4 ms·
I find it funny that in every post that denounces the energy use of bitcoin, which is one of its apparent weakness and strength at the same time, there are what
by rntksi 6y ago
I find it funny that in every post that denounces the energy use of bitcoin, which is one of its apparent weakness and strength at the same time, there are what I'd call "apologists" who come in and give other reasonings to support bitcoin, ignoring facts that go against it.
Let's be honest with each other:
- The reason why bitcoin is revolutionary is because it opens up a way to do transactions on a ledger between millions of people without a central authority. Even if you say owning 51% of the network means you are the central authority, you have to keep pushing those resources forever, basically impossible to happen in a "struggle" situation.
- The reason that in itself is its weakness is because it relies on computational proof of work, and that means energy. The more people are involved in bitcoins the more energy will be consumed to vie for the possibility of mining out rewards, to the point where the costs doesn't make sense anymore and you have to rethink mining strategy. Any system that proposes a central authority to lessen this energy use burden is just making it weaker, not stronger, if you care about decentralised transaction systems.
That's why it's both a weakness and strength.