? And who has the vote in disputes when dealing with hijacked verification? Who ya gonna call?
You personally or your neighbors will most likely not be an actual part of the "decentralized" idea, even if you offer the use of your personal GPU - unless it gets hijacked for "a greater 'good'".
As the bitcoin blockchain size is approaching a terrabyte (!!) [Link: statista.com], you need a very solid data-plan for your regular updates and cross-verification. Probably not an issue in areas where BTC is not necessarily the projected solution.
So, by my previous post, how does BTC solve global warming, and the energy usage?

...and worries about track'n-trace?
If not the average home-user besides the hobbyist with a dedicated power-PC is that decentralized verifier then who, as the blockchain grows and grows, will.
Trend-wise, see how the as-designed decentralized internet gets more centralized by 'freely' choosing Amazon's-, Google's-, Facebook's- (and other's) APIs and services; so there goes at least a part of your meta-data even when other data is encrypted - but they can't afford heisting your BTC's (or so we hope)
So who will be dealt the public Blockchain-verification: Those who are able to provide or is available "proof-of-work" [youtube].
Who's able to offer it in bulk, fast and provides that trusted eco-system?
You tell me.

TL;DR;
Sure banks have their power-issues, but in this quick write-up I seriously doubt if in the long run Bitcoins and the needed blockchain will actually solve those hyped issues as promoted - if not making those issues actually happen.

[agor95]

Well ME

That is a really good quality post. I wish we had more of them and focused on Besslers Wheel to boot.

I have an open mind with regards your analysis and you have described well some of the issues.

We will have to take on trust the energy cost effecting the environment caused by the current monetary systems compared to this 1991 concept implemented after the failed 2008 banking system in 9 Jan 2009.

I look at the Bitcoin system and wonder how sustainable it can be in the future.

With fiat currencies [Money] being tied to each other and not to any limiting physical objects like Gold or Silver etc. Then the stability of these are based on What?

I am looking at the Mining part at the moment. There appears to be a arms race on who can create & validate a block of transactions first.

Also the odd thing the first Blocks were created empty?
Also the person/s who created them got 50 Bitcoins per Block.
That means the originator is in effect MINTED.

Thanks again for a well written post.

[ME]

Thank you Agor.

Then the stability of these are based on What?

Based on Jenga i suppose and hope it doesn't fall/fail too often - and it does fall sometimes
(If only for the existence of interest rates alone that pulls value from thin air apparently -- It's no longer a part of grain you grow extra)

I am looking at the Mining part at the moment.

For fun maybe, but for getting rich you're too late (unless lucky: so go for it!)

I look at the Bitcoin system and wonder how sustainable it can be in the future.

Short answer: It is not.
Long answer: Let me continue.

According to https://www.blockchain.com/charts/hash-rate the rate of calcutation is currently: 160m TH/s
That is 160 million times 1 Terra Hashes per second, or 160 * 10^(6+12) = 160 * 10^18 = 160 Exa hashes per second.

160 Exa is like.. ehm... with an estimated 160 billion (160 *10^9) stars in our MilkyWay we need a billion MilkyWays to get us 160 Exa.
Anyway,

I found energy consumption estimates like 0.1 Joules per GHash, and 44 J/TH for the ASIC Antminer T17+
Let's calculate for both:
160 EH/s =160*10^9 GH/s. Times 0.1 Joules/GH is 16 *10^9 Watt. 16 Giga watt
160 EH/s =160*10^6 TH/s. Times 44 Joules/TH is 16 *10^9 Watt. 7 Giga watt

There are probably more efficient machines, so maybe you can half whichever value: thus somewhere between 3.5 and 8 GW.
Like with the production of coins and paper you need to add some costs on top of it to account for the manufacturing costs of these dedicated computers, the network, the switches and other facilitating costs like cooling, housing and maintenance. So I put it on 7 GW.

According to the same website there are about 300k confirmed transactions per day or (according to another graph) about 3.5 transactions per second.
So let's see if that harmonizes: 300.000 [transactions/day] / 86400 [seconds/day] = 3.47 transactions per seconds (pfew)
I hope this somehow(?) actually means confirmed payments with the 'advised' 6 confirmations, but I'm afraid it isn't - but let's go with this number.

With 7 GJ per second and 3.47 confirmed transactions per second it will thus cost someone 2 GJ per bitcoin transaction.

- - - -

Let's compare it to the average energy consumption:
http://shrinkthatfootprint.com/average- ... onsumption
Let's pick the median: Germany with 3512 kWh/year.
That translates to 400 Joules per second, or 1 GJ per month.

So with one single transaction you can use two months of electricity (in Germany).
It is 1 month in France, and about 17 days in the US.

[ME]

To check myself to see if I didn't make some absurd miscalculation, I looked at other resources:
Bitcoin Energy consumption:

[now 2021] https://digiconomist.net/bitcoin-energy-consumption/
[Mar 2020] https://www.telegraph.co.uk/science/202 ... household/
[Nov 2017] https://www.vice.com/en/article/ywbbpm/ ... ate-change

Seems to check out more or less.
Two things to note:
The Telegraph.co.uk reports the Sum of Crypto to be about 80 Terawatt, so apparently I was a bit on the (let's say) conservative side here.
Also I measured 1.4 UK-household-energy-consumption-months per transaction... But I think you get the idea as it's in the same ballpark.

- - - - - - - - - - - - - - - - - - -
As an extra:

Recalculate the expended amount of FPU Joules into lifting 10 kg some height

Oh, lifting 10 kg 1 meter takes 100 joules... dropping 10 kg from one meter on your foot hurts a bit.
Lifting 1000 kg to 1 km takes (E=mgh) 10 MJ
Do that 200 times and you have earned yourself 1 bitcoin transaction.
What would it be worth to you to undertake this lifting action?

I wish we had more of them and focused on Besslers Wheel to boot

Once invented we may be able to power somewhere between one to maybe 10 computers with a Bessler's alike-wheel. With some added energy saving technological breakthroughs we might be able to power our homes.
That would be huge!!
What's also huge: How many wheels should we build to facilitate one single bitcoin transaction?

- - - - -
My conclusion with regards to the topic "The Great Reset":

Why would we insulate our homes to save some energy (maybe cut it in half on average when doing it right) while on the other hand we do one single bitcoin payment once a month?

When this is even only half part of the plan then this "Great Reset" sounds like a completely different reset.



--- Corrections:
I misread: The Telegraph.co.uk reported 77.78 terawatt hours. This equates to 8.87 GW (=8.87 GJ/s) and very close to my 7 GJ/s.
Copy/typo: 160 EH/s =160*10^6 TH/s. Times 44 Joules/TH is 7.04 *10^9 Watt. 7 Giga watts

[agor95]

Well ME

You are putting a good case to treat bitcoin messages as a virus. Therefore they should be cleaned off the internet.

While we are at it we should to the same for any cattle business messaging going through the internet at the same time.

That should reduce a lot of wasted energy in producing tokens and food.

I did not know China was so involved in bitcoin mining.

P.S. How much energy is being used to power the internet?

Regards

[ME]

Don't worry, what's not to like!
It is a control system that cheers positive happy feedback.

[daxwc]

https://www.msn.com/en-ca/news/us/bitco ... d=msedgntp

How come Greta, Green Peace, Tides and Sierra Club are not protesting on the Great Wall? When are these companies going to have to disclose who they get donations from?

[WaltzCee]

Oh no, not again.

Yes again, wait a minute here . . .
Is that pepperoni & mozzarella mixed in on that blotch of marinara on your cheek . .. .. .

[agor95]

I note ME has not login since the Aug 23rd 2022.

This topic of turning us into renters and not property owners is valid now as it always has been.

[WaltzCee]

& I note you are reading & commenting on theads I start . . .

• on the one hand

• yet claim you have me on ignore on the other

You're such a disgusting piece of shy•skah

[WaltzCee]

.
.

The World Economic Forum is now calling for the decriminalization of sex with children, arguing that laws against “age gap love,” more commonly known as pedophilia, “violate human rights.”

Rather than being a scourge, the pedophilia epidemic that is sweeping the world is actually “nature’s gift” to humanity, according to Klaus Schwab whose World Economic Forum has declared that pedophiles are being created by nature in increasingly large numbers for a reason.