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Do you see people printing banknotes out of feathers or some other randomly expensive material? No, and similarly mining bitcoin is some randomly expensive proc
by amalag 9y ago
Do you see people printing banknotes out of feathers or some other randomly expensive material? No, and similarly mining bitcoin is some randomly expensive process. The process of securing a "coin" can be done very cheaply with minimal computing cost and the world will shift to that.
- gambiting 9y agoThe issue is not that the process has to be expensive. You are correct - we could generate billions of crypto coins within couple hours and beat bitcoin right away. But people want bitcoin. The same why people are willing to pay the price for a labour-intensive painting that took years to make over an identical reproduction that took 5 minutes to print.
- amalag 9y agoThis is now shifting the goalposts. Before it was PoW is necessary to secure the network. Now it is we don't need PoW but it is artisanal.