[2016-07-11] Bitcoin Mining Proof of Work Costs: Large, Wasteful but Fair

DAOstock

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Quote from: TraderTimm on July 11, 2016, 09:08:52 AM

There isn't anything "wasteful" about securing a multi-billion dollar financial network/asset.

Only a complete moron would suggest that proof-of-work is "wasteful". Its the heart of securing transaction and network security. Most people can't wrap their heads around it, so they come up with idiotic metrics about how power is consumed, etc..

It just points to a fundamental misunderstanding of what Bitcoin is and how it is secured. Frankly, I'm tired of the morons that keep perpetuating the "wasted" stereotype.

totally agree!

TraderTimm

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There isn't anything "wasteful" about securing a multi-billion dollar financial network/asset.

Only a complete moron would suggest that proof-of-work is "wasteful". Its the heart of securing transaction and network security. Most people can't wrap their heads around it, so they come up with idiotic metrics about how power is consumed, etc..

It just points to a fundamental misunderstanding of what Bitcoin is and how it is secured. Frankly, I'm tired of the morons that keep perpetuating the "wasted" stereotype.

sirohige

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The verification and cryptographic sealing mechanism that is critical to the bitcoin network involves a computationally intensive process. A large number of nodes in the bitcoin network engage in the verification process.

The process provides a mechanism that avoids false duplications of voters and forces voters to demonstrate computational capacity. To secure a qualified majority, the system employs a cryptographic sealing process that is computationally intensive. The process includes a challenge called “proof of work.” The first node that solves this challenge receives a bitcoin reward. This mechanism, called “mining,” enables new bitcoins to be created.

https://www.cryptocoinsnews.com/bitcoin-mining-costs-large-fair/

Topic: [2016-07-11] Bitcoin Mining Proof of Work Costs: Large, Wasteful but Fair (Read 314 times)