4 ms·
This is not strictly correct. When you game on your 3080 GTX at max graphics in VR, you wouldn't call that wasted computation because it provided utility to a
by coralreef 5y ago
This is not strictly correct.
When you game on your 3080 GTX at max graphics in VR, you wouldn't call that wasted computation because it provided utility to a human in the form of entertainment.
Proof of work provides utility in the form of trustless proof, allowing a decentralized network to actually work. The computational work carries meaning which is valued by network participants.
- coldpie 5y agoI guess you can make the argument that crypto is useful as a form of entertainment, but that's one hell of a polluting casino you got there.
- coralreef 5y agoCrypto provides utility by being decentralized, permissionless to participate in, and censorship resistance. The reason mining consumes so much aggregate energy is because it is the most profitable use of energy at the moment. Part of this is because the cost of energy for fossil fuels in not accurately represented in its price. Tax payers / governments subsidize the fossil fuel industry in billions every year, including coal which is used in coal power plants. A carbon tax is also not implemented. So externalities are not captured in price. It should fairly obvious how energy sources change once those issues are addressed.
- renewiltord 5y agoYeah, the utility is obvious. We just need to internalize GHG mitigation costs and then prices will hit the correct place. It’s unfortunate, but the most effective way to do this would be to actually tax power sources and power generation at source, which means fuel taxes. It will be hella regressive, but that’s the reality. Most poor people are polluting the planet disproportionately to their output.