Green hackers around the world, let’s destroy Bitcoin

Re:Green hackers around the world, let’s destroy Bitcoin by tsimionescu on Sunday February 07, 2021 @08:29AM (#26054883)

My original claim is that new technology is not getting funded by dumping energy into bitcoin mining. Proof-of-stake was proposed as a counter example, but as discussed it may actually predate bitcoin's adoption. It may be true that dumping energy into bitcoin can fund the adoption of a proof-of-stake coin, but that is no longer a new technology, it is simply adoption.

So I stand by my original point - the resources going into bitcoin are not fueling technology research.

They may be fueling PoS Ethereum adoption, but that is another argument entirely.

[ Parent | on HN ]

Re:Green hackers around the world, let’s destroy Bitcoin by CryptoUnchained on Wednesday February 10, 2021 @08:38AM (#26088821)

You are speaking in absolute terms. It goes against all logic that new technology wouldn't be funded by dumping energy into bitcoin mining.

Simple logic.. Billions of dollars in miners are bought by speculators, Bitmain orders new 5nm chips from TSMC... TSMC uses money for R&D.

Either you're being willfully ignorant or you're trolling us.

[ Parent | on HN ]

Re:Green hackers around the world, let’s destroy Bitcoin by shawnz on Sunday February 07, 2021 @09:29AM (#26055239)

> It may be true that dumping energy into bitcoin can fund the adoption of a proof-of-stake coin, but that is no longer a new technology, it is simply adoption.

I'm not sure that's true. Proof-of-stake is established as a concept but there is still lots of room for technological improvements in the implementation and user experience. New proof-of-stake coins can compete more effectively because of the trust which Bitcoin established.

[ Parent | on HN ]