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It 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 f
by eniotna 3y ago
It 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.