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Ah I see. Perhaps you should check out https://bitcoin.org/en/faq#what-is-bitcoin some of your points are addressed there.
I’ve read that before. The core issues are not addressed or are glossed over as of course that’s a pro bitcoin advocacy site. Bitcoin is fundamentally broken at the lowest levels.
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I’ve read that before. The core issues are not addressed or are glossed over as of course that’s a pro bitcoin advocacy site. Bitcoin is fundamentally broken at the lowest levels.
Which levels and how?
[1] https://digiconomist.net/bitcoin-energy-consumption
[3] https://www.newsbtc.com/2019/08/14/2-of-bitcoin-addresses-co...
[4] https://www.snb.ch/n/mmr/reference/sem_2019_05_31_koeppl/sou...
[5] https://www.independent.co.uk/life-style/gadgets-and-tech/ne...
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Which levels and how?
A single transaction consumes 600kWh of electricity and yields 95 grams of e-waste -- enough to power a US home for 20 days. [1]. This is projected to increase. It's 700,000 times less efficient than Visa. If Visa alone were ported to Bitcoin levels of inefficiency it would consume 38X the entire world's power generation capacity. [2] It's actively anti-efficient and becomes less efficient as the price scales and as…
This is what you get if you want a decentralized currency. Full stop. There is no alternative currently designed or available.
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A single transaction consumes 600kWh of electricity and yields 95 grams of e-waste -- enough to power a US home for 20 days. [1]. This is projected to increase. It's 700,000 times less efficient than Visa. If Visa alone were ported to Bitcoin levels of inefficiency it would consume 38X the entire world's power generation capacity. [2] It's actively anti-efficient and becomes less efficient as the price scales and as…
And how does any of that mean "Bitcoin is fundamentally broken" This is what you get if you want a decentralized currency. Full stop. There is no alternative currently designed or available.
A PoW coin has the same economic impact as a 48% rate of inflation. If that’s what we have to pay to “decentralize” our currency it’s time to stop trying to do that. The burden is not on the incumbent to prove why it’s better, it’s on the new guy.
That’s what we’ve learned from this decade long experiment: it’s just not worth it. Time to put this idea to bed and pursue something worthwhile.
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I can't wait for the Tulip... err Blockchain hype to die down. Using the energy of a mid size european country for what is now essentially a pyramid scheme is just shitty. (And I make that statement after having made a few thousand bucks by mining BTC at 5$ per coin.)
Bitcoin seems to be just quietly sticking around for now.
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This is something that has boggled my mind since 2010 when I first looked at crypto. Why the hell would anyone waste CPU cycles computing some arbitrary hash value that is then ejected as "waste" rather than having the computational workload itself run scientifically important problem and the result of that computation is rewarded with a token? why the hell is everyone using all of this computational power for... not…
How do you imagine this could be done? Is there an inexhaustible repository of "scientifically important problems" that can be solved every 10 minutes by some computing entity, and whose difficulty is adjustable -- a function of available compute power in the network, and are verifiable by others without human judgement involved? > So why the hell are we not putting those to good use? Some would argue that securing t…
Well, is the pool of mineable BitCoin hashes not limited? I'd say there are enough computational problems to be solved, certainly far more than there are BitCoins to be mined, for one.
As to trust and transactions, as far as I understand, every update of the BitCoin blockchain has to be agreed upon, meaning that it is verified by the network. To that end, you might as well verify useful computation, with the same mechanism.