Quote:
|
Because we are hooked. There is no other way around our addiction if we are to promote growth as an economic bandaid to the immense debt bubble that is temporarily forestalling the crash.
|
Consider a snake. When it is hide-bound it sheds it's skin.
If we were to shed Babylonian debt slavery, would there be a deflationary alternative up and running on the world's largest compute cluster to take up the slack?
The immense energy Bitcoin consumes comes from competition among the miners. Without the investment in proof-of-work, the blockchain could be resolved on a single device. That's why I like
proof-of-stake.
Quote:
With Proof of Work, the probability of mining a block depends on the work done by the miner (e.g. CPU/GPU cycles spent checking hashes). With Proof of Stake, the resource that's compared is the amount of Bitcoin a miner holds - someone holding 1% of the Bitcoin can mine 1% of the "Proof of Stake blocks".
Some argue that methods based on Proof of Work alone might lead to a low network security in a cryptocurrency with block incentives that decline over time (like bitcoin) due to Tragedy of the Commons, and Proof of Stake is one way of changing the miner's incentives in favor of higher network security.
|