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3. Speculators move to yet another doge coin where the cost is still lower than the rewards. Hasn't that happened already a number of times? If everyone was st

3. Speculators move to yet another doge coin where the cost is still lower than the rewards. Hasn't that happened already a number of times? If everyone was still aboard the Bitcoin bandwagon, it would have stopped being profitable long ago; however you have plenty of other bandwagons to jump into. They are all technically practically interchangeable. I assume this is also the reason PoS will never work. People will just stay with PoW until really forced to, and if forced it's highly likely they will just jump into another PoW bandwagon. Guess this is part of the resistance seen with Ethereum. The alternative is to find a PoS schema which is even more lucrative for speculators (possible what the article is describing), and then everyone will jump into that bandwagon en-masse, but it will not have fixed anything.

timbit42 5y ago
If Bitcoin dropped PoW and miners switched to other PoW cryptocurrencies, then that would be a huge reduction in power consumption worldwide because all the other PoW coins combined probably don't have the transactions Bitcoin does. Additionally, the Lightning Network drastically cuts mining power consumption.
- Kbelicius 5y ago
  This doesn't makes any sense. The amount of energy any PoW coin uses has nothing to do with the number of transactions that are made.
  - pkulak 5y ago
    It absolutely does, since mining rewards are mostly from transaction fees.
    - Kbelicius 5y ago
      No they are not. For mining a block of BTC a miner gets a reward of 6.25 BTC. Transaction fees, by looking at the past few blocks, don't go much beyond 0.05 BTC. That is not even close.