sarah jeong

@sarahjeong It seems like it’s a way to replace credit-card and wire transfer stuff.

@GlennF Yeah, I think the family of technologies is very promising and interesting, but obv lots of problems

@sarahjeong To me, the financial incentive didn’t align with the computational power created (and still growing).

@GlennF Some of the mining rigs were explicitly designed to pay off the investment in a few months?

@GlennF I think financially it did line up for a bit, until the proof of work difficulty got so enormous that it’s just silly now

@sarahjeong Proof of work has to taper. Difficulty could reverse (has before) as people exit.

@GlennF Yes. But not clear that it will go back to a point where mining makes sense.

@sarahjeong Yeah. In my Economist piece, I argue it’s approaching marginal. it’ll be data centers and cheap power. No individauls.