3 ms·
Proof of work is intrinsically dumb. To store wealth in Bitcoin you are committing to the constant burn of energy in perpetuity.
by Marazan 9y ago
Proof of work is intrinsically dumb.
To store wealth in Bitcoin you are committing to the constant burn of energy in perpetuity.
- krupan 9y agoAre you saying our fiat systems of transfers and settlements use no energy?
- UncleMeat 9y agoIt uses like seven orders of magnitude less per transaction.
- krupan 9y agoCitation? And remember a Bitcoin transaction is cash moving from my account to yours. Not just a promise of cash, after a few days of settlement, if no chargeback happens
- BLanen 9y agoYou really think that a wire transfer takes a week's household of energy(Because that's the current energy per btc transaction)...?
- krupan 9y agoWhat really goes into a wire transfer in order make it happen securely? And is it as secure as a Bitcoin transfer? See also: Xiphias' comment about Proof of Military Power.
- NTDF9 9y agoRight...so you want a world where there is no collective security. But hey, at least we all have bitcoins in our wallets?
- xiphias 9y agoFiat currencies use proof of military power (war) as their security system. As an example you think USA would allow Kim Jong Un to issue US bonds (like he does with Bitcoin)? I much prefer the energy cost to military cost (that's why mining over Tor / satellite system is so important)