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What you have to show at the end of the day is a digital currency that has no central authority and yet still prevents double spending. The cycles are not wast
by hackernudes 8y ago
What you have to show at the end of the day is a digital currency that has no central authority and yet still prevents double spending.
The cycles are not wasted - they secure a digital currency.
Banks and governments use immense resources to secure fiat currency.
- stillbourne 8y ago>The cycles are not wasted - they secure a digital currency. But why though? Is the USD that insecure? Is fraud so prevalent that its debasing the value of currency? Do we literally need to spend 70TWh per year, and that's just in its current state as a semi novelty currency/commodity, to secure the concept of money? Can you imagine how much it would cost to run bitcoin if it was the primary reserve currency of the world?
- vitaliksghost 8y agoFlippant asshat, you are.
- stillbourne 8y agoIt's ok, if you believe hard enough and know that your heart is pure then the Emperor's New Currency will have value. I'm just the guy asking why.
- erulabs 8y agoYour comments violate rule #1 of Hacker News comments. > Be civil. Don't say things you wouldn't say face-to-face. Don't be snarky. Comments should get more civil and substantive, not less, as a topic gets more divisive. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html We're discussing ideas here, there is no reason presuppose others ideas or behave snarkily.
- trishmapow2 8y agoI think you replied to the wrong person.
- erulabs 8y agoTo both of them, but in the case of stillbourne particularly, because he is responding to every post in this thread with that tone.
- stillbourne 8y agoI don't think he's being entirely partial in targeting me. One of my replies was to him, in that reply I was mostly civil with the exception that I accused him of being a libertarian. My comment got downvoted to oblivion anyway.
- stillbourne 8y agoI was not trying to come off as snarky. I was being civil, My first and my second comment were actually civil but as others attempted to offer retorts to my metaphor it sort of degraded. I didn't get real snarky until vitaliksghost called me an asshat. I'll exit the conversation now.
- Dylan16807 8y ago> The cycles are not wasted - they secure a digital currency. If I use a car that gets 1 mile per gallon to visit my grandma, I'm wasting basically all the gas I buy, despite it getting me to my destination. Proof of work is waste.