3 ms·
The work done is a feature not a bug. The fact that a miner has to locate their equipment by a hydroelectric power plant is what makes the network so secure. Th
by camjohnson26 7y ago
The work done is a feature not a bug. The fact that a miner has to locate their equipment by a hydroelectric power plant is what makes the network so secure. That just shows that work is difficult to fake.
All these efforts to limit bitcoin’s energy expenditure seem environmentally motivated, which is good. But the arguments seem equivalent to praising a safe’s security but criticizing how hard it is to open. Those features are linked.
Yes proof of stake or some other algorithm may take over eventually but we don’t know if they are as secure yet. Proof of work is the good idea that made the whole bubble possible and it remains to be seen if any of the other ideas can beat it.
- politician 7y agoPlease don't misunderstand, I'm not suggesting that Bitcoin (or Proof-of-Work) is broken or bad or unsafe or even a bad investment. Rather, my original question was why Proof-of-Capacity has not seen stronger adoption given that it appears to provide similar security guarantees with better decentralization properties due to a lower $/W/block cost profile.
- improv32 7y agoThe $/W/Block profile is where the security comes from. Insofar as a miner can spend dollars to increase their chance of getting the block, they will, until MR=MC. See this article which explains it very well, though it is talking about PoS: http://www.truthcoin.info/blog/pow-cheapest/ http://www.truthcoin.info/blog/pow-cheapest/