This just isn't how the grid works. Texas has added more than double the amount of renewable energy than any other state grid in the last two years. These investments introduce variable production and require on-demand response to keep the demand/consumption balance steady. Normal / residential consumers do not have a steady demand, don't prepay power usage, and don't guarantee future power usage. All of these factors are what make industrial demand response valuable and necessary for the modernizing, increasingly-renewable based, power grid. ERCOT isn't perfect, I think there are areas for vast improvement, but I think your comment is a little uninformed as to how the grid currently works and will be working in the future as we increase renewable production.
Totally agree! But this isn't the reality we live in today and you have proposed a potentially better option with no ideas on how to achieve it. What you need to focus on is how we can grow a better grid while achieving prepaid usage levels, guaranteed usage levels, and on-demand response. These factors are what lead to a more efficient, more climate friendly, more better etc etc grid.
There's a lot of misunderstanding in the comments so far regarding bitcoin mining incentives. I urge you to read this thread describing the split-second load-shedding response time from the POV of one of these miners:
It also goes into the other mechanism by which they make money (being natural sellers of future energy demand contracts during times of high demand). This mechanism is similar to how other commodity markets operate with producers, consumers with steady future demand, and consumers with unpredictable short-term demand.
Our energy grids need to keep an equal demand/production at all times, and on-demand load-shedding is a valuable part of this equation. The bitcoin miners are providing a service to ERCOT and being paid for it. If there were a more "productive" source of on-demand energy usage, then it will replace the bitcoin miners, this is how markets work (of which both energy production/consumption and capitalism in general are).
This is the reality of how the texas energy grid works at present. The bitcoin miners, for lack of a (subjectively) "better" option, are filling the two needs of elastic load-shedding and predictable future demand. The first is very hard to fill, the latter can probably be fulfilled more productively with steady demand from other industries (factories, data centers, other things that run 24h per day).
One more edit: this whole equation changes COMPLETELY if we have the ability to store energy production in times of low demand to be used in future times of high demand (batteries). We don't currently have this at any sort of reasonably useful scale, we need this, and the current "market" everyone is upset about is a bandaid on top of the lack of decent storage options. For the climate folks, the anti-bitcoin folks, whoever disagrees with what I've said here: Fix the storage issue and everything gets magically better. Good luck, it's a very hard problem with very nasty environmental impacts, I'm rooting for you.
This point is getting missed by a lot of people I think. FTX / Alameda had a part in funding almost all solana-based projects, and almost all of these fundings involved some kind of "use FTX as your bank" fundraising stipulation. So not only were they propping up the ecosystem with projects getting funding that might not have really deserved it, but now those projects have no treasuries.
The entire solana ecosystem is just nuked now and it isn't hard to see this in on-chain activity and project/dao comm's.
edit: as a dev solana had some nice implementation details and was a step forward over some other chains in some ways. IMO it's totally DOA now, but I hope the dev community (whoever is real and not an alameda-funded "anon" dev etc) continues on in some capacity on a fork or other chain.
Coinbase adds new assets to the pro option first, establishes a market, and then adds to the retail Coinbase "buy button" app. When a user hits the retail Buy Coin button, the internal market maker fills the order against the coinbase pro's order books.
Anyone have other resources (besides the who's hiring monthly thread which is my favorite) for remote work hiring that are worth checking out? Especially not just technical roles?
I don't really want to say more because I'm worried that the creator of both of these (Richard Heart) would somehow be litigious, but please do more research, especially into how the hex network handles fees and rewards flowing back toward the creator. There are very concerning behaviors of the hex network that enrich the creator at the cost of everyone else. Pulse is doing the same, it's a playbook being followed.
And this is coming from a very pro-crypto person, non-btc maxi etc, type of person.
"PSA: 1B USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps."
The tether CTO routinely comments on these seemingly large moves because people get very worked up about them.
Why does tether seem to bring out the tinfoil theories from people that have absolutely 0 background in finance or crypto market structure or econ in general.
There's a lot of back and forth about the general idea of NFT's, why would visa do this, the usual HN pros and cons of crypto, etc, in this thread.
To the software devs on HN that might scroll past this, before you close this tab because of all the crypto stuff when you want to read about coding, hang on a sec!
There are some really really cool new user experiences being unlocked with so-called "web3" tech. Micro transactions, wallets embedded in your browser, these technologies offer so much potential for things far beyond a punk NFT or cryptokitty.
Any front-end dev I talk to in person I urge to get in contact with some of these communities and try out a consulting project or two, so I'll urge the same here. The pay rates right now are outrageous and you will get to try out some tech that might end up being useless or might end up being the next major comms layer, exciting times!
some of the above are ethereum specific, but there are always new communities popping up and out of ethereum. for example, Avalanche is ramping up their dev community funding right now with over $170m committed to the ecosystem.
Why do you care if this company wants to take on the hassle of converting the bitcoin to $ for the customer? It's an additional source of revenue for them.
I buy a house with a mortgage, I owe $1k a month or whatever to this company to pay my mortgage. If I pay with bitcoin it is a capital gains event to convert it to USD and I would owe capital gains taxes on the $1k per month or whatever my payment is.
It's the same as if I were to convert the bitcoin to dollars on my own and pay via dollars. Taxes are still paid in this scenario just as they would be if I converted the bitcoin to dollars and did whatever else with it...
The wash trading volume has nothing to do with tether (the trades are not even executing against the book in many cases, just reported as trades on the data feeds CMC consumes). Exchanges are using bots to wash trade back and forth on every trading pair to give the appearance of massive volume in an attempt to gain customers. It is very easy to see on charts and has nothing to do with propping tether up, whatever that means.
CoinMarketCap has been asked to exclude these exchanges from their volume reports for a long time and ignores them, most likely due to a conflict of interest (exchanges pay to advertise on CMC for example). Just like someone can create a new token and artificially inflate its market cap, exchanges can be created and artificially report their volume. CMC does nothing to filter this out and it results in a totally misleading view of the crypto markets.
OnChainFX is one example of an attempt to remove those wash-trading exchanges from the total volume reports.
My only reason for the inital reply was to urge people to not use CMC volume reports, there are better options out there that reflect real trading activity.
Just a heads up, CoinMarketCap has been deliberately dragging its feet on addressing the issue of blatant wash trading to increase volume reported on some unregulated exchanges (especially some coming out of/focused on asian markets).
There are a number of sites working on more reliable volume metrics, one is here: https://messari.io/onchainfx . (edit: it is the "Real 10" 24 Hour Vol column)
What CMC is doing is disingenuous at best, they have a clear conflict of interest, and they are holding back the industry. We should push for alternative sources of information.
Tether has maintained $1, tether redemptions are smooth, bitfinex premium over market has returned to ~0% and was even at a discount during the push up through $7200. There are serious problems ahead for Bitfinex legally, but bitfinex is not leading the price action and is certainly not driving up prices.
Source: Work in the space every day at an algo/automated prop trading and market making firm.
I don't think you should be allowed to make a one-liner comment "This is really cool!" and then follow it up with a 15 line copy-pasted sales pitch for a potentially competing product.
That being said, it is refreshing to see a barebones data site by geeks for geeks! I'll following up to find out what they have behind the client subscription.
The crypto market is down 75% to 95% or more depending on the asset. This is a last ditch effort to stay solvent after betting the farm on the bull market continuing around Jan 2018.