Re:Bitcoin study: Period of exclusivity encourages early ado...
by TeMPOraL on Friday July 14, 2017 @05:05AM
(#14768523)
> The thousands of servers that run FedWire, ACH, VISA, MasterCard Paypal, Venmo, ApplePay and the Cash-transport Trucks, Physical banks, all waste energy preventing people from trying to steal money too.
All that addresses directly the problem of moving money around and theft prevention. The amount of upkeep you have to pay is bounded on both sides. Proof of Work, on the other hand, is just about wasting as much energy in the system as you can and ensuring that anyone trying to overtake it would have to waste even more energy. The energy use isn't related to any useful work, and is potentially unbounded.
All that addresses directly the problem of moving money around and theft prevention. The amount of upkeep you have to pay is bounded on both sides. Proof of Work, on the other hand, is just about wasting as much energy in the system as you can and ensuring that anyone trying to overtake it would have to waste even more energy. The energy use isn't related to any useful work, and is potentially unbounded.