Financial security isn't worth anything in face of extinction. Bitcoin inherently works against human prosperity. No matter the riches we achieve, PoW will take a massive cut.
Please, play it through in your head: What would happen to the PoW system, if we achieve almost infinite energy proliferation? E.g. some scifi space solar energy harvesting. Don't you see how Bitcoin works against our future?
You need to chill if you think the demand is high enough to literally wipe out humanity.
Yeah, I think that's an extremely ignorant and outdated ideology. Which is evidently progressing towards human extinction.
Optimizing towards the metric of monetary reward/economic growth is just horribly disconnected from human welfare.
There is also the fallacy of assuming all things interchangeable for market dynamics when in reality some things running out means "down-regulating demand" by killing off most of the population, e.g. phosphate rock.
Capitalism isn't set up to get us two cookies later. There is just no incentive for the market to give a fuck about humans. It's like the "stamp making AI" thought experiment. Or the attention optimizing algorithms mindlessly destroying political culture. Oversimplified metrics spiralling out of control.
Tho, economists have realized this and most markets are recognized to fail without regulation for their inherent nature. E.g. housing, water, electricity, education, ...
And keep in mind, capitalism (when working properly) is supposed to find minima. Not create further barriers to getting things done. The group that gets the job done at the highest output:input ratio for as long as the problem they are solving is relevant was the intended optimization point. Irrational markets being what they are, this frequently does not converge as planned.
Without regulation, most essential markets fail humans.
And finally an ancap "free market economy" was the default state of the world and the whole of human history has been the struggle to overcome/refine that stake based hell.
Chia is pretty complicated but I'm not sure its much more complicated than other cryptocurrencies. The complexity seems pretty inherent in them.
For many natural resources, the local concentration is key to viability. See phosphorus, or helium depletion. Once the reserves are gone, we cannot maintain our scale of production, as alternative extraction usually is too energy intensive to scale. Please consider this on an interdependent scope, where it all comes down to burning through the geological work of millennia as the fundamental ressource. 500 years ago, people were already hitting the limits of ecological sustainability where they settled and back then all of earth was home to something like 500 million people.
Maintaining just the food production for 7 billion humans is gonna be an overbearing challenge the next years. Anarchocapitalist delusions have no future.
Every year we delay is another year worth of black holes swallowing up entire galaxies worth or resources.
You went on a rant that started barely connected and ended up talking about food production for 7 billion people (which is currently happening by the way since there are about 7 billion on earth).
For what it's worth - something like a house heating unit could easily be done by a coin miner, and there have been such projects presented on Reddit and HN before.
'Work' cannot be losslessly reduced to heat generation and market value does not represent contribution to human welfare.
It's the fallacy of conflating correlation with causation, when the free market economic systems aligns with human interests for a moment. And PoW crypto currencies aim for giving up all governance control to this fallacy. Earth becoming absolutely oxidized into a lifeless rock a valid possible equilibrium for free market economic systems.
Like, I appreciate trying to dual purpose energy use... but I dont see a specialized computer that pumps heat as practical. I'm pretty sure it's going to be wasted watts too instead of using a real heater. My 800w box doesn't generate anywhere near as many BTUs as a 600w ceramic box heater. Even though I may joke otherwise. While on hot days in Florida, there is a difference when it's on or off in a room... on the 5 actual cold days we get, it can barely keep my feet warm. When I lived in Colorado... Haha no. The little office I had with a buddy, there were 4 servers in a room, either rendering or doing video analytics crunching. They didnt do shit when ambient was 60f, plus our desktops. Using bitcoin miners as home heaters seems as practical as Juiceroo was to "fresh juice".
> I'm pretty sure it's going to be wasted watts too instead of using a real heater.
That makes no sense. You literally cannot "waste" waste heat, unless you are venting it to outside or something. If your space is not getting warm enough, it's because your computer is not generating enough heat!
[1] only a very miniscule amount of the power consumed by a PC actually permanently flips bits on harddisks or SSDs or transmits bits across the network. These take extremely low amounts of power.
Electric heaters are only 100% efficient at turning electricity to heat. We can do a lot better than that
However, the theoretical thought of a near infinite energy source inevitably pushing a PoRessource currencies system into finding (another) limitation again is outrageous. With all those free market edgelords in the cryptosphere, why don't they see the catastrophic flaw of dependency on scarcity? That's just insane. No matter the material/energetic efficiency technology will ever achieve, PoR will automatically counterbalance it.
It's full commitment into the long known failings of a free market economy. Giving up all control to the reward delay capacity of a toddler. A modern take on the easter island collapse on a holistic, global scale.
Agreed. Cryptocurrencies that use proof of stake are a great alternative to cryptocurrencies that use natural resource scarcity.
Tho, all these systems require some ressource scarcity and will inherently maintain/promote scarcity. This is completely unacceptable in the coming years. People don't realize how much we need to cut back on natural ressource extraction and energy expenditure. Out whole world is build on massive mineral and energy debt. E.g. natural cycles do not allow for biomass generation for food and energy on today's scale. It's simply impossible, the math doesn't check out. See peak phosphorus or dive into the viability of bio-plastics. If we don't tap into some unlimited energy source soon, we have to massively cut back in everything we consume. It's madness to use any unnecessary energy or resource on crypto finance, when there are more energy efficient alternatives.