I have read a couple of articles "explaining" what NFTs are. I thought I had a handle on it. I am thinking they are digital artworks, so you can only view them using a computer? Then I read this:
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
I have read a couple of articles "explaining" what NFTs are. I thought I had a handle on it. I am thinking they are digital artworks, so you can only view them using a computer? Then I read this:
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
Whole thing confuses me too, but I think it might be the amount of energy used to mine the bitcoin to pay for it? May be miles off though!
I have read a couple of articles "explaining" what NFTs are. I thought I had a handle on it. I am thinking they are digital artworks, so you can only view them using a computer? Then I read this:
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
Energy consumption should now be slashed by a huge amount - ethereum moved to proof of stake about a month or so ago.
The “point” of blockchain networks is they need to be decentralised, so many computers all maintaining the network, not one central server like in the web currently. Back when ethereum (the most popular network outside of bitcoin) was proof of work (so transactions on the network had to be approved by many computers doing ever more complex calculations for fees from users transacting on the network) energy consumption was high. Now it is proof of stake (you lock up your tokens to form a node in the network, these nodes then approve transactions and are then rewarded with fees from users) it’s much more energy efficient by many many times. However this is also controversial in the crypto community, as it makes the network less decentralised.
ethereum is just one of many networks, but it’s the most popular. Most other ones are proof of stake also. Bitcoin is proof of work, and will probably remain so
I have read a couple of articles "explaining" what NFTs are. I thought I had a handle on it. I am thinking they are digital artworks, so you can only view them using a computer? Then I read this:
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
Energy consumption should now be slashed by a huge amount - ethereum moved to proof of stake about a month or so ago.
The “point” of blockchain networks is they need to be decentralised, so many computers all maintaining the network, not one central server like in the web currently. Back when ethereum (the most popular network outside of bitcoin) was proof of work (so transactions on the network had to be approved by many computers doing ever more complex calculations for fees from users transacting on the network) energy consumption was high. Now it is proof of stake (you lock up your tokens to form a node in the network, these nodes then approve transactions and are then rewarded with fees from users) it’s much more energy efficient by many many times. However this is also controversial in the crypto community, as it makes the network less decentralised.
ethereum is just one of many networks, but it’s the most popular. Most other ones are proof of stake also. Bitcoin is proof of work, and will probably remain so
This. Energy use is all linked to "blockchain" which is an electronic ledger. Depending on how the ledger is "proved" is can either use a little bit or a ton of energy. The amount of energy used by "prof of work" is obscene. Proof of stake is essentially buying a lottery ticket to get your computer to "prove" a transaction - you invest in, for example, a crypto and it gives you an opportunity to do the work and you get paid for doing so. Proof of work on the other hand is putting your computer to constant use, so uses a lot of energy
Also worth remembering that if the worldwide grid was 100% renewables then this wouldn’t even be an issue. It’s like saying electric cars devastate the planet because they use up so much electricity…
I have read a couple of articles "explaining" what NFTs are. I thought I had a handle on it. I am thinking they are digital artworks, so you can only view them using a computer? Then I read this:
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
Energy consumption should now be slashed by a huge amount - ethereum moved to proof of stake about a month or so ago.
The “point” of blockchain networks is they need to be decentralised, so many computers all maintaining the network, not one central server like in the web currently. Back when ethereum (the most popular network outside of bitcoin) was proof of work (so transactions on the network had to be approved by many computers doing ever more complex calculations for fees from users transacting on the network) energy consumption was high. Now it is proof of stake (you lock up your tokens to form a node in the network, these nodes then approve transactions and are then rewarded with fees from users) it’s much more energy efficient by many many times. However this is also controversial in the crypto community, as it makes the network less decentralised.
ethereum is just one of many networks, but it’s the most popular. Most other ones are proof of stake also. Bitcoin is proof of work, and will probably remain so
So not possible without using jargon then. I have highlighted the bits that might as well be Swahili, however though there are a lot of words I actually understand on their own, when to put together in that order... more baffled than when I started, but thanks for trying KA.
Also worth remembering that if the worldwide grid was 100% renewables then this wouldn’t even be an issue. It’s like saying electric cars devastate the planet because they use up so much electricity…
If electric cars were immovable lumps of metal that just sat there on your driveway burning through electricity I would agree, but they actually serve a purpose.
I have read a couple of articles "explaining" what NFTs are. I thought I had a handle on it. I am thinking they are digital artworks, so you can only view them using a computer? Then I read this:
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
Energy consumption should now be slashed by a huge amount - ethereum moved to proof of stake about a month or so ago.
The “point” of blockchain networks is they need to be decentralised, so many computers all maintaining the network, not one central server like in the web currently. Back when ethereum (the most popular network outside of bitcoin) was proof of work (so transactions on the network had to be approved by many computers doing ever more complex calculations for fees from users transacting on the network) energy consumption was high. Now it is proof of stake (you lock up your tokens to form a node in the network, these nodes then approve transactions and are then rewarded with fees from users) it’s much more energy efficient by many many times. However this is also controversial in the crypto community, as it makes the network less decentralised.
ethereum is just one of many networks, but it’s the most popular. Most other ones are proof of stake also. Bitcoin is proof of work, and will probably remain so
So not possible without using jargon then. I have highlighted the bits that might as well be Swahili, however though there are a lot of words I actually understand on their own, when to put together in that order... more baffled than when I started, but thanks for trying KA.
i mean, i've explained what each of these are later on in the post. But Ethereum is a name of the network, proof of stake is a way of approving transactions on the network. Blockchain is the technology and concept.
If you want to use the ethereum network, you have to make a transaction - which costs you "gas" fees which are then distributed to those that maintain the network.
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
There’s loads of ways to do this, coinbase, ftx, Binance etc. there’s non custodial options like fluid.ch as well - where you can go from a bank account into crypto in seconds.
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
There’s loads of ways to do this, coinbase, ftx, Binance etc. there’s non custodial options like fluid.ch as well - where you can go from a bank account into crypto in seconds.
I suggest you try reading this post out loud to yourself, you might realise that it sounds like gobbledegook to the person in the street holding a five pound note. When you say ‘non-custodial options’ to me it means a lawbreaker with an ankle tag.
ethereum is just one of many networks, but it’s the most popular. Most other ones are proof of stake also. Bitcoin is proof of work, and will probably remain so
The £100 of ethereum I bought in June 2021 is now worth £42 so it can fuck off (was £166 end of last year, my fault).
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
There’s loads of ways to do this, coinbase, ftx, Binance etc. there’s non custodial options like fluid.ch as well - where you can go from a bank account into crypto in seconds.
I suggest you try reading this post out loud to yourself, you might realise that it sounds like gobbledegook to the person in the street holding a five pound note. When you say ‘non-custodial options’ to me it means a lawbreaker with an ankle tag.
i gave you lists of billion dollar companies, things you can easily google yourself.
It's like rubbishing online shopping and you refuse to believe amazon is anything other than a river.
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
There’s loads of ways to do this, coinbase, ftx, Binance etc. there’s non custodial options like fluid.ch as well - where you can go from a bank account into crypto in seconds.
I suggest you try reading this post out loud to yourself, you might realise that it sounds like gobbledegook to the person in the street holding a five pound note. When you say ‘non-custodial options’ to me it means a lawbreaker with an ankle tag.
i gave you lists of billion dollar companies, things you can easily google yourself.
It's like rubbishing online shopping and you refuse to believe amazon is anything other than a river.
Inching forward. Are you saying that coinbase,ftx, Binace and etc are billion dollar companies? If they are what exactly am I supposed to do if I have cash money in my pocket? You said above I can use my cash to buy from a vendor. How does that work?
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
There’s loads of ways to do this, coinbase, ftx, Binance etc. there’s non custodial options like fluid.ch as well - where you can go from a bank account into crypto in seconds.
I suggest you try reading this post out loud to yourself, you might realise that it sounds like gobbledegook to the person in the street holding a five pound note. When you say ‘non-custodial options’ to me it means a lawbreaker with an ankle tag.
i gave you lists of billion dollar companies, things you can easily google yourself.
It's like rubbishing online shopping and you refuse to believe amazon is anything other than a river.
Inching forward. Are you saying that coinbase,ftx, Binace and etc are billion dollar companies? If they are what exactly am I supposed to do if I have cash money in my pocket? You said above I can use my cash to buy from a vendor. How does that work?
coinbase are listed on NASDAQ. FTX and binance are private companies with lots of VC investments. Their ceos are billionaires and they sponsor f1 teams and sports stadiums. crypto.com recently had a superbowl advert starring matt damon. They're well known companies,
If you have physical cash - pay it into your bank and use a bank transfer/pay on card to coinbase, ftx, binance etc or any other company that offer buying crypto
So you have an actual five pound note. How exactly does that buy you entrance to the Ethereum?
if buy ethereum tokens from a vendor, that gives you ethereum tokens to your web3 wallet that allows you to interact with the ethereum blockchain from that web3 wallet. So if you want to use dAPPS (decentralised apps) you can.
I think you might need to explain this more clearly. Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point? Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
There’s loads of ways to do this, coinbase, ftx, Binance etc. there’s non custodial options like fluid.ch as well - where you can go from a bank account into crypto in seconds.
I suggest you try reading this post out loud to yourself, you might realise that it sounds like gobbledegook to the person in the street holding a five pound note. When you say ‘non-custodial options’ to me it means a lawbreaker with an ankle tag.
i gave you lists of billion dollar companies, things you can easily google yourself.
It's like rubbishing online shopping and you refuse to believe amazon is anything other than a river.
Inching forward. Are you saying that coinbase,ftx, Binace and etc are billion dollar companies? If they are what exactly am I supposed to do if I have cash money in my pocket? You said above I can use my cash to buy from a vendor. How does that work?
coinbase are listed on NASDAQ. FTX and binance are private companies with lots of VC investments. Their ceos are billionaires and they sponsor f1 teams and sports stadiums. crypto.com recently had a superbowl advert starring matt damon. They're well known companies,
If you have physical cash - pay it into your bank and use a bank transfer/pay on card to coinbase, ftx, binance etc or any other company that offer buying crypto
So it is as simple as walking into a bank, handing over cash money across the counter and saying ‘transfer that to ftx’. Then what?
Comments
inb4 something about the environment, Seth saying 1+1=2 and other insane claptrap.
Unbelievable amount of money to make it - one of the few things of Hirst’s that I regard as art
Better than being brainwashed into saying 2+2=5 like in that book.
"One controversy surrounding the world of NFT artworks is the impact it’s having on the environment. French artist Joanie Lemercier recently made news after his NFT sold out in 10 seconds, making thousands of dollars. Pretty incredible, right? Well, what he also could not foresee is exactly how much energy this transaction would consume: the equivalent of how much his studio uses over a full 2 year period, which is 8.7 megawatt-hours of energy.
His seller then resold the piece, which used the same amount of energy and horrified the artist who had looked to sell work online as an eco-friendly alternative to transporting physical work around the world’s museums. Lemercier went on to release a statement documenting the lack of transparency he faced from cryptoart platforms when investigating their energy consumption."
How can switching on a computer and looking at a picture consume this much energy?
If someone can explain to an old chap like me (if it is possible to do without using words like "digital asset" and "minted") I would be very grateful.
ethereum is just one of many networks, but it’s the most popular. Most other ones are proof of stake also. Bitcoin is proof of work, and will probably remain so
If electric cars were immovable lumps of metal that just sat there on your driveway burning through electricity I would agree, but they actually serve a purpose.
If you want to use the ethereum network, you have to make a transaction - which costs you "gas" fees which are then distributed to those that maintain the network.
How exactly does that buy you entrance to the Ethereum?
https://ethereum.org/en/dapps/#what-are-dapps
Imagine the man or woman in the street holding a five pound note, what is the step by step procedure from that point?
Do they start by seeking out a nearby shop or office to speak to a ‘vendor’?
When you say ‘non-custodial options’ to me it means a lawbreaker with an ankle tag.
It's like rubbishing online shopping and you refuse to believe amazon is anything other than a river.
If they are what exactly am I supposed to do if I have cash money in my pocket?
You said above I can use my cash to buy from a vendor. How does that work?
If you have physical cash - pay it into your bank and use a bank transfer/pay on card to coinbase, ftx, binance etc or any other company that offer buying crypto
Then what?