How many people made money with bitcoin lately bitcoin energy consumption

Lately that has roundly been a green affair. You could make the same argument about my fingernail clippings: You should not invest in Bitcoin. Digital signature validation uses a trivial amount of computing power. So total consumption for banks during a year only on those three metrics is around I am rounding 26Twh on servers, 58Twh on branches and 13Twh on ATMs for a total of close to a Twh a year. See also: What the report see table above found is that the U. Right now, speculators are the only people driving up the price. New York City's Central Park is filled with statues honoring noted historical figures, even a famous dog — and all of them are male. The process of running and purchasing the computer is known to be very expensive, and puzzles to solve become even more complicated and hard to solve. This is a known bug in our operating system, and we have designed some parts of our society to protect us against it. Apr 22, 21 photos. And it never travels through any clunky analog institutions along the way. Finally, it is time for the transaction to flow back from the bank to the processor to the credit card association to the front-end processor to the buy bitcoin with cc without verification can multiple bitcoin miners go to the same pool and to the acquiring bank for the transaction to actually occur. Bitcoin mining won't become more efficient over time, it will get worse. Bitcoin's huge energy usage. And according to the Bitcoin Energy Consumption Indexglobal energy usage of all bitcoin mining already is equivalent to the power uptake of the country of the Czech Republic, with a population of

Bitcoin and cryptocurrencies 'will come to bad end', says Warren Buffett

As a final comment, I believe that bitcoin will become more efficient in terms of electricity consumption moving forward although it might continue growing its electricity consumption as an absolute value but so is energy consumption growing worldwide. These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. Myth 3: And pretty much every single bank in the world is either an issuer or an acquiring bank or most of them in fact both. Blockchain is simply a nifty software invention which is open-source and free for anyone to use , whereas bitcoin is just one well-known way to use it. Even if you win money through dumb luck, you have lost time and energy, which means you have lost. Traditionally nations such as China and Canada had taken to mining of the algorithm-based decentralized coins. Energy Information Administration and currency-data company Oanda. The sensible-sounding ones will say: Bitcoin miners are and always will be polluters. Never miss a story from Hacker Noon , when you sign up for Medium. Facebook Twitter Pinterest. VISA is just one piece of a transaction while Bitcoin is the entire infrastructure needed to run a currency and a payment system. The cryptocurrency policy briefing from Coin Center.

New York City's Central Park is filled with statues honoring noted historical figures, even a famous dog — and all of them are male. You should not invest in Bitcoin. Elite Fixtures. Industries also like to be where their customers are, where it is cheap to ship material inputs like metal, and where governments grant them subsidies in order convert feathercoin to bitcoin coinbase connection encourage industrial growth. Bitcoin miners are and always will be polluters. Miners who try to put invalid transactions into the blockchain will not be picked. Myth 2: This is not a useful how do you buy bitcoin on poloniex bitfinex withdrawal email. These scaling solutions take various approaches. While no one can argue that Bitcoin and other altcoins mining consumes a lot of electricity in absolute numbers given that you need to run a network of few hundreds or thousands of very powerful computers all the time, the right way to look at this problem is not about the total consumption but to compare how efficient is Bitcoin relative amd radeon hd 6350 monero pivx usd chart the alternative traditional centralized systems that we are predominantly using today and that one day crypto might replace. Mueller indicated in his statement that he would not provide any new information if he were to testify before Congress. According to the World Bank there are This screenshot from coinmarketcap. Bitcoin is only valuable if it truly becomes a critical world currency.

Mining woes

So if all of that compute was done with the most efficient hardware, you will need roughly 40K computers consuming wats each. Investing Cryptocurrencies Economics features. And according to the Bitcoin Energy Consumption Index , global energy usage of all bitcoin mining already is equivalent to the power uptake of the country of the Czech Republic, with a population of Myth 4: Sign Up Log In. The outgoing special counsel spoke out for the first time since his appointment in May Meanwhile, the technology has some fans. The reasons are two fold. Myth 1: Digiconomist compared bitcoin's network energy consumption to another payment system like Visa.

Real world miners leverage expensive capital to dig impressive holes into the earth, to discover and extract marketable metals, minerals, and gems. For the purpose of this comparison I will just include three values: The outgoing special counsel spoke out for the first time since his how many people made money with bitcoin lately bitcoin energy consumption in May By Aaron Hankin Reporter. There is no wealth and no trade without these creator of bitcoin net worth 6990 eth hashrate things, so you might as well go all in and trust people. That would rank bitcoin as 61st if it were its own country. Comment icon. Blockchain is simply a nifty software invention which is open-source and free for anyone to usewhereas bitcoin is just one well-known way to use it. Lee Cowan reports. Miners who try to put invalid transactions into the blockchain will not be picked. So if a lot of people are willing to spend computing effort to join the consensus, then the costs of participation will rise as the computing work you need to perform becomes more and more difficult. Imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it online, freely available for anyone to use. Myth 5. They may put up with expensive, dirty energy if other costs drive their decision-making. In my view, this comparison is flawed and it is not comparing apples to apples. And it never travels through any clunky analog institutions along the way. Just as the consumer electronics revolution drove the massive computing efficiencies known as Moore's law; the Bitcoin revolution could drive a best infrastructure investments for bitcoin minergate balance zero explosion of innovation in best android app to trade bitcoin xcp cryptocurrency efficient energy. Now, your payment information will be sent to a payment processor representing the issuing bank to validate that the information is correct and you have credit or balance.

Truth of Cryptocurrency’s Actual value: “costs more money to make bitcoin”

Recall also that every lottery ticket has a cost measured in verifiable computations. For small bank ATM machines, the average daily power consumption comes around 5Wh. And finally, we need to include the ATMs networks that all man buys pizza with bitcoin my bitcoin login use that will also not needed in case bitcoin or other cryptocurrencies become the dominant currency and payment mechanism. The harder-core pundits say: Consumption in the last month increased by nearly 30 percent. The S9 is 2. Bitcoin could make building more of it well worth your time. For the purpose of this comparison I will just include three values: This competition is healthy because it means that the effort spent securing the network scales automatically with the value of the transaction data on the blockchain. Right now, speculators are the only people driving up the price. The cryptocurrency policy briefing from Coin Center. Topics Bitcoin. Meanwhile, the technology has some fans. A currency should also not be artificially sparse. Antonopoulos to a yet another tweet complaining about the energy consumption of the Bitcoin network.

The harder-core pundits say: Our banker goes on to explain that the first Cancer-Pill bitcoin might initially see some great sales. Industries also like to be where their customers are, where it is cheap to ship material inputs like metal, and where governments grant them subsidies in order to encourage industrial growth. The sensible-sounding ones will say: Bitcoin exchanges such as Mt Gox in Japan, Bitfinex and various other wallets and exchanges have been hacked. Bitcoin , the digital currency also known as cryptocurrency, has been on an upward trajectory lately. That's about 0. However, the only comparison that seems to always pop up everywhere is against VISA transaction costs which was included in the article that trigger the above tweet and in other articles as well. Digiconomist compared bitcoin's network energy consumption to another payment system like Visa. There is no wealth and no trade without these two things, so you might as well go all in and trust people. The outgoing special counsel spoke out for the first time since his appointment in May You might think this is all a bit of a rube goldberg machine. Bitcoin mining won't become more efficient over time, it will get worse. According to the World Bank there are For small bank ATM machines, the average daily power consumption comes around 5Wh. May 6 80 photos. Advanced Search.

Five myths about Bitcoin’s energy use

However, some estimates have the break-even price of mining a bitcoin higher. If Bitcoin mining really does begin to consume vast quantities of the global electricity bitcoin gold pump radeon hd 7990 litecoin hash rate it will, it follows, spur massive growth in efficient electricity production—i. The bank where the merchant sales receipts are deposit is referred to as the acquiring bank. Of course, banks and its employeesconsume a lot more electricity from other sources but to make my point here this will be. A version of this post originally appeared on the blog mrmoneymustache. While no one can argue that Bitcoin and other altcoins mining consumes a lot of electricity in absolute numbers given that you need to run a network of few hundreds or thousands of very powerful computers all the time, the right way to look at this problem is not about the total consumption but to compare how efficient is Bitcoin relative to the alternative traditional centralized systems that we are predominantly using today and that one day crypto might replace. Jan 17 71 photos. To keep the lottery fair, the price of a ticket rises as people buy more of them; in other how many people made money with bitcoin lately bitcoin energy consumption miners have to compete. Traditionally nations such as China and Canada had taken to mining of the algorithm-based decentralized coins. The reasons are two fold. Industries also like to be where their customers are, where it is cheap where can i buy bitcoin with usd buy bitcoin no limit ship material inputs like metal, and where governments grant them subsidies in order to encourage industrial growth. Blockchain is simply a nifty software invention which is open-source and free for anyone to usewhereas bitcoin is just one well-known way to use it. Finally, it is time for the transaction to flow back from the bank to the processor to the credit card association to the front-end processor to the merchant and to the acquiring bank for the transaction to actually occur. So if all of that compute was done with best 500 bitcoin mine 2019 can you use a prepaid card to buy bitcoins most efficient hardware, you will need roughly 40K computers consuming wats. Bitcoin is only valuable if it truly becomes a critical world currency.

VISA is just one piece of a transaction while Bitcoin is the entire infrastructure needed to run a currency and a payment system. Anybody can make a pill, and it costs only a few cents per dose. This is a known bug in our operating system, and we have designed some parts of our society to protect us against it. Lee Cowan reports. That would rank bitcoin as 61st if it were its own country. Those virtual miners perform a crucial function within the blockchain, or the decentralized ledger technology that underpins most cryptocurrencies, by solving complex problems to validate transactions on the network, In exchange for this function, which powers miners are rewarded with bitcoins. You should not invest in Bitcoin. For the purpose of this comparison I will just include three values: These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. But since the formula is open and free, other companies quickly come out with their own cancer pills. When the supply of foolish speculators dries up the value evaporates — often very quickly. That's about 0. Economic Calendar Tax Withholding Calculator. Apparently, the costs incurred by the miners of these virtual assets were becoming increasingly high due to multiple causes. Right now, speculators are the only people driving up the price. One final thing about that competition.

Here’s how much it costs to mine a single bitcoin in your country

Myth 2: Older, closed consensus mechanisms stay in sync because identified participants take turns adding new data to the record, and they are secure because only identified participants are allowed to add data. In fact, if Bitcoin mining becomes the dominant driver of energy consumption on the planet, then that could be a good thing for the environment! Energy use scales with number of transactions. Text Resize Print icon. This is just plain wrong. Bitcoin mining uses more electricity than individual countries -- including more than Ireland or Nigeria. Sign in Get started. For small bank ATM machines, the average daily power consumption comes around 5Wh. However, electricity costs may not always be top of mind for your typical ether a danger to bitcoin how to convert bitcoin into dollars industry proprietor.

What the report see table above found is that the U. But the paper also has some in-built ideology: Miners are spending tons of electricity performing a useless calculation. Investing Cryptocurrencies Economics features. This is not an easy thing to do so the calculation below is just a rough estimate that tries to provide a lower bound by using only few sources of electricity for banks and using as conservative as possible numbers. Once this is done, Bitcoin will start to resemble more a clearing network with reduced fees and the electricity consumption per transaction will be decreased by several orders of magnitude. Anybody can make a pill, and it costs only a few cents per dose. We saw recently the SegWit activation and within the next few months we will see the adoption of the Lightning Network which effectively moves micropayments off the blockchain. Just as the consumer electronics revolution drove the massive computing efficiencies known as Moore's law; the Bitcoin revolution could drive a similar explosion of innovation in clean efficient energy. Calculating branch consumption is more tricky since there are lots of things to take into account like size of the branch or number of employees as well as several things consuming electricity like lights, cooling, computers, monitors, etc. Real world miners leverage expensive capital to dig impressive holes into the earth, to discover and extract marketable metals, minerals, and gems. May 6 80 photos. Computers using powerful processors will run through millions and millions of code lines and solve mathematical puzzles for every 10 minutes. An investment is something that has intrinsic value — that is, it would be worth owning from a financial perspective, even if you could never sell it. As we've learned above, miner energy use moves up or down with the amount of competition between miners, not the number of transactions being validated. You might think this is all a bit of a rube goldberg machine. Mueller indicated in his statement that he would not provide any new information if he were to testify before Congress. Never miss a story from Hacker Noon , when you sign up for Medium. AI Latest Top 2. Topics Bitcoin.

The cryptocurrency policy briefing from Coin Center.

Pick a very conservative number of an average of servers per bank keep in mind banks need servers not just for the banking infrastructure but for the bank internal operations as well like ERPs, CRMs, accounting systems, Website, etc. Given that mining hardware is on all the time, you need to multiply this by 24 hours and days given a total of around Gigawats a year or as opposed of current estimates of 10,23 TWh to close to 30Twh yearly consumption, so 60 times more efficient. We saw recently the SegWit activation and within the next few months we will see the adoption of the Lightning Network which effectively moves micropayments off the blockchain. The front-end processors forward the information in the credit card to the relevant card association VISA or others like MasterCard or American Express primarily which then figures out which bank your card came from, the so-called issuing bank. These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. Aaron Hankin. Traditionally nations such as China and Canada had taken to mining of the algorithm-based decentralized coins. You could make the same argument about my fingernail clippings: The Cases They Can't Forget" returns for its third season with back-to-back episodes. That would rank bitcoin as 61st if it were its own country. When such a solution is found, a batch of transactions will be rewarded by means of the same bitcoin. This is comparing apples and oranges. A currency should also not be artificially sparse.

CBSN Live. Smaller rewards will mean less computing power dedicated to winning and less electricity consumed. If a server in average consumes Wh and since it always on, this means that banks consume in total Mwh. However, electricity costs may not always be top of mind for your typical heavy industry proprietor. That's about 0. Myth 3: These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. At the time of writing, when bitcoins enter the market litecoin miner program for win 10 computers on the bitcoin network were doingTerahashes per second. Faith Salie reports on the Monumental Women Campaign, and Equal Visibility Everywhere, two groups that say it is time to put more women up on a pedestal. It reports that bitcoin consumed the equivalent energy of nearly 2. When the supply of foolish speculators dries up the value evaporates — often very quickly. Investing Cryptocurrencies Economics features. Those old mechanisms would allow, for example, six data centers owned by IBM to stay in sync with each other, storing and updating some data that IBM cares about and wants redundantly stored on multiple machines. After doing a bit of research, it seems that no one knows exactly how many banks how much can i make in a week mining bitcoin pool review in the world and you can get different estimates ranging from around 14, here to 25, here and even more than 60, quasi banks associations that are almost as rigorously regulated as banks. If Bitcoin ever scaled to global transaction volumes, it would boil the oceans. The energy use is anything but useless, it is securing data about transactions worth hundreds of billions of dollars.

So you're thinking about investing in bitcoin? Don't

Elite Fixtures. When such a solution is found, a batch of transactions will xrp price update mining on mac cpu rewarded by means of the same bitcoin. These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. Bitcoin mining uses more electricity than individual countries -- including more than Ireland or Nigeria. The reasons are two fold. Bitcoin wallet factorization buying bitcoin with credit card from india we need to estimate how much electricity banks consume. This mechanism makes fraud non-viable because miners suffer a cost to even be eligible in the lottery and they lose their eligibility if they try to submit invalid transactions. Once this is done, Bitcoin will start to resemble more a clearing network with reduced fees and the electricity consumption per transaction will be decreased by several orders of magnitude. Finally, it is time for the transaction to flow back from the bank to the processor to the credit card association to the front-end processor to the merchant and to the acquiring bank for the transaction to actually occur. Most Popular. That's about 0. Lately that has roundly been a green affair. It may get less fierce as time goes on. Ethereum mining gpu chart bitcoin supply demand Salie reports on the Monumental Women Campaign, and Equal Visibility Everywhere, two groups that say it is time to put more women up on a pedestal.

It is, indeed, complicated, but as of right now it is the only mechanism in existence that allows a large set of unidentified computers to agree over shared data and, therefore, the only way to have peer-to-peer electronic cash. Apr 22, 21 photos. This is comparing apples and oranges. Besides the government has officially banned the use of these cryptographic assets in the country and all transactions are handled at overseas exchanges such as Singapore or Malta-based Binance. Prices would rise, especially if supply was limited just as an artificial supply limit is built into the bitcoin algorithm. The rise in its currency value has given way to a spike in electrical consumption for the powerful computers used to "mine" more bitcoins, according to a new report. That means that heavy industry will base itself where costs are lower, and that will tend to be wherever electricity is affordable because its production is more efficient. Blockchain is simply a nifty software invention which is open-source and free for anyone to use , whereas bitcoin is just one well-known way to use it. There were some surprising revelations — Bitcoin networks were consuming power equivalent to the national power consumption of Ireland. Lee Cowan reports. The Cases They Can't Forget" returns for its third season with back-to-back episodes. As a real-world comparison for blockchain and bitcoin , take this example from the blogger The Unassuming Banker:. In a proof-of-stake consensus mechanism miners or validators still compete with each other to win a lottery, but tickets are provably costly because the participants prove that they own or have a stake in some amount of the cryptocurrency secured by the blockchain. You should not invest in Bitcoin. In other words, it takes a whopping The second point is crucial. Besides the fact that Bitcoin is not simply a piece of a payment network like VISA but a full currency system, VISA itself requires the banking system for its payment system to work so you need to actually include some of those costs there to make a meaningful comparison. Real world miners leverage expensive capital to dig impressive holes into the earth, to discover and extract marketable metals, minerals, and gems.

Someone is going to get killed. This is where bitcoin next bitcoin auction coinbase charges more comes in. May 26 As a real-world comparison for blockchain and bitcointake this example top altcoin exchange china what is the next big cryptocurrency the blogger The Unassuming Banker:. Given that mining hardware is on all the time, you need to multiply this by 24 hours and days given a total of around Gigawats a year or as opposed of current estimates of 10,23 TWh to close to 30Twh yearly consumption, so 60 times more efficient. Bitcoin mining uses more electricity than individual countries -- including more than Ireland or Nigeria. We saw recently the SegWit activation and within the next few months we will see the adoption of the Lightning Network which effectively moves micropayments off the blockchain. We have a longer post on the subject but here are the highlights in bullet form:. Real world miners leverage expensive capital to dig impressive holes into the earth, to discover and extract marketable metals, minerals, and gems. Myth 3: May 6 80 photos. Topics Bitcoin. Those virtual miners perform a crucial function within the blockchain, or the decentralized ledger technology that underpins most cryptocurrencies, by solving complex problems to validate transactions on the network, In using bitcoins to launder money trading ether for bitcoin coinbase for this function, which powers miners are rewarded with bitcoins. Energy use scales with number of transactions.

The bank where the merchant sales receipts are deposit is referred to as the acquiring bank. Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders. There are hundreds of front-end processors in the world. From baby boomers to millennials, some people have found a road map to happiness by living their lives on the open road, in RVs or converted vans. Besides the fact that Bitcoin is not simply a piece of a payment network like VISA but a full currency system, VISA itself requires the banking system for its payment system to work so you need to actually include some of those costs there to make a meaningful comparison. So for the purpose of this calculation we will just take the 30, number. Apr 22, 21 photos. But the paper also has some in-built ideology: For small bank ATM machines, the average daily power consumption comes around 5Wh. There were some surprising revelations — Bitcoin networks were consuming power equivalent to the national power consumption of Ireland. Now, your payment information will be sent to a payment processor representing the issuing bank to validate that the information is correct and you have credit or balance. MarketWatch Partner Center. Those virtual miners perform a crucial function within the blockchain, or the decentralized ledger technology that underpins most cryptocurrencies, by solving complex problems to validate transactions on the network, In exchange for this function, which powers miners are rewarded with bitcoins.

Bitcoins are expensive right now, and every how to change eth to xrp gatehub bitcoin ticker app minutes one miner will get The reward of new bitcoins halves every four years until it goes effectively to zero. Energy use is not bad in and of. Based in Washington, D. It is, indeed, complicated, but as of right now it is the only mechanism in existence that allows a large set of unidentified computers to agree over shared data and, therefore, the only way to have peer-to-peer electronic cash. Those old mechanisms would allow, for example, six data centers owned by IBM to stay in sync with each other, storing and updating some data that IBM cares about and wants redundantly stored on multiple machines. These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. By Aaron Hankin. Economic Calendar Tax Withholding Calculator. Meanwhile, the technology has some fans. Lately, miners have flocked to Iceland, known for its relatively moderate climate and the abundance of hydropower. See what all your favorite celebrities wore to fashion's biggest night. The bank where the merchant sales receipts are deposit is referred to as the acquiring bank. In my view, this comparison is flawed and it is not comparing apples to apples.

As expected, VISA looks way more efficient which adds to the rhetoric that Bitcoin is a very inefficient system and it is just a Ponzi scheme that is polluting the world. It may get less fierce as time goes on. May 6 80 photos. Topics Bitcoin. Our banker goes on to explain that the first Cancer-Pill bitcoin might initially see some great sales. People trust Bitcoin as a store of value and medium of exchange in part because everyone can see this blockchain and see all the historical transactions including their own going back to the launch of the network in A currency should also not be artificially sparse. Miners will keep working because they can also collect fees that users of the network add to their transaction messages, but the total take-home payment for a winning miner will probably be less than it is today even if the price of a Bitcoin continues to rise. Besides the fact that Bitcoin is not simply a piece of a payment network like VISA but a full currency system, VISA itself requires the banking system for its payment system to work so you need to actually include some of those costs there to make a meaningful comparison. Learn more. After doing a bit of research, it seems that no one knows exactly how many banks are in the world and you can get different estimates ranging from around 14, here to 25, here and even more than 60, quasi banks associations that are almost as rigorously regulated as banks. Apr 22, 21 photos. Myth 2: They burn resources to get valuables. The reasons are two fold.

Bitcoin is a bubble, but the technology behind it could transform the world | Will Hutton

Comment icon. Blockchain is simply a nifty software invention which is open-source and free for anyone to use , whereas bitcoin is just one well-known way to use it. If Bitcoin mining really does begin to consume vast quantities of the global electricity supply it will, it follows, spur massive growth in efficient electricity production—i. If Bitcoin ever scaled to global transaction volumes, it would boil the oceans. Several efforts are underway to develop second-layer networks, or new open consensus mechanisms, that could allow for thousands and even millions of transactions per second. These days, stocks in the US are regulated by the Securities and Exchange Commission, precisely, because in the olden days, there were many stocks issued that were much like bitcoin, marketed to unsophisticated investors as a get-rich-quick scheme. Facebook Twitter Pinterest. There are hundreds of front-end processors in the world. So for the purpose of this calculation we will just take the 30, number.

By now, your credit card information has crossed over several databases and servers out of which VISA is just one piece in the entire transaction chain. In a proof-of-stake consensus mechanism miners or validators still compete with each other to win a lottery, but tickets are provably costly because the participants prove that they own or have a stake in some amount of the cryptocurrency secured by the blockchain. Bitcointhe digital currency also known as cryptocurrency, has been on an upward trajectory lately. The town council had never heard of the N. Myth 2: May 27 37 photos. Why is there so much competition driving how trustworthy is coinbase coinbase wont let me send much energy usage? Investing How to write a poloniex bot coinbase news bhc Economics features. Lately, miners have flocked to Iceland, known for its relatively moderate climate and the abundance of hydropower. If Bitcoin ever scaled to global transaction volumes, it would boil the oceans.

It needs to expand with the supply of goods and services in the world, otherwise we end up with deflation and hoarding. According to the World Bank there are May 28 Those old mechanisms would allow, for example, six data centers owned by IBM to stay in sync with each other, storing and updating some data that IBM cares about and wants redundantly stored on multiple machines. They burn resources to get valuables. When the supply of foolish speculators dries up the value evaporates — often very quickly. The sensible-sounding ones will say: Older, closed consensus mechanisms stay in sync because identified participants take turns adding new data to the record, and they are secure because only identified participants are allowed to add data.

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