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This is a great read and obviously Gavin has thought a lot about some of the deep problems in Bitcoin, especially from the crypto side. I was a bit disappointe

This is a great read and obviously Gavin has thought a lot about some of the deep problems in Bitcoin, especially from the crypto side. I was a bit disappointed to see that he punted* on one of the more well-known “shallow” problems: the energy consumption of Bitcoin mining, and the wasted computing power therein. The problem is much easier to understand than to solve, and I appreciate there is only so much room in the text. However I did hope he might at least acknowledge that this is among the more important technical hurdles for Bitcoin to overcome. [*] there is a rather cheeky dismissal of Proof of Stake which obliquely addresses this issue

Geee 6y ago
It's not really a problem. There's lots of energy around, and consuming energy isn't bad per se. Most Bitcoin miners run on renewables nowadays, because renewables are the cheapest sources of energy when miners can locate to them. Also, the main assumption of Bitcoin's security model is that it's rather impossible to centralize energy production on this planet (or in the universe). Proof-of-stake assumes decentralization of ownership, which is a flimsier assumption, and will fail asymptotically.
- minerjoe 6y ago
  "run on renewables nowadays". I don't think that is true. At least not here in Montana. We've had several large farms pop up in old industrial parks due to the very low cost of electricity here. It's from coal.
  - Geee 6y ago
    Most Bitcoin miners are in Montana? https://cointelegraph.com/news/study-over-74-of-bitcoin-mining-is-powered-by-renewable-energy https://cointelegraph.com/news/study-over-74-of-bitcoin-mini...