3 ms·
I would say the wasteful proof-of-work securing upwards of $1M per hour is destructive - https://www.crypto51.app/ https://www.crypto51.app/. It can be solved
by danuker 4y ago
I would say the wasteful proof-of-work securing upwards of $1M per hour is destructive - https://www.crypto51.app/ https://www.crypto51.app/.
It can be solved through Pigovian taxes on externalities (carbon emission mainly). But it should apply to all industry fairly, and our energy-industry lobbyists will hear none of it.
- once_inc 4y agoPlease note that Bitcoin is considerably more carbon emission friendly than most other industries. Also note that PoW is deliberately wasteful as feature.
- danuker 4y agoI agree that PoW is wasteful by design. But it should be tuneable - it should somehow target securing, say, $X/hour, and not more, because it's even more wasteful. This could be implemented through an oracle that gives the current price to the protocol. https://en.wikipedia.org/wiki/Blockchain_oracle https://en.wikipedia.org/wiki/Blockchain_oracle
- once_inc 4y agoAdding an oracle is adding an attack vector on the base layer for the future monetary network. Oracles are by definition trusted sources of information and wonky, untrustworthy, unreliable ones at that.
- danuker 4y agoUgh. Then it would take revising the protocol, or a hard fork, to reduce the miner reward.
- soco 4y agoMost other industries produce something also without being wasteful-as-feature.