9 ms·

PoW incentivizes renewable energy development. It's certainly not rolling it back. It used to also incentivize GPU production, but as of today that has been di

• hagbarth 4y ago
  As it was before.
• vestrigi 4y ago
  PoW incentivizes renewable energy development for useless mining, but not for anything more than that I guess. At least the renewables can now be used to power other more necessary demands, if the owners don’t move on to mine other coins that are compatible with their rigs.
• bhaak 4y ago
  Sure, that's why we had crappy GPU before crypto currencies. Gamers had to put off buying new GPU because they were misused for POW. Ask them about the "incentivized GPU production".
  • Ragnarork 4y ago
    If anything, it incentivized the production of GPU artificially limited for the exact work needed for PoW. Good job!
• Doxin 4y ago
  > PoW incentivizes renewable energy development. PoW incentivizes energy development. And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much power it can waste. > It used to also incentivize GPU production And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much e-waste it can produce. It's for these reasons I'm not super convinced in the proof-of-storage type proposals. All it'd do is change what was being wasted. proof-of-stake seems to be the one proposal that avoids ridiculous amounts of waste. The only downside of course being that it essentially hard-codes the "1% of people make 99% of the money" principle.
  • lnxg33k1 4y ago
    To me in the current age also appears crazy to think that we need incentives for energy development, as without crypto PoW we have enough energy
  • kybernetikos 4y ago
    > The only downside of course being that it essentially hard-codes the "1% of people make 99% of the money" principle. This is only true if the only or best way to make money is through staking. This is unlikely to be the case - the ability to deposit your cash in a savings account or park it in government bonds doesn't stop people from investing in stocks. What it does instead is put a floor on acceptable rates of return from more risky options.
  • AgentME 4y ago
    >The only downside of course being that it essentially hard-codes the "1% of people make 99% of the money" principle. Anyone can stake, and the more people that stake, the smaller the reward, so the result should end up being that more people join in until the expected reward is lowered to that of other widely-available investment opportunities.
    • ForHackernews 4y ago
      They've just re-invented interest.
    • Doxin 4y ago
      It creates a system where money makes money. It's hardly surprising if that leads to the richest people making the most money. The result won't be more people joining in until the expected reward is low enough, The result will be that a few rich people will join in with enough ETH to push the reward down. There's probably be a bunch of small-time investors doing it too, but again, more ETH in is more ETH out.
      • AgentME 4y ago
        If the reward is pushed down to be equal to the same reward that's available to anyone through widely available investment opportunities, then it doesn't seem like it's any more of an issue than how any other investment works.
• pcthrowaway 4y ago
  Stockpiling food and lighting it on fire for warmth would incentivize more food production also, but if there are ways to generate warmth without wasteful steps, I think we can all agree they're unarguably better
• squarefoot 4y ago
  POW incentivizes wasting energy for a practice that turns it into money without the in between steps of creating businesses and jobs (read: progress), and that alone is a huge minus point. That energy is then wasted for more POW currencies, which implies that those who make the most money out of it can dictate energy prices. The only way to bring back down energy prices isn't to create more, as it would quickly be allocated by highest bidders for more POW mining in an endless circle, but to reduce that toxic demand, and eliminating POW mining would represent a good start.
  • lofaszvanitt 4y ago
    People had an option against the "you must believe me it has value" money and now it goes down the drain because a bunch of idiots are crying about "excessive" energy usage. It was the perfect energy backed money (like there was a gold backed money back then...).