Re:Bitcoin study: Period of exclusivity encourages early ado...
by nadaviv on Friday July 14, 2017 @01:21AM
(#14767695)
The energy consumption of proof-of-working mining is entirely unrelated to the transaction volume. 10x'ing the transaction volume of the network would not require 10x more energy for mining.
Re:Bitcoin study: Period of exclusivity encourages early ado...
by GenericsMotors on Friday July 14, 2017 @04:56AM
(#14768494)
So it is an extremely wasteful system.
Re:Bitcoin study: Period of exclusivity encourages early ado...
by nannal on Friday July 14, 2017 @06:35AM
(#14768781)
Kind of a requirement for decentralised consensus.
Re:Bitcoin study: Period of exclusivity encourages early ado...
by lawn on Friday July 14, 2017 @05:30AM
(#14768611)
> Bitcoin has no preventative measures, and as designed most cryptocurrencies can't implement preventative measures or refunds. That's not a positive. That's a massive step backwards.
Actually that's one of the flaws Bitcoin was meant to fix. Charge back fraud is a very real problem for merchants and essentially makes all purchases more expensive as the credit card companies are forced to eat the expenses.
Re:Bitcoin study: Period of exclusivity encourages early ado...
by zer0tonin on Friday July 14, 2017 @07:34AM
(#14768999)
Even if it's not in the millions, Bitcoin has much more than 10 transaction per second : https://blockchain.info/charts/transactions-per-second
These thousands of servers manage millions of concurrent transactions per second in multiple currencies across multiple jurisdictions worldwide.
The largest cryptocurrency network (Bitcoin) spends more energy than that to handle...10 transactions per second?
Bitcoin has no preventative measures, and as designed most cryptocurrencies can't implement preventative measures or refunds. That's not a positive. That's a massive step backwards.