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Speaking of a better bitcoin, why can't the proof of work aspect be something that's useful instead of a huge waste of electricity? It's not a huge waste of el
by kiba 14y ago
Speaking of a better bitcoin, why can't the proof of work aspect be something that's useful instead of a huge waste of electricity?
It's not a huge waste of electricity. It provides security for the bitcoin ecosystem.
- betterunix 14y agoOnly as long as nobody comes along with a tiny bit more computing power than the rest of the Bitcoin system and decides to double spend their money. Ultimately, you would need to use half of all computing power in the world for Bitcoin for it to be secure.
- warfangle 14y agoSimilar things have happened: look into the history of blockchain forks.
- jacoblyles 14y agoPPC coin is more secure against 51% attacks, because existing holders of coin don't need large amount of computing power to generate proof-of-stake blocks. To launch a 51% attack against PPC, you need 51% of the computing power and 51% of the coin-age, coins times the amount of time that has past since they were last spent.
- betterunix 14y agoIs there a better technical paper about PPCoin than the 6 page whitepaper?