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What's crazy about that? There are strong technical arguments against Bitcoin and related cryptocurrencies. Bitcoin is an environmental disaster that uses as
by betterunix2 6y ago
What's crazy about that? There are strong technical arguments against Bitcoin and related cryptocurrencies. Bitcoin is an environmental disaster that uses as much energy as a large country to process a tiny number of transactions. The security of Bitcoin is backwards, requiring honest parties to do more work than attackers. Ultimately Bitcoin was not even designed to solve any specific technical problems, just a vague, open-ended goal of "decentralization;" it was more of a political statement than anything else...
- hertzrat 6y agoAnd with the main goal being decentralization, almost the entire blockchain is controlled by a few groups of miners and hoarders. It’s as or more centralized than ordinary currency
- betterunix2 6y agoExcept that "decentralization" is not a specific goal; it is vague and open-ended. Bitcoin has always relied on central authorities of some sort -- for a long time the peer-to-peer bootstrapping strategy was highly centralized (in an IRC channel), and everyone takes for granted the role of IANA and RIRs in making all Internet applications possible. So why should we complain about miners, hoarders, and exchanges? When you never specifically define your goals, it is easy to ignore inconvenient "problems."