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Can't simultaneously say that Bitcoin is - as measured by hashrate - the "most secure public chain" and in the same breath say the miners don't consume enormous quantities of energy. The fundamental problem with PoW maximalism is that it wants to have a free energy lunch.https://twitter.com/danheld/status/1032322008854421504 …
All PoW chains rely on resource consumption to defend their network from malicious attackers. A less resource intensive network automatically becomes a less secure network. Discussed in detail a few years ago:http://www.ofnumbers.com/2015/02/13/the-myth-of-a-cheaper-bitcoin-network-a-note-about-transaction-processing-currency-conversion-and-bitcoinland/ …
I don't expect Dan to actually respond here either. He doesn't reply to emails or messages.
He's not sayin the miners don't consume enormous quantities of energy. He's just sayin that you must choose between security and energy consumption. You can't have one without the other. For now, PoW has been proven as the best solution to this problem.
I totally agree, yet I think this energy is price we pay for such a system. I’m happy to pay my share. If anyone comes up with a better system we can switch. (Dont talk about centralized @StellarOrg or @Ripple with “”””validating”””” nodes)
Bitmain
Hear hear. And the saddest part is that not only is it consuming an inexcusable amount of electricity but that pow mining is an economies of scale business. It will centralise as we are seeing with bitmain. So how does it hope to stay the most secure over the long run?
JP Morgan consumes lots of electricity, Data centers, NASA rocket launches also .. but not where the power is cheap and often lost if not sold/used. One of the most free markets in the world seems to think that the cost is worth the price: a global P2P digital hard money.
The hydro dams in China are killing off the sand reefs all over the world. Nothing is free. Not even hydro power accumulated in the non peak hours and wasted on BTC hashrate.
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