7 ms·
Society is losing the opportunity to create a lot of wealth because people are investing in silly proof-of-work (or: energy/resource wasting) ideas. It's awful,
by henvic 5y ago
Society is losing the opportunity to create a lot of wealth because people are investing in silly proof-of-work (or: energy/resource wasting) ideas. It's awful, and I guess we're only going to see this over once Bitcoin is surpassed by Dogecoin (I'm sure this will happen), and then Dogecoin gets surpassed by any other stupid shitcoin out there.
The idea of cryptocurrency is interesting, but the idea of having no back at all makes no sense. Wasting energy is not creating wealth.
- pfisch 5y agoYou realize doge coin is still worth less than 10% of btc by marketcap? Not sure I would count on that prediction. I mean is gme going to surpass apple?
- henvic 5y ago10% over something that is pure speculation and has no value whatsoever seems like really high. If anything, this just makes me feel confident about my prediction.
- mikeodds 5y agoYou could reach out to the polymarket team on discord and they might be happy to setup a prediction market for this https://polymarket.com/ https://polymarket.com/ They’re crypto based but unfortunately (/s) no token
- xur17 5y agoYes, please make this market so I can take the other side of the bet.
- spottybanana 5y ago> It's awful, and I guess we're only going to see this over once Bitcoin is surpassed by Dogecoin (I'm sure this will happen), and then Dogecoin gets surpassed by any other stupid shitcoin out there. Just pointing out that both Doge and BTC are proof of work and consume energy in similar style with the mining process.
- henvic 5y agoYes, like most if not all current cryptos: it's either stupid energy waste or fraud.
- andxor 5y agoNot true, most stuff launching these days is either PoS or migrating.
- henvic 5y agoYou don't see that most proof-of-stake still requires a tremendous amount of energy and resources wasted at the very least for the stupid mining process?
- andxor 5y agoUh? There's no mining in proof of stake. That's the entire point.
- henvic 5y agoI thought this when I first learned about the idea, but the name doesn't give away the true nature of, at least, most implementations... It's like 'mining requires less energy', and not that the tokens aren't mined at all. Of course, theoretically you could've an initial distribution defined and shared without effort, but what really happens is a points system that makes it easier for people to... uh... mine, but it's obviously still the same awful idea.
- deleted 5y ago[deleted]
- andxor 5y agoSorry, this makes no sense.
- jkepler 5y agoExcept that Proof-of-work isn't wasted energy: it secures the bitcoin network/system by making it prohibitively expensive to attack, as well as provides a means to confirm groups of transactions in a decentralized manner. Bitcoin provides a real final settlement layer alternative to fiat central banks, and that's globally significant. Plus there is the bisq project, a peer-to-peer bitcoin/fiat exchange that has decentralized their governance using a token that's colored bitcoin, rather than building on Ethereum. Regarding the energy consumption of monetary networks, what's the real cost of the petrodollar system? Don't forget to include the US military costs fighting wars to force oil-producing nations to sell oil denominated in dollars, as well as all the banking, financial advisors, and physical security (Brinks) that prop up the central banking/fiat monetary standards.