All the better! Great potential for much more than art. Although probably at the cost of a lot of computing power needed.
It doesn't prevent distribution. It makes copyright transfer and trading much more versatile.
All the better! Great potential for much more than art. Although probably at the cost of a lot of computing power needed.
One can only hope.What do people think about this? Is this the future for digital art sales?
https://www.bbc.co.uk/news/technology-56362174
Why do blockchain and bitcoin take huge amounts of energy?Yes, it can be used for quite a few things!
That is the biggest downfall of this; you need to maintain the blockchains and those take huge amount of energy. That has caused chinese to take ower the bitcoin as they can harvest cheap energy & buy the graphic cards before those enter to western world. If someone says bitcoin is "free" it is a big lie
Why do blockchain and bitcoin take huge amounts of energy?
The article provides the energy used but not the reason. Why? What is going on when bitcoins are "mined". Where and how is the energy being expended?You have to have computers in network that agree the transactions. See this chapter on wikipedia article: https://en.wikipedia.org/wiki/Bitcoin#Energy_consumption
there was an engineer nearby to where I grew up, he and his wife have the biggest gravestones in the chestnut hill cemetery (the same one where mercy brown the legendary vampire is buried)How do you brag about your $68 million dollar artwork if you can't hang it on your wall? What good is the pickup expression, "Would you like to come over to my apartment and see my etchings?" What do you do? Pull out your iPhone and flash it at people. The whole thing is just silly. For a million, I'll email all my Flickr pictures to anyone who pays.
Computers capable of doing extremely high numbers of calculations use a lot of electricity, and create a lot of heat, which needs to be dissipated, which uses a lot more electricity.The article provides the energy used but not the reason. Why? What is going on when bitcoins are "mined". Where and how is the energy being expended?
Well, our computer do a lot of computations too without all that energy. What is bitcoin doing that uses so much? What do they mean by "mining"?Computers capable of doing extremely high numbers of calculations use a lot of electricity, and create a lot of heat, which needs to be dissipated, which uses a lot more electricity.
The "mining" involves doing massive amounts of calculations - far, far, far more than the type of use that you are putting your computer through.Well, our computer do a lot of computations too without all that energy. What is bitcoin doing that uses so much? What do they mean by "mining"?
I understand your point. But why does it take so many calculations. After all, the whole banking system in the world is complicated and very involved. But what is blockchain doing that requires so many calculations that it's burning up the electricity?All they're doing is transferring data from one place to another encrypting stuff? RIght? Wrong?The "mining" involves doing massive amounts of calculations - far, far, far more than the type of use that you are putting your computer through.
Unless you are doing gene sequencing, ray tracing for lens design and calculation of optimal escape velocities for your space craft - all at the same time!
Only for as long as society arbitrarily agrees to assign value to what is otherwise either stamped pieces of metal, ink printed on fancy paper, or an interesting type of metal that can be pretty and has some mildly useful properties, but is otherwise of little inherent value.There's something to be said holding cash under your mattress or real gold.
But gold has value as a metal for thousands of years. It's jewelry and is needed in electronics. Bitcoin has no inherent value. You can't wear it, eat it, hang it, drive it. Its inherent value is about equal to one of my photos in Flickr.Only for as long as society arbitrarily agrees to assign value to what is otherwise either stamped pieces of metal, ink printed on fancy paper, or an interesting type of metal that can be pretty and has some mildly useful properties, but is otherwise of little inherent value.
One of the ways to deal with tasks that require huge amounts of computing power is through distributed computing. Way back in 2004, Sean helped organize APUG to contribute to such a task through this fascinating (and now most likely quite dated) Sticky thread in the Lounge: https://www.photrio.com/forum/threads/the-apug-folding-team-its-free-its-a-charity.2782/
Think of how much electricity all those 2004 era computers must have used!
Gold and copper both have inherent value. Gold is more expensve because it's more scarce. We could use copper as money except you need too much of it to be worth anything. Due to gold's scarcity, smaller amounts are worth more. So it's easier to store and carry around. We use to have silver coins, I think the dime ad quarter. But the cost went too high so now they use a cheap composite. It's true that our currencies are no longer backed by gold. That's why because of the printing, their value has depreciated over the years and getting worse. Bitcoin has no inherent value at all. It's price is going up on the geater fool principal. as long as you can find someone who thinks its worth more. But at some point that ends and like musical chairs, you'll be left without a chair and it will be worth nothing.Gold is less practical value than copper, except that we artificially assign a higher price to it.
It is that assignment of value, and our acceptance of that value that matters - it is the same with paper currency, or the banking records where most of that value is evidenced.
Monetary values are really no different than religious beliefs, except they are much more useful when commonly shared.
If someone is willing today to value one bitcoin at $60,300.10 USD (today's price) and give you that sum in USD for the bitcoin you have in your computer, why is that any different than someone being willing to give you $60,300.10 USD for $75,239.45 Canadian Dollars in your Canadian dollar bank account? (that is today's exchange rate).
They never really were.It's true that our currencies are no longer backed by gold.
You're right that fiat currency not backed up by gold or other valuable stores of wealth is just as useless as fiat bitcoin backed up by nothing too. Of course, the US dollar was at one point backed up by gold. That's where it got it;s original value. We had most of the gold in the world. The dollar is also the reserve currency of the world and has had a long history of being used as a currency. But you're right that it could become worthless and maybe it will if we keep printing.Gold is less practical value than copper, except that we artificially assign a higher price to it.
It is that assignment of value, and our acceptance of that value that matters - it is the same with paper currency, or the banking records where most of that value is evidenced.
Monetary values are really no different than religious beliefs, except they are much more useful when commonly shared.
If someone is willing today to value one bitcoin at $60,300.10 USD (today's price) and give you that sum in USD for the bitcoin you have in your computer, why is that any different than someone being willing to give you $60,300.10 USD for $75,239.45 Canadian Dollars in your Canadian dollar bank account? (that is today's exchange rate).
Those attics are filled with Beanie Babies too.After reading all these posts, something the showman P.T. Barnum once said came to mind...
To me the sad part of all this 'nouveau' is that it will just further devalue computer art as collectable and/or investment, much like digital photography badly devalued good photography from 2005 onwards when it took off an an 'art' form and every second snapshooter suddenly reinvented themselves as an 'artist'. Many until then profitable photo markets quickly went down the proverbial gurgler - literally overnight my stock photo sales which had funded my travels and gear since 1966 went the way of the passenger pigeon and the Tasmanian tiger. Many other good photographers I know also had this happen to their markets. Now most of our analog gear sits gathering dust and weevils in our camera cabinets.
In the end this fad like so many others will pass and maybe evolve into something new. The goal appears to be mostly to part cashed-up but naive collectors from their money.
So call me cynical, but. But.
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