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To me, it's the fact that all this power, all these computing resources, are basically being thrown away. Nothing useful is done with the computational power. I
by s73v3r_ 9y ago
To me, it's the fact that all this power, all these computing resources, are basically being thrown away. Nothing useful is done with the computational power. If it was doing something like folding proteins or otherwise using that computational power to better humanity, then it'd be different.
- wyldfire 9y agoIt's really not, though. It's just associated with something that "seems greedy". I could argue that "nothing useful is done with the computational power used for playing video games or watching and producing films." I could argue that, but I think that line of reasoning suffers the same way yours does. It requires a value judgment and you think that the cryptocoin eco system has no value. Cryptocoins have tremendous value for remittances alone. We can argue whether it's optimal allocation of resources and I think that is a healthy debate. Mining is required for trustless, decentralized currencies with provably equitable distribution. But we could probably forfeit some of the latter and eliminate the proof-of-work entirely (in fact it's already been done). Another option is to make the proof-of-work of greater independent utility from the transaction itself (also has been done).