I think you answered your own question, the system emerges from Proof of Work. You can say it’s costly — and I can tell you it’s nowhere near that comparison you mention above, but you have to evaluate it against the value it provides.
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That said there are other consensus mechanisms. Proof of Stake is the most famous runner up, and Ethereum is transitioning soon.
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Seems unlikely bitcoin will transition anytime soon, as its bias against sudden changes in the protocol are part of its value proposition
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On this subject I recommend you this interview: https://youtu.be/LnEik-n-yTM?t=669 …, especially the part between 11:09 and 14:42
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Replying to @pnfigueiredo @2050Andy
I am supposedly a good investor -- I earned about 150% from 2010 - 2016, excited the market when it left the fundamentals, and, uh, this year peaked at an absurd 16,000,000% IRR. right now, due to my primarily PUT position, I'm at a measly >1000%...
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Probably would have taken more $$ out near the top if I had not been rudely and unjustly confined buy someone who called the cops on me, but that's spilt milk, under the bridge...
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Replying to @DanielleFong @2050Andy
I have been following some of your trading and you have an absolutely incredible track record Danielle.
You’ve inspired me to do some reading on option trading.1 reply 1 retweet 2 likes -
Replying to @pnfigueiredo @2050Andy
I think it's mainly a matter of recognising when you are in a unique situation. Yes, I invested in Amazon and Whole Foods before the merger, invested in Facebook at the trough, but 90% of my returns 2010-2016 came just because I met Elon in 2012 and realised he'd never give up!
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Also, I trade my own money, which it turns out is a lot easier. I learned from the experience of the best!https://www.quora.com/How-well-is-Clarium-Capital-doing …
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If anyone is serious about options trading, this is the bible. https://www.amazon.com/Dynamic-Hedging-Managing-Vanilla-Options-ebook-dp-B000UG9JQA/dp/B000UG9JQA/ref=mt_kindle?_encoding=UTF8&me=&qid= … Also, I strongly recommend, for your sanity, that you take a position that cannot turn into a margin call. This is why I favour puts over shorts - yes they can be worth nothing, and that's ok
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But the really really big mistake I made was when, reviewing the Bitcoin paper in -- uhh, I think -- 2011 I believe? At a Stripe Hackathon? I noticed the 51% problem and calculated that it *in fact* could be to someone's economic advantage to execute it. So I did not invest!
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Maybe
@patrickc or@collision or@starsandrobots can recall when we had that hackathon Anyway, I tried to tell people about it, but what I underestimated was the huge *need* for something like bitcoin, and how much better it was than fiat and other forms of ecurrency! I know now1 reply 1 retweet 0 likes -
Replying to @DanielleFong @2050Andy and
2011 was indeed very very early on and it was completely rational to dismiss Bitcoin back then IMO. Actually I did that too when I came across bitcoin mining circa 2012 while in Uni. I would have made a fortune but the whole thing sounded off.
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