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I'm curious to understand how the energy equation changes if networks did in fact migrate to proof of stake. Does it change the scaling factor?
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that's the claim!
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yes, i know people are working on this. this should be read as encouragement, not dismissal / ignorance / disapproval. the market wants crypto
Show this threadThanks. Twitter will use this to make your timeline better. UndoUndo
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I wrote about this today. Would be interested to get your feedback —https://joshgreen.substack.com/p/will-creators-choose-to-create-a …
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I liked the article! I have been a bit inspired to speak out about this because I have creator friends who've toyed around with the idea of making NFTs (as have I) and it's just too problematic at the moment. Benn made one on a Proof-of-Stake chain thohttps://www.youtube.com/watch?v=M1C5SYkFC-I …
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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5 years ago bitcoin used ~6.56 Twh/y (annualized), now it's using 126 Twh/y (a). about 20x more energy usage at the same time hashing has gotten like 20x more efficient! 400x more hash compute has been thrown at bitcoin for a mere ~120x price increase (from ~$420 5y ago)pic.twitter.com/zfpkUrruQu
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even this article trying to defend bitcoin's energy usage vs this provocative nature article et. al. (https://www.nature.com/articles/s41558-018-0321-8 …) uses as an argument "you can't imagine to scale bitcoin to handle global requirements like that" -- i agree, i can't!pic.twitter.com/vlMmAVrc3H
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bitcoin is operating “at scale” already, any increase in its electricity consumption is pure greed/electricity economics
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there is nothing about its consumption rate that maps to usage capacity. these are entirely decoupled things.
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