3 ms·
> PoW turns an O(log n) transaction into an O(n) one This is a weird critique. Blockchains and banks are very different in their use cases. It’s like you’re cr
by dsacco 9y ago
> PoW turns an O(log n) transaction into an O(n) one
This is a weird critique. Blockchains and banks are very different in their use cases. It’s like you’re criticizing someone for choosing a sorting algorithm over a deduplication algoritihm - they do vaguely the same thing, but no one likes the sorting algorithm because it’s less efficient, they like it because it actually sorts.
If you are choosing a blockchain (algorithm A) over a bank (algorithm B), you are doing so because you want the things a blockchain offers that a bank doesn’t. You can’t do comparative algorithm analysis on algorithms that aren’t comparable.
- TeMPOraL 9y agoExcept that it's just few people (libertarians and criminals) that care about difference between A and B; the vast majority is using it as a get-rich-quick scheme. Moreover, as a society we don't need what algorithm A provides, we're fine with algorithm B + little bit of trust in the mix. Or, think of it this way: requiring trust is not a bug, it's a feature. Trust is the "clever hack" humans have that allows us to coordinate at scale without absurdly wasteful solutions like blockchain. From this POV, bitcoin as a part of global economy is making a step backwards.
- dsacco 9y agoI don’t necessarily disagree with anything you’re saying. But my point stands: the critique I responded to was incoherent.