8 ms·

Coinexchange.io is Closing Down

28 points by enigami 7y ago

moonbug 7y ago
and nothing of value was lost..
- j-pb 7y ago
  I can't wait for the Tulip... err Blockchain hype to die down. Using the energy of a mid size european country for what is now essentially a pyramid scheme is just shitty. (And I make that statement after having made a few thousand bucks by mining BTC at 5$ per coin.)
  - hc91 7y ago
    Using the energy of a mid size european country for what is now essentially a pyramid scheme is just shitty. It is all fun and games until you realise this is NOT a metaphor and that shitcoin does indeed consume as much energy as a country.
  - helpPeople 7y ago
    Anyone who calls it a tulip isn't taken seriously. I don't believe in the hype of altcoins, but I do see the problems Bitcoin solves.
    - arcticbull 7y ago
      I genuinely don't. It's not clear that Bitcoin does anything better than what's out there today. Not one thing. And it's less efficient.
  - nicky0 7y ago
    Bitcoin seems to be just quietly sticking around for now.
    - andirk 7y ago
      Quietly like the best investment of 2019? Quietly like a multi billion dollar industry/currency/space cash? Quietly like the owners of NYSE creating a new exchange for BTC trading? Or do you mean quietly compared to when everyone and their moms was saying the word bitcoin from Sep-Dec 2017?
  - undefined3840 7y ago
    Living in a country where you have no choice but to earn in a local currency with runaway inflation is objectively shittier.
    - arcticbull 7y ago
      Bitcoin doesn't solve that problem. 600kWh of electricity are consumed for each transaction. Venezuelans would be mad to trade 2 weeks wages for a single BTC transaction. And that's when transaction fees are socialized by block rewards. If they actually had to pay the electricity consumed for their transactions it would be 10X higher. Their problems are societal and need to be solved by societal means. Pretending magic beans in your computer will solve the Venezuelan objective nightmare is just ignoring objective reality. But don't just listen to me -- they all have access to Bitcoin. They know what it is. If it could solve their problems they would have started using it already. Bitcoin has no extrinsic barriers to adoption -- only intrinsic. People just don't want it, and why on earth would they? The Bank of Canada study by real economists showed a BTC economy would have as much drain on the economy as a 48% inflation rate haha.
      - TheSpiceIsLife 7y ago
        > Bitcoin ... 600kWh of electricity are consumed for each transaction That’s jaw dropping. Where can I read more about this? Found this: https://digiconomist.net/bitcoin-energy-consumption https://digiconomist.net/bitcoin-energy-consumption Which appears to support your claim.
        arcticbull 7y ago
        Yeah, that's where I realized the magnitude of the number. They've got a bunch of extra reading articles at the bottom. The CBECI data from Cambridge University lines up with it (and I think is referenced from the Digiconomist writeup). Its methodology section explains how they got where they did [1]. [1] https://www.cbeci.org/methodology/ https://www.cbeci.org/methodology/
        7y ago
- dang 7y ago
  Maybe not, but please don't post unsubstantive comments to Hacker News.
ConcernedCoder 7y ago
Hey if anyone wants to use their computer spare cycles on something a little more worthwhile ( as far as humanity is concerned ) try: https://foldingathome.org/ https://foldingathome.org/
- hc91 7y ago
  Also Rosetta@HOME: https://boinc.bakerlab.org/rosetta/ https://boinc.bakerlab.org/rosetta/
- wesammikhail 7y ago
  This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... nothing of value really? The main currency in crypto is NOT the tokens/coins you get. It is the CPU cycles. So why the hell are we not putting those to good use? it´s freaking beyond me. Imagine if F@H (or something like it) had the bitcoin network´s power, we could potentially help solve cancer. Maybe someone can help shed some light on this topic if there is something I´ve missed!
  - bdcravens 7y ago
    When you encounter your typical Bitcoiner, they'll do logical gymnastics and typically go the playbook, which is to deflect and talk about how much energy banks or treasuries use. However, the true answer is always greed.
    - wesammikhail 7y ago
      Who gives a shit about energy usage if it is used for a cause that could potentially help humanity overcome adversity? Granted, energy usage is important but it is a question about trade-offs. If bitcoin helped solve cancer or some genetic diseases, I doubt anyone would say: "yea but it uses too much electricity!". The world is based on trade-offs, so why not have that electricity that the bitcoin network generate be used to solve actual real world problems?
djsumdog 7y ago
> It has been a fantastic journey Ah yes ... yes the journey. It was such a good shutdown notice until that point. Just leave it off. No one cares about your journey.
michannne 7y ago
I have no regrets making as much money as I did via Bitcoin. It was one of those once in a lifetime events you truly only have one chance to participate in. I remember various betting dApps that practically doubled your ethereum, and thinking there is no way this is what Satoshi had in mind.

28 points by enigami 7y ago

moonbug 7y ago

and nothing of value was lost..

j-pb 7y ago
I can't wait for the Tulip... err Blockchain hype to die down. Using the energy of a mid size european country for what is now essentially a pyramid scheme is just shitty. (And I make that statement after having made a few thousand bucks by mining BTC at 5$ per coin.)
- hc91 7y ago
  Using the energy of a mid size european country for what is now essentially a pyramid scheme is just shitty. It is all fun and games until you realise this is NOT a metaphor and that shitcoin does indeed consume as much energy as a country.
- helpPeople 7y ago
  Anyone who calls it a tulip isn't taken seriously. I don't believe in the hype of altcoins, but I do see the problems Bitcoin solves.
  - arcticbull 7y ago
    I genuinely don't. It's not clear that Bitcoin does anything better than what's out there today. Not one thing. And it's less efficient.
- nicky0 7y ago
  Bitcoin seems to be just quietly sticking around for now.
  - andirk 7y ago
    Quietly like the best investment of 2019? Quietly like a multi billion dollar industry/currency/space cash? Quietly like the owners of NYSE creating a new exchange for BTC trading? Or do you mean quietly compared to when everyone and their moms was saying the word bitcoin from Sep-Dec 2017?
- undefined3840 7y ago
  Living in a country where you have no choice but to earn in a local currency with runaway inflation is objectively shittier.
  - arcticbull 7y ago
    Bitcoin doesn't solve that problem. 600kWh of electricity are consumed for each transaction. Venezuelans would be mad to trade 2 weeks wages for a single BTC transaction. And that's when transaction fees are socialized by block rewards. If they actually had to pay the electricity consumed for their transactions it would be 10X higher. Their problems are societal and need to be solved by societal means. Pretending magic beans in your computer will solve the Venezuelan objective nightmare is just ignoring objective reality. But don't just listen to me -- they all have access to Bitcoin. They know what it is. If it could solve their problems they would have started using it already. Bitcoin has no extrinsic barriers to adoption -- only intrinsic. People just don't want it, and why on earth would they? The Bank of Canada study by real economists showed a BTC economy would have as much drain on the economy as a 48% inflation rate haha.
    - TheSpiceIsLife 7y ago
      > Bitcoin ... 600kWh of electricity are consumed for each transaction That’s jaw dropping. Where can I read more about this? Found this: https://digiconomist.net/bitcoin-energy-consumption https://digiconomist.net/bitcoin-energy-consumption Which appears to support your claim.
      - arcticbull 7y ago
        Yeah, that's where I realized the magnitude of the number. They've got a bunch of extra reading articles at the bottom. The CBECI data from Cambridge University lines up with it (and I think is referenced from the Digiconomist writeup). Its methodology section explains how they got where they did [1]. [1] https://www.cbeci.org/methodology/ https://www.cbeci.org/methodology/
        7y ago
dang 7y ago
Maybe not, but please don't post unsubstantive comments to Hacker News.

ConcernedCoder 7y ago

Hey if anyone wants to use their computer spare cycles on something a little more worthwhile ( as far as humanity is concerned ) try: https://foldingathome.org/ https://foldingathome.org/

hc91 7y ago
Also Rosetta@HOME: https://boinc.bakerlab.org/rosetta/ https://boinc.bakerlab.org/rosetta/
wesammikhail 7y ago
This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... nothing of value really? The main currency in crypto is NOT the tokens/coins you get. It is the CPU cycles. So why the hell are we not putting those to good use? it´s freaking beyond me. Imagine if F@H (or something like it) had the bitcoin network´s power, we could potentially help solve cancer. Maybe someone can help shed some light on this topic if there is something I´ve missed!
- bdcravens 7y ago
  When you encounter your typical Bitcoiner, they'll do logical gymnastics and typically go the playbook, which is to deflect and talk about how much energy banks or treasuries use. However, the true answer is always greed.
  - wesammikhail 7y ago
    Who gives a shit about energy usage if it is used for a cause that could potentially help humanity overcome adversity? Granted, energy usage is important but it is a question about trade-offs. If bitcoin helped solve cancer or some genetic diseases, I doubt anyone would say: "yea but it uses too much electricity!". The world is based on trade-offs, so why not have that electricity that the bitcoin network generate be used to solve actual real world problems?

djsumdog 7y ago

> It has been a fantastic journey Ah yes ... yes the journey. It was such a good shutdown notice until that point. Just leave it off. No one cares about your journey.

michannne 7y ago

I have no regrets making as much money as I did via Bitcoin. It was one of those once in a lifetime events you truly only have one chance to participate in. I remember various betting dApps that practically doubled your ethereum, and thinking there is no way this is what Satoshi had in mind.