Crypto Perspective: A YEAR and a HALF on Steem!
Image source: https://www.facebook.com/CookieMonster/photos/happy-birthday-cookie-monster/10150351487171587/
I am an optimistic person and live a half full life so I want to start a discussion on the future of crypto and Steem based on some observations.
Observation
It is no longer profitable for easy mining using services like Nicehash and off the shelf hardware.
Question:
What if it is no longer profitable to mine cryptos using proof of work at all levels of mining?
Case in point:
https://www.financemagnates.com/cryptocurrency/news/chinese-crypto-mining-firms-are-selling-equipment-by-the-kilo/
Observation:
Question:
Will it become too expensive for people to have the necessary hardware to be witnesses on our and other blockchains using POW?
Will there be a point where WHALES start to power down to get as much as they can for their Steem? It is already happening with the selloff of BTC and ETH - although I know there are institutional selloffs as well as ICO selloffs and that may be different.
Last question:
Will quantum computers be a threat to existing blockchains?
PS. Check out my new album at
http://www.sequentialvibe.com
I expected a long story, also about your time on Steem but you're mainly asking questions. Being a ( glass ) half full person is a good thing though.
I posted this, two days ago, on whaleshares - my first crypto post in a long time - you might want to read it:
Investing money to save time - Bullish on Bitcoin and the Cryptomarket
I must say that I'm not necessarily bullish on Steem(it) but I won't say it's dead either. I just prefer to hang out where I feel the most energy and these days that's whaleshares, discord and real life.
Stay in touch my friend and let's keep our heads up :>)
Cool thanks for the link to your post. Cheers!
You're welcome buddy.
Btw, are you ever on Discord these days? I wanted to ask you something.
Have a nice weekend! :>)
I haven't been on discord for a bit. Email me at [email protected]
Thanks for reminding me of something that I had to remind myself of recently, that I can always email you :>)
The cost of mining, and the cost of running crypto exchange will have to go down. I do not see that governments will tolerate high rises in electricity cost much longer. When it hurts the normal consumers it will also hurt votes in future elections. Then political parties will be forced to take actions to secure votes.
Fantastic point. I know Quebec is limiting crypto mining due to the goldrush to use their cheap hydro!
It is the same in Norway. We are a provider of both oil and clean energy. The clean energy from waterfalls is valued high because of the low carbon imprint of the production. Now lots of people are saying it is just wrong selling cheep electricity that goes to mining. And at the same time we have to import electricity produced from coal etc. Hard to argue that it isn't wrong.