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> Proof of work is valuable in itself? This is actually an interesting way to analyze it. The trust created by PoW apparently does create value to many people.
by thinkmassive 9y ago
> Proof of work is valuable in itself?
This is actually an interesting way to analyze it. The trust created by PoW apparently does create value to many people.
- SideburnsOfDoom 9y agoI don't think that it does in itself, actually; but there seems to be the perception that it does. How much would you pay for an hour of video of me digging a hole with a spade and then filling it in. That's proof of work, and also worthless. How much would you pay for someone to provably burn ton of coal? It's only valuable if it does something useful for the energy expended. The blockchain's proof of work has been characterised as "Computers yelling Numberwang at each other" and what use does it have outside of itself? It burns huge amounts of of energy to produce waste heat and a trivial hash.
- thinkmassive 9y agoYou're focusing on the work rather than the result. Just because you don't personally believe it doesn't mean that nobody else does. If in doubt, visit https://coinmarketcap.com https://coinmarketcap.com
- SideburnsOfDoom 9y agoI'm asking "what is the result" ? As for current market cap, IMHO it means less than you think. See also: bubble, pyramid scheme, ponzi scheme.
- thinkmassive 9y agoThe result is a publicly-available ledger with a transaction history backed by the cumulative amount of work performed to verify consensus in each block.