PoS vs PoW tweetstorm that digs into the fundamentals. Great overview of the argument:https://twitter.com/hugohanoi/status/951762596255838209 …
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Replying to @TuurDemeester
Thanks Tuur. To add since so many people seem to be missing the point... “What about tech innovations? Cars vs horses? LED vs. lightbulb? Aren’t those examples of using less energy to achieve the same goal?” No because in those cases there are exploitable inefficiencies.
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Replying to @hugohanoi @TuurDemeester
Everybody is missing your point because you failed to make it. You misused physics to make people believe you understand economics, while trying to explain the difference between 2 techs. Try sticking to the tech, and state real differences, not abstractions you don't fathom.
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Replying to @TuurDemeester @hugohanoi
Trying to apply COE to money (or anything with subjective value - to which there are no limits). It's not a closed system, and that is required. It starts out as an inequality, and just gets worse from there. A consequence of his argument would be static prices.
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Replying to @Yo_Crypto @TuurDemeester
Money is subjective, but immutability in PoW is *not* subjective due to the properties of one-way hash function. All I'm saying is there is a direct, 1-to-1 relationship between mining energy usage and immutability. Remove the energy, and you remove the immutability.
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First law of thermodynamics doesn't apply to algorithms. Ex: Quicksort uses recursion to sort a billion integers with 50,000 times fewer operations than bubble sort. A better algorithm can get you something for nothing! No cosmic constant controls energy needed to secure 1 BTC
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Ehh no. It still does. The fact that a new algo / new hardware allows you to perform a task more efficiently, simply means that the old algo / hardware wasted more electricity / kinetic energy than necessary. But you still use energy. It's not "nothing".
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