this post was submitted on 14 Sep 2023
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Memes

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[–] [email protected] 20 points 1 year ago* (last edited 1 year ago) (2 children)

the idea was great

I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.

[–] [email protected] 7 points 1 year ago (2 children)

Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.

[–] [email protected] 5 points 1 year ago (2 children)

And even in mining there are different protocols, Bitcoin is just intentionally inefficient 🤷

[–] [email protected] 1 points 1 year ago (1 children)

My Excel spreadsheet remains efficiency champion!

[–] [email protected] 1 points 1 year ago (1 children)

Pretty sure there are more efficient databases than Excel for the kind of information stored on blockchains 🤪

[–] [email protected] 2 points 1 year ago* (last edited 1 year ago) (1 children)

Sure, but when even Excel is a more efficient database, that should say something about crypto.

[–] [email protected] 1 points 1 year ago

My bad joke was that a real world cost is the point.

[–] [email protected] 2 points 1 year ago (2 children)

Well it’s been over a decade and Bitcoin is still PoW, as well as nearly 50% of the entire crypto market.

[–] [email protected] 3 points 1 year ago (1 children)

Ok... that doesn't make what they said any less true?

[–] [email protected] 6 points 1 year ago* (last edited 1 year ago) (1 children)

My point is how great can it be if over a decade later the terrible system for mining is still dominant? The more people participating, the worse it gets. We just had texas power companies paying crypto bros to stop mining it’s gotten so bad - and we aren’t even at .01% adoption yet.

You’re chiming in in a way that ignores nuance and implied meaning. I feel like my intention has been pretty clear but if I need to spell it out so be it.

[–] [email protected] 2 points 1 year ago (1 children)

That's more a question of being first on the scene and the financial impact if Bitcoin maximalists finally accepted that their blockchain is crap compared to other options, that's what keeps Bitcoin at the top, not how good or bad it is compared to the tech's potential...

And no your intention wasn't very clear otherwise I wouldn't have had to reply how I did previously.

[–] [email protected] 1 points 1 year ago

Bitcoin is more religion and cult than anything. Of course they think it's great or at least able to hand wave criticisms.

And yeah, consensus is a hard problem to solve for. Many have taken the route of least resistance and implemented what is known to work.

[–] [email protected] 1 points 1 year ago (1 children)

Ethereum doesn't use mining at all anymore. It can get expensive to use though, which layer 2 chains help with