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A major complaint about bitcoin is the wastefulness of mining. But that is precisely what makes bitcoin a commodity. If it were easy to generate bitcoins then p
by jostmey 11y ago
A major complaint about bitcoin is the wastefulness of mining. But that is precisely what makes bitcoin a commodity. If it were easy to generate bitcoins then people would start printing forgeries. I don't see a way around it.
- DenisM 11y agoA currency should be scarce, but scarcity does not have to come at the cost of spending energy. Imagine a coin that's tied to how many push-ups you make each day? That's still scarce, but the side effects are positive, not negative - you get healthier instead of burning more coal.
- colordrops 11y ago> scarcity does not have to come at the cost of spending energy. But it does until there's a better alternative. Currently there is no algorithm or technique that can't be gamed or corrupted other than proof of work.
- PierreRochard 11y agoSounds like we should change how electricity is produced?
- joshuapants 11y agoYou spend energy when you do push-ups. That would also be a fairly easy system to game.
- karmakaze 11y agoThis aspect is only temporary while they're being minted.
- Dylan16807 11y agoUnless bitcoin collapses there will always be huge amounts of energy wasted on mining, because the miner fees kick in as people compete to have their transactions recorded.