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Wow, thanks for the information! With that in mind, it seems that it will be a looong time until the bitcoin craze is over.
by tmikaeld 8y ago
Wow, thanks for the information! With that in mind, it seems that it will be a looong time until the bitcoin craze is over.
- lhl 8y agoWell, it'll probably be a long time before the "bitcoin craze" is over since cryptocurrencies as a technology and an asset class are still in their infancy, but it's hard to say how long proof-of-work mining will last. Personally, I'm most closely following what the Ethereum guys are doing with proof-of-work (see: https://ethresear.ch/ https://ethresear.ch/) but I'm also quite keen to see Chia's proof-of-space-time (an iteration of proof-of-capacity) or if something like proof-of-useful-work is possible. I think everyone's in agreement that PoW is expensive and wasteful, it's just a matter of developing//proving something that works better/cheaper...
- tekproxy 8y agoBitcoin pow is intentionally useless. The reasoning is that if there were alternative uses, the value of those alternatives could fluctuate and negatively impact hash rate.