I think Bitcoin is great, and I believe it鈥檚 going to revolutionize the way we do finance. Also, it鈥檚 not a pyramid or Ponzi scheme, unless you have no idea what those words mean. But even though I own some BTC, I find the current rise in its value highly problematic.
5
2
13
I think as long as Proof of Work is used as consensus algorithm, the whole thing is unsustainable and overly wasteful.
1
3
The degree of wastefulness is directly related to the exchange rate
1
1
No the wastefulness is built-in - as more miners want to take part in the lottery that is mining, the overall resource consumption increases without any improvement of throughput, speed, qualtity of service etc.
1
Replying to @christianseiler
As the reward increases in value, spending more on energy makes more commercial sense, thus a lower exchange rate would mean less consumption

Dec 9, 2017 路 2:57 PM UTC

1
2
Replying to @stilkov
I agree, the current situation amplifies the basic problem