Re:Cambridge Bitcoin Electricity Consumption Index
by Nursie on Thursday February 11, 2021 @08:18AM
(#26101144)
Decentralisation simply moves trust around the system, rather than eliminating it. It is a fetish because most people really don't care.
Immutability is by consensus, not some fundamental law of the universe. Consensus can change (see the reason Eth Classic exists).
Bitcoin's guarantees are not mind-boggling, and the amount of work it would take to fake is not mind-boggling either, it's very quantifiable, and it is some fraction of the available computing power that exists today, for a time period of no more than the age of bitcoin. Compare that to the stronger guarantees of things like AES encryption, if you want your mind boggled.
I don't give a crap how much work a piece of information has attached to it, all that is to me, is a record of wasted cycles.
Further, in most real-world situations having no central authority that can make changes coupled with immutable transactions is actively terrible.
Immutability is by consensus, not some fundamental law of the universe. Consensus can change (see the reason Eth Classic exists).
Bitcoin's guarantees are not mind-boggling, and the amount of work it would take to fake is not mind-boggling either, it's very quantifiable, and it is some fraction of the available computing power that exists today, for a time period of no more than the age of bitcoin. Compare that to the stronger guarantees of things like AES encryption, if you want your mind boggled.
I don't give a crap how much work a piece of information has attached to it, all that is to me, is a record of wasted cycles.
Further, in most real-world situations having no central authority that can make changes coupled with immutable transactions is actively terrible.