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Ethereum accomplishes the same thing without using the power of a small country.
by resuresu 3y ago
Ethereum accomplishes the same thing without using the power of a small country.
- eniotna 3y agoIt doesn't, proof of work is what makes Bitcoin unique. (1) Having to spend physical resources better aligns incentives (2) Proof of work is decentralized and fair It's a worthwhile tradeoff.
- mrguyorama 3y agoProof of work explicitly gives those with more resources more power. How is that "fair"? Bitcoiners complain that staking systems are somehow worse, but it's the exact same dynamic, just one uses less electricity.
- DANmode 3y agoBTC doesn't purport to fix "dog-eat-dog" or "might is right" in human society, but does "fix" governments being able to manipulate the value, supply etc of money.
- MerelyMortal 3y agoWhat makes it unique is the name recognition. It wasn't the first project to use proof of work, and it wasn't the last either.
- gardenhedge 3y agoWhat was the first?
- e9 3y agoGold etc You have to apply physical work to dig it out etc
- MerelyMortal 3y agoHashcash
- Frannyies 3y agoIt's not as you can't control the dezentralizatiin. 50% attack is real. The best is our grown PoS system we currently call us dollar, euros etc. Bitcoin not even solved the account recovery feature or any fraud protection.
- smellyshaft1 3y agoDefinitely not.. for one Bitcoin has a fixed supply and Ethereum does not
- mrguyorama 3y agoIf you think that is a laudable feature you should probably take an actual economics course or two
- keep_reading 3y agoYou don't need an economics course when this book exists for free https://mises.org/library/economics-one-lesson https://mises.org/library/economics-one-lesson
- eniotna 3y agoAny amount of money, as long as it is sufficiently divisible, is capable of facilitating trade within an economy. The idea that somehow money has to increase over time is one of the most non-sensical idea. "Thus inflation becomes the most important psychological resource of any economic policy whose consequences have to be concealed; and so in this sense it can be called an instrument of unpopular, i.e. of anti-democratic, policy, since by misleading public opinion it makes possible the continued existence of a system of government that would have no hope of the consent of the people if the circumstances were clearly laid before them."
- xorcist 3y agoBeing shutdown by a state?