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Bitcoins proof-of-waste system is a dealbreaker for me.

• mrkramer 4y ago
  There is also a lot of waste when mining gold and other metals[1] but nobody cares because gold and other metals have value in conducting electricity and heat and they are used in number of industries and in electronics. Bitcoin is digital commodity which conducts information and is used in order to enable decentralized communication. Bitcoin's uptime[2] is 99.99%, now compare that to centralized software applications and you will be in a better understanding on why Bitcoin is valuable. [1] https://arstechnica.com/science/2022/05/new-study-estimates-how-long-mined-metals-circulate-before-being-lost/ https://arstechnica.com/science/2022/05/new-study-estimates-... [2] https://www.buybitcoinworldwide.com/bitcoin-uptime/ https://www.buybitcoinworldwide.com/bitcoin-uptime/
  • dqpb 4y ago
    Take a look at Turing Award winner Silvio Micali's talk on the Algorand proof-of-stake protocol, and you will have a better understanding of why Bitcoin is needlessly wasteful: https://youtu.be/NykZ-ZSKkxM https://youtu.be/NykZ-ZSKkxM
    • mrkramer 4y ago
      So Satoshi didn't know what he, she or they were doing? Ethereum has proof of stake algorithm and we shall see how will it work in the long term. Btw some people said me here on HN that PoS is the evolution of crypto coins but I think the original design and protocol of Bitcoin is still superior if done right. Just like TCP is still viable to this day although it is almost 50 years old.
      • dqpb 4y ago
        Bitcoin launched the industry. But I think Algorand is a better technology. The historicity of Satoshi/Bitcoin is not something I care about when evaluating the actual technical details.