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What on earth is this logic. Bitcoin is _by design_ inefficient. Its scaling inefficiency is the principle method by which it ensures fairness. That's what PoW
by KirinDave 9y ago
What on earth is this logic. Bitcoin is _by design_ inefficient. Its scaling inefficiency is the principle method by which it ensures fairness. That's what PoW chain commits are. That's how they work.
Bitcoin was ALWAYS going to be inefficient. It was assumed that hardware would scale to keep up with demand, but that hasn't proven true in the advent of ad hoc mining pools.
- Jasper_ 9y ago> It was assumed that hardware would scale to keep up with demand, No, it was designed to stay at "one block every ten minutes" regardless of the hardware added or overall hashrate of the system. Which is why you hear a lot of people arguing over block size and block compression: you always have one block every ten minutes, how many transactions can we squeeze into that block? The only thing that adding more hashrate does is waste more power, since the network will adjust.
- KirinDave 9y agoThe power consumption is what I was alluding to. I guess I was too vague.