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RE: Why Bitcoin is not sustainable and a better alternative to the proof-of-work algorithm. Part I
The conversion of fuel into electricity into PoW hashes acts like a 'battery charger' for putting intrinsic value into each unit of a cryptocurrency.
I contend that complaining about PoW algorithms 'wasting' energy is roughly the equivalent of complaining about the first combustion engines wasting fuel. It's a subjective argument that ignores the value added to the broader economic and financial ecosystems.
Good topic to debate!
I like the anonymous aspect of bitcoin i would never want everything to be traceable and timed dated etc.. Definitely a post to debate about. Happy Steeming!
I agree with you, but the fact that all transactions are timed does not mean that everything will be better traced than in BitCoin's algorithm.
We are just talking about adding a TimeStamp to every transaction.
Right, in some way, you need energy to run things. I like the 'battery charger' analogy.
There is also a lot to improve in the traditional economic system, but the direction seems to be blocked....
The crypto-currency trend is just getting started, and we still have the chance to do better than bitcoin before it generalizes.
In theory, every miner could validate a block within millisecond's, the PoW is only there to prevent fraud and randomize the node that will validate the blocks.
For example, look at this experiment what Google did to CAPTCHAS :
"....characters from Street View images are appearing in CAPTCHAs to improve Google Maps with useful information like business addresses and locations. Based on the data and results of these reCaptcha tests, we'll determine if using imagery might also be an effective way to further refine our tools for fighting machine and bot-related abuse online."
CAPTCHAS are not intrinsically very useful, but there is always room to improve.