2 ms·
Most of what you read about Bitcoin (or most advanced topics in the press) is wrong or misleading. Eg. I read articles saying a transaction consumes x kWh or en
by mrb 9y ago
Most of what you read about Bitcoin (or most advanced topics in the press) is wrong or misleading. Eg. I read articles saying a transaction consumes x kWh or energy, but in reality a transaction does not consume energy. Transaction rate and energy consumption are independent. It would be like saying each bit on a CD-ROM "consumes fuel" when it's shipped on a mail truck.
Only some high-profile individuals have labelled it a "scam", but the majority do recognize for what it truly is: a revolutionary technology and social phenomenon.
- sr_banksy 9y agoFully agree that blockchain is revolutionary technology. But why has Bitcoin captured mainstream attention and not others (say Ethereum, Litecoin etc)? Understood about energy. I will read deeper.
- mrb 9y agoBitcoin has captured mainstream attention solely because it was the first mover. It doesn't help that one of the most prominent energy consumption estimate is flawed: http://blog.zorinaq.com/serious-faults-in-beci/ http://blog.zorinaq.com/serious-faults-in-beci/