Proof of work is temporarily illegal in New York

Re:Proof of work is temporarily illegal in New York by woodruffw on Thursday November 24, 2022 @11:04AM (#33732856)

At least in the US, we’ve yet to see any of the social good promised to us by PoW schemes (or cryptocurrencies, more generally). Instead, we’ve seen a lot of diminished trust in civic and financial institutions, plus a lot of unnecessary carbon emissions.

Given the depth and breath of the costs, banning the use of fossil fuels in PoW schemes doesn’t seem particularly unreasonable. Especially given the broader social goal of reducing fossil fuel use wherever possible.

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Re:Proof of work is temporarily illegal in New York by 0xfffafaCrash on Thursday November 24, 2022 @11:22AM (#33733076)

I’m not arguing about the value of crypto here. Personally I think blockchains are vastly overvalued and it is mostly hype/speculation and fraudsters using FOMO are rampant. That’s a separate issue though and should be treated as such.

There are plenty of things I think people over-value. I may think that buying cars or living in places where you would need them is overvalued, but I won’t argue for banning those. People can form their own opinions on how much they value different things. They shouldn’t however profit from not cleaning up their own messes and having others foot the bill.

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Re:Proof of work is temporarily illegal in New York by germandiago on Thursday November 24, 2022 @11:45AM (#33733345)

Blockchain is a solid technology for distributed stuff. The technology itself is solid. Even Paypal owner said and faced people in Davos forum when they challenged him to say it would be their bet in the future.

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Re:Proof of work is temporarily illegal in New York by woodruffw on Thursday November 24, 2022 @12:07PM (#33733609)

What exactly is the objection, then? This bill hasn’t banned PoW schemes; it only restricts them to power sources that are easier (from a policy perspective) to price externalities for.

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Re:Proof of work is temporarily illegal in New York by RedlineTriad on Friday November 25, 2022 @08:36AM (#33742221)

I think I have seen a CTF before where you have to solve a quick PoW to get access to the server. Just as an anti-botting measure.

So there are certainly uses for PoW, but I agree they are few and far between.

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Re:Proof of work is temporarily illegal in New York by RedlineTriad on Friday November 25, 2022 @08:41AM (#33742263)

I actually just remembered where I saw it, it was from a LiveOverflow video:

https://youtu.be/Vgdhlh6evjI?t=51

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