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All you really need to understand is proof-of-work blockchain (aka all blockchains in real use) is a very slow database where recording a transaction wastes as
by ForHackernews 7y ago
All you really need to understand is proof-of-work blockchain (aka all blockchains in real use) is a very slow database where recording a transaction wastes as much energy as several western households use daily. And that energy wastage continuously increases. It's anti-efficient by design.
- evgen 7y agoThe second thing you need to understand is that A16Z has placed some big bets on cryptocurrency being more than a fad and will do whatever it takes to convince you that this slow-motion pump and dump scheme is important or relevant to your life/future.
- sparkie 7y agoIt is indeed anti-efficient by design, because it is intended that the cost to attack needs to exceed the cost to run, otherwise, it would not be secure. It happens that some people care about sound money enough that they need the security offered by this game theoretic model and they're willing to pay the electricity costs to get it, and your opinions on the matter mean nothing to them. Although I'm not sure what non-bitcoiners mining "crypto" are wasting their money on, because they're not getting sound money, but useless fiat tokens.