News for hackers. Stuff that matters.
Re:My professional opinion as a blockchain researcher: I don... by NickM on Monday February 12, 2018 @10:24AM (#16359160)
We have the ability to remove it, yes, but not for free. Decentralized systems based on proof-of-work are inherently less efficient than centralized, trust-based systems.

The question is, do the costs and downsides of cryptocurrencies outweigh the benefits of not having to trust a third-party intermediary? The author is arguing no, and for the overwhelming majority of real-world cases, I would tend to agree.

Re:My professional opinion as a blockchain researcher: I don... by thieving_magpie on Monday February 12, 2018 @10:30AM (#16359209)
I understand the trade off a little better now. Thanks. It leads me to a follow up question - is this universally true of all blockchain implementations or is it due to the structure of cryptocurrency (mining, etc.)?
Re:My professional opinion as a blockchain researcher: I don... by icebraining on Monday February 12, 2018 @11:19AM (#16359617)
Mining is part of how the Blockchain remains decentralized; you can't remove it.

In the original paper, the way mining worked was by Proof-of-Work (PoW), which wastes a bunch of energy to make sure it's unprofitable to attack it.

There is research into mining without wasting energy by using alternatives to PoW, like Proof-of-Stake (PoS). I don't think there's consensus about whether any of them actually work.