3 ms·

Ethereum, which this project operates on, will eventually fully transition to Proof of Stake. In any case it's possible for the energy for Proof of Work to come

Ethereum, which this project operates on, will eventually fully transition to Proof of Stake. In any case it's possible for the energy for Proof of Work to come entirely from renewables.

danpalmer 6y ago
Just because it's possible to power proof of work with renewable energy does not mean it's a good idea. That renewable energy could be used instead to power things that we need, rather than to power what is essentially energy price arbitrage.
- CryptoPunk 6y ago
  Well, renewable energy exists in many places where it cannot otherwise be utilized, due to the cost of energy transmission, so PoW could utilize those sources, since transmitting PoW is much cheaper than transmitting the energy it takes to produce it.
  - danpalmer 6y ago
    Or we could move our scientific computing workloads to places where that renewable energy is, as transmitting the results of scientific computation is much cheaper than moving the energy. I'm not saying that Proof of Work algorithms have no value at all, but I believe they have very little value to humanity compared to most other uses for that energy, and increase the costs of energy in many cases for most other applications. Currently Proof of Work spends energy to create a betting market for rich people. Maybe in the future there might be useful application of it, but we've yet to get any further than theorising and small scale demonstrations.
    - CryptoPunk 6y ago
      Currently Proof of Work is deemed by the market to be valuable, by definition, so it is merely speculation that the market is over-valuing cryptocurrency that your claim that PoW is not valuable is based on. Anyway, I would agree that if the PoW had a secondary purpose, like enhancing the efficiency of the blockchain, or providing scientific compututation, it would provide more value to humanity.

3 ms·

Ethereum, which this project operates on, will eventually fully transition to Proof of Stake. In any case it's possible for the energy for Proof of Work to come

by CryptoPunk 6y ago

Ethereum, which this project operates on, will eventually fully transition to Proof of Stake. In any case it's possible for the energy for Proof of Work to come entirely from renewables.

danpalmer 6y ago
Just because it's possible to power proof of work with renewable energy does not mean it's a good idea. That renewable energy could be used instead to power things that we need, rather than to power what is essentially energy price arbitrage.
- CryptoPunk 6y ago
  Well, renewable energy exists in many places where it cannot otherwise be utilized, due to the cost of energy transmission, so PoW could utilize those sources, since transmitting PoW is much cheaper than transmitting the energy it takes to produce it.
  - danpalmer 6y ago
    Or we could move our scientific computing workloads to places where that renewable energy is, as transmitting the results of scientific computation is much cheaper than moving the energy. I'm not saying that Proof of Work algorithms have no value at all, but I believe they have very little value to humanity compared to most other uses for that energy, and increase the costs of energy in many cases for most other applications. Currently Proof of Work spends energy to create a betting market for rich people. Maybe in the future there might be useful application of it, but we've yet to get any further than theorising and small scale demonstrations.
    - CryptoPunk 6y ago
      Currently Proof of Work is deemed by the market to be valuable, by definition, so it is merely speculation that the market is over-valuing cryptocurrency that your claim that PoW is not valuable is based on. Anyway, I would agree that if the PoW had a secondary purpose, like enhancing the efficiency of the blockchain, or providing scientific compututation, it would provide more value to humanity.