For all my criticism, I love that crytpocurrencies started a discussion about designing money. Unfortunately, all proof-of-work schemes allocate new money only to people who already have a lot of old money. We can do better.
The minimum capital investment to GPU mine is a few thousand at the moment, with payout between 9 and 12 months. That's real money, but, less than a food truck or a six-light grow op.
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All of this is rapidly changing and could be more or less true in a month. My point is there's a distinction between operating real equipment, and proof of stake, which is literally rewarding those who have money and don't spend it for awhile.
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I see the distinction, but in practice most of the work of proof-of-work is done by very large, very rich mining consortia.
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Mining (the name sucks) is a specialized sort of server, so the economics are similar. The Internet is open/decentralized but we still have AWS.
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I'm keenly interested in engineering distributed systems that are resistant to consolidation. It's difficult!
End of conversation
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