Re:Stellar Smart Contracts
by keymone on Wednesday October 10, 2018 @04:02PM
(#18188354)
> Proof of work is to establish that money is being spent
nope. it's a proof that energy was consumed. money is human concept, energy is universal absolute.
> Just because a process is wasteful doesn't mean it isn't valuable
energy consumption is inherently wasteful activity (as in there is some amount of "waste" in the world produced for the energy to become consumable). by this definition literally everything is wasteful and the label loses it's meaning.
but labels are useful and i (and the official definition) prefer using the term wasteful for something that is intentionally or unnecessarily inefficient.
bitcoin is neither - every joule spent mining bitcoins is necessary to provide the level of security demanded by the market. you can't spend less energy to provide same level of security, because in bitcoin they are pretty much the same.
nope. it's a proof that energy was consumed. money is human concept, energy is universal absolute.
> Just because a process is wasteful doesn't mean it isn't valuable
energy consumption is inherently wasteful activity (as in there is some amount of "waste" in the world produced for the energy to become consumable). by this definition literally everything is wasteful and the label loses it's meaning.
but labels are useful and i (and the official definition) prefer using the term wasteful for something that is intentionally or unnecessarily inefficient.
bitcoin is neither - every joule spent mining bitcoins is necessary to provide the level of security demanded by the market. you can't spend less energy to provide same level of security, because in bitcoin they are pretty much the same.