Quote:
Originally Posted by freebeard
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. |
I just listened to a good Rubin Report podcast where they discuss bitcoin. While I severely underestimated the investment potential of holding bitcoin, I still don't think it's sustainable. We cannot have transactions that take ever more computational power. Not only is it a waste of energy, it's a waste of time. Bitcoin is only capable of processing a finite amount of transactions.
I believe currency will decentralize and ledgers will be distributed eventually, but it has to be done in a way that doesn't require ever more computational power. The incentive to host a ledger and validate transactions should be something other than creation of new e-currency.