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I totally agree that this is insane - but it is not much more insane than what we do with gold, we dig it from the ground and then put it back to sit in undergr
by zby 9y ago
I totally agree that this is insane - but it is not much more insane than what we do with gold, we dig it from the ground and then put it back to sit in underground vaults. Still I guess gold is much more reliable as a store of value:)
https://medium.com/@zby/proof-of-work-8d8265def194 https://medium.com/@zby/proof-of-work-8d8265def194
By the way it is important to note that with each block halving in a simplified model (ignoring fees) should reduce the hash power by half.
Proof of Stake might help us here: https://medium.com/@zby/proof-of-stake-can-be-cheaper-than-proof-of-work-da14223a965 https://medium.com/@zby/proof-of-stake-can-be-cheaper-than-p... - but it is not entirely clear that there are no holes in the PoS systems design.
- igorgue 9y agoOr fracking that makes us drink contaminated water. But the HN community wants something like "Proof of planting a tree" or something like that... Take a look at "Proof of Space" and "Proof of Time" by https://chia.network/ https://chia.network/
- mort96 9y agoCan you link to anyone at all on Hacker News claiming that cryptocurrencies should be based on proof of planting a tree, or were you making a strawman argument?
- DonHopkins 9y agoThere were a few green proof-of-delivering-marijuana start-ups, but I can't remember any green proof-of-planting-a-tree ones.
- zby 9y agoProof of Time is actually Proof of Intel (or any other company providing the trusted hardware).
- jlarocco 9y agoI know we used to, but is gold still mined to sit in underground vaults?
- QAPereo 9y agoGold also has practical and aesthetic value, is truly fungible and doesn't oxidize.
- mlevental 9y agohow is truly fungible? the practical use value of gold is a small part of the driving force behind it's monetary value. aesthetic use value similarly.
- jayd16 9y agoEven if I'm with you on the gold. We have the choice to not create and use new insane systems.