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Interestingly whenever this kind of thing comes up, I also hear cryptocurrency critics use the energy argument to deride blockchains in general. They don't see
by everfree 3y ago
Interestingly whenever this kind of thing comes up, I also hear cryptocurrency critics use the energy argument to deride blockchains in general.
They don't seem to understand that Bitcoin alone accounts for 98% of all cryptocurrency energy usage due to its uniquely energy-intensive algorithm. Hypothetically if Bitcoin were shut down, crypto would be as energy-efficient as any other distributed/federated technology.
- woodruffw 3y agoIt's hard to imagine that the market for PoS coins would be nearly as large as it currently is without the 800 pound gorilla that is Bitcoin.
- randomNumber7 3y agoIt burns the energy as a proof, its not just doing it because its badly designed. The reason most money goes into bitcoin is probably, that people consider it safer than proof of stake.
- everfree 3y agoLet's not kid ourselves, bitcoin's dominance is due to network effect. Nobody understands blockchains.
- randomNumber7 3y agoThe original bitcoin paper is an easy read. How proof of stakes is fire proof is harder to understand, and the information I found did not 100% convince me (not an expert in cryptography so doesnt mean much) I never put money into crypto btw. Its just gambling right now imo.