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The problem with PoW is that it creates a system where any jurisdiction with uncaptured externalities dominates. If you have a USA-bitcoin that only accepted b
by Rhapso 2y ago
The problem with PoW is that it creates a system where any jurisdiction with uncaptured externalities dominates.
If you have a USA-bitcoin that only accepted blocks by miners verified to be paying real costs for energy, then it would be different. But nobody wants that
If making it "OK" requires global consensus on tax/externality policy, then it isn't ever going to be ok.
Escaping regulation is the point of cryptocurrency.
- derangedHorse 2y agoThis is based off a biased and incorrect assumption that "any jurisdiction with uncaptured externalities dominates". It ignores miner advantages bred from more efficient governance where externalities are covered by clear regulations and proper enforcement. Any venture can be made to have negative externalities and Proof of Work doesn't lend itself to either more or less of those than most other industries.
- Rhapso 2y agoYep. You are entirely correct but you miss the point. That "regulatory efficiency" doesn't and can't exist in our current flavor of capitalism. Yes, it is the same as any other industry. But pointing it out about Bitcoin doesn't scare the population as much as pointing it out for their entire economy.