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Can someone give a proper counter-argument to this? I keep telling my friends hyped by bitcoin that I do not believe in its future as a currency for real daily

Can someone give a proper counter-argument to this? I keep telling my friends hyped by bitcoin that I do not believe in its future as a currency for real daily exchanges because of this energy consumption problem. Is there any serious track to address this issue? Unlike most technologies, I do not see the traditional efficiency gains when the technology gets more mature. It seems inherent to proof-of-work and cannot be improved in this paradigm Assuming a solution is found, is it possible to "update" Bitcoin?

pushtheenvelope 7y ago
the bitcoin viewpoint is that being backed by energy consumption is a Good Thing. Its harder to manipulate than Proof-Of-Stake or other alternative consensus protocols. At a larger societal level, we should definitely be worried about tackling emissions for climate change. For this, very few people are advocating getting rid of energy consumption in our societies. Yes, in the short term, people recommend being mindful of the emissions impact of your lifestyle (e.g. a flight has a large carbon footprint) but in the longer scheme of humanity's development we'll always have greater and increasing energy needs. With that in mind, a lot of focus has been on using non-emissions producing energy (solar, wind, nuclear, etc.) to mitigate climate change. Seen in this context, bitcoin is agnostic to the source of the energy, and its Proof-Of-Work protocol is fine.
ghoulfarmer 7y ago
The Bitcoin wiki has a number of counter-arguments https://en.bitcoin.it/wiki/Myths#Bitcoin_mining_is_a_waste_of_energy_and_harmful_for_ecology https://en.bitcoin.it/wiki/Myths#Bitcoin_mining_is_a_waste_o... The future for ethereum is proof-of-stake. This project is called Casper and will be in Ethereum 2.0. For Bitcoin most transactions will be off-loaded to layer-2 networks but PoW will remain on the main chain.

pushtheenvelope 7y ago

the bitcoin viewpoint is that being backed by energy consumption is a Good Thing. Its harder to manipulate than Proof-Of-Stake or other alternative consensus protocols. At a larger societal level, we should definitely be worried about tackling emissions for climate change. For this, very few people are advocating getting rid of energy consumption in our societies. Yes, in the short term, people recommend being mindful of the emissions impact of your lifestyle (e.g. a flight has a large carbon footprint) but in the longer scheme of humanity's development we'll always have greater and increasing energy needs. With that in mind, a lot of focus has been on using non-emissions producing energy (solar, wind, nuclear, etc.) to mitigate climate change. Seen in this context, bitcoin is agnostic to the source of the energy, and its Proof-Of-Work protocol is fine.

ghoulfarmer 7y ago

The Bitcoin wiki has a number of counter-arguments https://en.bitcoin.it/wiki/Myths#Bitcoin_mining_is_a_waste_of_energy_and_harmful_for_ecology https://en.bitcoin.it/wiki/Myths#Bitcoin_mining_is_a_waste_o... The future for ethereum is proof-of-stake. This project is called Casper and will be in Ethereum 2.0. For Bitcoin most transactions will be off-loaded to layer-2 networks but PoW will remain on the main chain.