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"... I mean I believe I understand why it’s required". if you do understand why it is required, then you must understand the game theory incentives underpinning
by sunshinerag 6y ago
"... I mean I believe I understand why it’s required". if you do understand why it is required, then you must understand the game theory incentives underpinning modern economics and the disaster in wasted productivity, wasted savings, livelihoods bought on by centralised monetary systems. You can think proof of work as the cost paid to eliminate all that and save money. If you think you can solve that problem (Decentralised trust) non-trivially without proof-of-work you are welcome to try.
- p2detar 6y agoThe only thing I learned from your comment is that wishful thinking justifies wasteful technologies. Not cool.
- somjeed 6y agoit is more than wishful, it is pragmatic, as all attempts before it were shut down by very powerful forces. The purpose of PoW is to create anti-fragile, unstoppable signals using opportunity costs. How society decides to dictate those costs is up to them. Very cool.
- p2detar 6y agoWhat were those attempts and powerful forces? I’d be interested to learn about it.
- sunshinerag 6y agoCrypto enthusiasts have been trying to create alternative to fiat currencies. Search for “digital gold”. But they all suffer from having to trust an entity which eventually leads them to be shutdown by the governments . Building a decentralised trust mechanism which can be used over the internet has been a hard problem till POW.
- deleted 6y ago[deleted]