Re:Tech layoffs more than double in Bay Area
by daemin on Friday May 13, 2016 @06:38AM
(#11689594)
I don't like the fact that bitcoin basically relies trading electricity for money in a nonsensical way. Having large exchanges built on it seems like a terrible idea, where financial places will be required to gobble up immense amounts of energy just to operate. It just won't make financial sense to do this as I can see it now.
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Re:Tech layoffs more than double in Bay Area
by CyberDildonics on Friday May 13, 2016 @07:27AM
(#11689765)
Mining resources are not correlated to scaleability.
Once again, whatever people's views on bitcoin at least realize that mining hashes don't dictate how many transactions can be processed by a miner. They mine a block, then they include as many transactions as they think they can get away with and keep the latency low enough to propagate. Right now they are capped by a block size limit which is the real next hurdle. Some people think there should be no block size limit - latency already becomes a limit in itself.
To hammer it home - someone using bitcoin does not need to use any more electricity than a computer and internet connection. The miners use the electricity and the amount of transactions they process is not directly linked in any way.