7 ms·
Proof of Work is inefficient by design. The transaction speed of the entire network is equivalent to that of an average node. Adding more hardware increases ine
by everheardofc 9y ago
Proof of Work is inefficient by design. The transaction speed of the entire network is equivalent to that of an average node. Adding more hardware increases inefficiency.
A centralised service like HN on the other hand could be designed to scale linearly with the amount of hardware resources.
Edit: Now that I think about it I wouldn't be surprised if someone makes a cryptocurrency based around "digging holes" keynesian style. I've even found a name for it: captchacoin.
- KGIII 9y agoAnd our comments are creating no value. We're just ephemerally yelling into the wind. If the claim is about resource usage, the concern is about value. If nothing else, they are at least creating value - something we both aren't doing. Hell, I don't even expect you to agree with me. I'm just posting to speak my point of view and amuse myself. This conversation is pretty much the most wasteful thing we are going to do today. Real life is less utilitarian than many people wish. Even if our conversation is more efficient, it generates not one bit of value - at least financially. It does amuse me, but I'm not really sure that's very valuable.
- Qwertious 9y ago>It does amuse me, but I'm not really sure that's very valuable. That's valuable. It lowers the demand for jetskis and cocaine, at a fraction of the price. Also, there's not much point in life if being entertained isn't valuable.
- Shorel 9y agoAll previous attempts at centralized services failed, except the ones backed by banks. Bitcoin works because it is not centralized. You are free to design a better alternative. If you do it, you will be rich.