701–710 of 1001 posts
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Yeah, nope. Consider the amount of energy wasted right now and also in similar "industries". https://bitcoinmagazine.com/business/bitcoin-uses-less-than-...
The world financial and banking systems moves literal quadrillions of dollars around the world on an annual basis.
Proof of Stake is already how our current financial system works. The people with the most money make the decisions. Proof-of-Work is provably resistant to this, as evidenced by the 2017 blocksize debate where almost every large miner and bitcoin company wanted to change the protocol and it was fought off through grassroots efforts. A PoS currency will be controlled by a cabal of US financial institutions, and indire…
I am not convinced that PoW is immune to those pressures or even resistant to it. The people with capital control the mining. At least the environmental problems are reduced with PoS
POS isn't permissionless -- you literally have to buy a stake from existing holders in order to participate.
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It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources. I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically…
Funny how everyone complains it's wasteful yet I see absolutely nobody complaining that they have some sort of electricity shortage because of Bitcoin miners.
It's a bit ridiculous when regular stores have lotteries to grant you the privilege of purchasing one of a scarce number of GPUs... at regular retail price.
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But like, what were cryptocurrency's goals again?
I can't find it right now, but I saw this infographic the other day showing how the ideology/goals of cryptocurrency have shifted over time. Something along going from a literal currency to replace the dollar to going toward its present definition as some mix of speculative asset and inflation hedge.
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But like, what were cryptocurrency's goals again?
Originally anarchist anti-government folks needed some medium of exchange for their future plans and bitcoins could theoretically fill that niche, being trustless. We could argue that anarchy ideology is not good, but at least it was some ideology and tool fit the purpose. Now crypto is 99.99% occupied by get-rich-quick folks with zero principles.
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I am not convinced that PoW is immune to those pressures or even resistant to it. The people with capital control the mining. At least the environmental problems are reduced with PoS
There's a whole book written about the history of this: https://www.goodreads.com/book/show/57429394-the-blocksize-w... "Roughly 90% of the hash power once threatened to change the rules of #Bitcoin believing the users didn’t matter in the decision. The users spun up 10s of thousands of full nodes & told them to go f*ck themselves." [1] [1] https://twitter.com/TheCryptoconomy/status/13940065488763084...
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I am not convinced that PoW is immune to those pressures or even resistant to it. The people with capital control the mining. At least the environmental problems are reduced with PoS
POW is permissionless, in that you don't need anyone's permission to setup a mining rig and contribute significant work. POS isn't permissionless -- you literally have to buy a stake from existing holders in order to participate.
Earlier quoted context omitted.
It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources. I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically…
Funny how everyone complains it's wasteful yet I see absolutely nobody complaining that they have some sort of electricity shortage because of Bitcoin miners.
Earlier quoted context omitted.
Funny how everyone complains it's wasteful yet I see absolutely nobody complaining that they have some sort of electricity shortage because of Bitcoin miners.
Because shortages aren't the issue. The issue is using more power than all of Argentina for one currency. That is a lot of CO2 emissions for something that brings questionable value.
It's using the power of Argentina for an MLM/Ponzi scheme that doesn't apparently create any value.
If it were a) broadly useful and b) used less power it would be another story.
'Cruise ships' at least allow people to 'cruise'.
Proof of Stake is already how our current financial system works. The people with the most money make the decisions. Proof-of-Work is provably resistant to this, as evidenced by the 2017 blocksize debate where almost every large miner and bitcoin company wanted to change the protocol and it was fought off through grassroots efforts. A PoS currency will be controlled by a cabal of US financial institutions, and indire…
It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources. I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically…