4 ms·

I understand the need for a distributed ledger, but it still seems absurd to me. All of this power is just getting put into a slow append-only database.

by dvcc 9y ago

api 9y ago
0.0000001% of the power runs a slow append only database. 99.99999999% runs a security system for it.
- bhouston 9y ago
  That is just waiting for some type of disruption. Not that I can predict what that disruption would be but things this inefficient can not be an optimal end state for this type of technology.
  - sp332 9y ago
    It's true, work on other systems like proof-of-stake instead of proof-of-work are in active development. It might be too hard to backport to bitcoin specifically, but other cryptocurrencies don't have to be this bad in the future.
    - api 9y ago
      Bitcoin was the first practical secure distributed ledger and cryptocurrency. The first of something is never the most efficient or capable. I'm sure there are better ways.
hanklazard 9y ago
It's definitely a huge waste and a major impetus for moving to a Proof of Stake, Useful Proof of Work, or other model for cryptocurrency security.
- placeybordeaux 9y ago
  It's a bit of a tragedy of the commons, not sure who will be the third party to impose a cost onto cryptocurrencies that consume excess energy. So far bitcoin has maintained it's lead as the largest cryptocurrency essentially entirely due to network effect. For most major complaints against bitcoin there is an example of a crypto currency that doesn't have those 'failings'. E.g. Deflationary good: siacoin Long tx times: Ethereum Proof of work consumes needless energy: Peercoin ASICs shift the power balance: Primecoin Not anonymous enough: Monero A singular append only blockchain is not enough: Byteball (it's simply a DAG of transactions) The problem is that there is no centralized player that is currently exerting a cost, above mining costs, on the individuals to move them to a crypto currency that doesn't have whatever negative property is being rallyed around at the moment.

I understand the need for a distributed ledger, but it still seems absurd to me. All of this power is just getting put into a slow append-only database.

by dvcc 9y ago

I understand the need for a distributed ledger, but it still seems absurd to me. All of this power is just getting put into a slow append-only database.

api 9y ago

0.0000001% of the power runs a slow append only database. 99.99999999% runs a security system for it.

bhouston 9y ago
That is just waiting for some type of disruption. Not that I can predict what that disruption would be but things this inefficient can not be an optimal end state for this type of technology.
- sp332 9y ago
  It's true, work on other systems like proof-of-stake instead of proof-of-work are in active development. It might be too hard to backport to bitcoin specifically, but other cryptocurrencies don't have to be this bad in the future.
  - api 9y ago
    Bitcoin was the first practical secure distributed ledger and cryptocurrency. The first of something is never the most efficient or capable. I'm sure there are better ways.

hanklazard 9y ago

It's definitely a huge waste and a major impetus for moving to a Proof of Stake, Useful Proof of Work, or other model for cryptocurrency security.

placeybordeaux 9y ago
It's a bit of a tragedy of the commons, not sure who will be the third party to impose a cost onto cryptocurrencies that consume excess energy. So far bitcoin has maintained it's lead as the largest cryptocurrency essentially entirely due to network effect. For most major complaints against bitcoin there is an example of a crypto currency that doesn't have those 'failings'. E.g. Deflationary good: siacoin Long tx times: Ethereum Proof of work consumes needless energy: Peercoin ASICs shift the power balance: Primecoin Not anonymous enough: Monero A singular append only blockchain is not enough: Byteball (it's simply a DAG of transactions) The problem is that there is no centralized player that is currently exerting a cost, above mining costs, on the individuals to move them to a crypto currency that doesn't have whatever negative property is being rallyed around at the moment.