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A comment on Taproot, Bitcoin’s long-anticipated upgrade, has activated. Parent comment

Re:Taproot, Bitcoin’s long-anticipated upgrade, has activated by rabite on Monday November 15, 2021 @08:22PM (#29235433)
Bitcoin's power consumption is not absurd -- proof of work is a method of converting power to security. It uses far less energy than the legacy banking system, which is enforced by trillions of dollars of military expenditures and banking employees burning fossil fuels instead of a comparatively tiny amount of electricity.

When we finally phase out the legacy banking system completely for cryptocurrency, it will represent a drastic reduction in finance-related energy consumption worldwide.

[ Parent | on HN ]
Re:Taproot, Bitcoin’s long-anticipated upgrade, has activated by defaultprimate on Tuesday November 16, 2021 @12:09PM (#29243123)
> It uses far less energy than the legacy banking system

False equivalence. It supports several orders of magnitude fewer transactions and throughput.

>When we finally phase out the legacy banking system completely for cryptocurrency

This will never happen.

>it will represent a drastic reduction in finance-related energy consumption worldwide

Assuming this hypothetical, prove it. Explain mathematically how proof of work supporting global finance levels of transactions would result in a net reduction in energy consumption.

[ Parent | on HN ]
Re:Taproot, Bitcoin’s long-anticipated upgrade, has activated by echelon on Monday November 15, 2021 @08:32PM (#29235512)
> converting power to security

What the hell does this even mean?

Quantum computers will eventually rip this stuff apart. And the reason folks won't be able to do the same to US banks and institutions using QC? The military and NSA will hunt you down.

[ Parent | on HN ]