I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.
My point is how great can it be if over a decade later the terrible system for mining is still dominant? The more people participating, the worse it gets. We just had texas power companies paying crypto bros to stop mining it’s gotten so bad - and we aren’t even at .01% adoption yet.
You’re chiming in in a way that ignores nuance and implied meaning. I feel like my intention has been pretty clear but if I need to spell it out so be it.
That’s more a question of being first on the scene and the financial impact if Bitcoin maximalists finally accepted that their blockchain is crap compared to other options, that’s what keeps Bitcoin at the top, not how good or bad it is compared to the tech’s potential…
And no your intention wasn’t very clear otherwise I wouldn’t have had to reply how I did previously.
that’s more of a question of being first on the scene
Countless others have used/use PoW and bitcoin still does it despite ETH and others migrating away. It doesn’t matter what the reasoning is, it still does it, and there is clearly no plan to stop doing PoW.
I used to mine scrypt coins I’m not ignorant of how this all works. Bitcoin is a solution in search of a problem and despite how many cryptos and startups have touted “how exciting the tech is” (a line I used to repeat back in 2011 mind you), what has it solved?
It takes more power/resources than traditional currencies
Transactions take minutes meaning it’s terrible for daily transactions
Setting up your own wallet and protecting your own keys is a massive barrier to adoption
I don’t know why you’re arguing about Bitcoin being PoW and how bad it is, in think I made it pretty clear that I agree with that…
As I mentioned in another comment, blockchains could replace the stock market and actually improve it. Some chains have transactions that are quick enough that it would be perfectly fine for it (except for automated trading systems, but fuck ATS), transactions would be publically visible instead of the mess that’s happening now, no more T+2 delay for the transactions to settle… But crypto is fighting tooth and nail not to be recognized as a security when it’s probably the only thing it could be good as… 🙄
Otherwise, as you said, blockchains are a solution in search of a problem to solve 🤷
But we don’t know who it was so how is it any better than what we currently have? That is not public record unless you own/buy 5%+. Crypto is offering no new information there and it can’t tie people to the moves. So this is wrong.
Some chains have transactions that are quick enough that it would be perfectly fine for it
Ok but it doesn’t improve anything and it’s still slower than what we have. We don’t need it, swapping it out with current systems changes nothing except for making the transactions slower.
blockchains could replace the stock market and actually improve it.
I just don’t see how. What does it bring to the table?
The reason I keep talking about PoW is that it is a huge part of the consideration here. Mining requires rare earth metals/hardware and an inordinate - and very possibly unsustainable - amount of power. All to do what our entire currency system already does.
I know it’s PoS now but why does that matter? What does it solve? What does it actually do that needs to be done? Because so far the vast majority of crypto is used for speculation. It’s people hoping they can make money just by holding on or, God forbid, day trading.
I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.
Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.
And even in mining there are different protocols, Bitcoin is just intentionally inefficient 🤷
Sounds like bfd when the goal is to make it a world currency lol
Man, try to make maximalists understand that 🤣
My Excel spreadsheet remains efficiency champion!
Pretty sure there are more efficient databases than Excel for the kind of information stored on blockchains 🤪
Sure, but when even Excel is a more efficient database, that should say something about crypto.
My bad joke was that a real world cost is the point.
Well it’s been over a decade and Bitcoin is still PoW, as well as nearly 50% of the entire crypto market.
Ok… that doesn’t make what they said any less true?
My point is how great can it be if over a decade later the terrible system for mining is still dominant? The more people participating, the worse it gets. We just had texas power companies paying crypto bros to stop mining it’s gotten so bad - and we aren’t even at .01% adoption yet.
You’re chiming in in a way that ignores nuance and implied meaning. I feel like my intention has been pretty clear but if I need to spell it out so be it.
That’s more a question of being first on the scene and the financial impact if Bitcoin maximalists finally accepted that their blockchain is crap compared to other options, that’s what keeps Bitcoin at the top, not how good or bad it is compared to the tech’s potential…
And no your intention wasn’t very clear otherwise I wouldn’t have had to reply how I did previously.
Countless others have used/use PoW and bitcoin still does it despite ETH and others migrating away. It doesn’t matter what the reasoning is, it still does it, and there is clearly no plan to stop doing PoW.
I used to mine scrypt coins I’m not ignorant of how this all works. Bitcoin is a solution in search of a problem and despite how many cryptos and startups have touted “how exciting the tech is” (a line I used to repeat back in 2011 mind you), what has it solved?
It takes more power/resources than traditional currencies
Transactions take minutes meaning it’s terrible for daily transactions
Setting up your own wallet and protecting your own keys is a massive barrier to adoption
Regularly the tool for scams and theft
What has Bitcoin done for us?
I don’t know why you’re arguing about Bitcoin being PoW and how bad it is, in think I made it pretty clear that I agree with that…
As I mentioned in another comment, blockchains could replace the stock market and actually improve it. Some chains have transactions that are quick enough that it would be perfectly fine for it (except for automated trading systems, but fuck ATS), transactions would be publically visible instead of the mess that’s happening now, no more T+2 delay for the transactions to settle… But crypto is fighting tooth and nail not to be recognized as a security when it’s probably the only thing it could be good as… 🙄
Otherwise, as you said, blockchains are a solution in search of a problem to solve 🤷
But we don’t know who it was so how is it any better than what we currently have? That is not public record unless you own/buy 5%+. Crypto is offering no new information there and it can’t tie people to the moves. So this is wrong.
Ok but it doesn’t improve anything and it’s still slower than what we have. We don’t need it, swapping it out with current systems changes nothing except for making the transactions slower.
I just don’t see how. What does it bring to the table?
The reason I keep talking about PoW is that it is a huge part of the consideration here. Mining requires rare earth metals/hardware and an inordinate - and very possibly unsustainable - amount of power. All to do what our entire currency system already does.
Bitcoin is more religion and cult than anything. Of course they think it’s great or at least able to hand wave criticisms.
And yeah, consensus is a hard problem to solve for. Many have taken the route of least resistance and implemented what is known to work.
Ethereum doesn’t use mining at all anymore. It can get expensive to use though, which layer 2 chains help with
I know it’s PoS now but why does that matter? What does it solve? What does it actually do that needs to be done? Because so far the vast majority of crypto is used for speculation. It’s people hoping they can make money just by holding on or, God forbid, day trading.
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