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0 pointsk8sagic1y ago0 comments

But we do know that the Proof of Stake system we currently have, is a lot cheaper and more advanced than what Bitcoin does.

Bitcoin doesn't solve any problem yet which is fundamental to our society and a fiat system like the trust issue:

If i exchange 1 bitcoin with you for any service or thing outside of the blockchain, i need the whole proof of stack system protection of our normal existing money infrastructure like lawyers, contracts etc.

And no smart contracts do not solve this issue.

What is left? Small amount of transactions per day with high fees 'but' decentralized infrastructure run by someone we all don't know aggregated probably in data centers owned by big companies.

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block_dagger1y ago

Proof of Work is far superior to Proof of Stake in a network with absolute fairness (security) being fundamental. Satoshi himself said he could find no other way.

Compare energy spent on global hash rate to all energy spent by mining metals, physical banking, financial services middle persons, etc. if you want to talk about energy usage and make any kind of sense.

k8sagicOP1y ago

Yes, start comparing energy spend on bitcoin mining and the missing features. You will see that bitcoin already consumes a lot more energy than our proof of stake system.

What do you do when you want to exchange 1 bitcoin for 1 car and the person with the car doesn't give you the car after the 'absolut fairness/ security' of transfering bitcoin to their wallet? You go back to our Proof of Stake system. You talk to a lawyer. You expect the police to help you.

The smallest issue in our society is just transfering money from left to right. This is not a hard problem. And pls don't tell me how much easier it is to send a few bitcoins to africa. Most people don't do this and yes western union exists.

Or try to recover your bitcoins. A friend has 100k in bitcoins just doesn't know the password anymore.

What do you do when someone breaks into your home and forces you to give them your bitcoin key? Yes exactly anonyms moving of money from you to them. Untraceable, wow what a great thing to have!

And no Satoshi 'himself' is not an expert in global economy. He just invented bitcoin and you can cleary see how flawed it is.

davidgerard1y ago

> Compare energy spent on global hash rate to all energy spent by mining metals, physical banking, financial services middle persons, etc. if you want to talk about energy usage and make any kind of sense.

you're ending up with the entire rest of civilisation on the other side of that

* Bitcoin, 0.5% of all energy use: 7 transactions per second total worldwide

* THE ENTIRE REST OF CIVILISATION AND EVERYONE IN IT AND EVERYTHING THEY DO, 199x the energy use, really quite a lot more than 1,393 transactions per second worldwide, and all the other stuff civilisation does too

What an amazing comparison for you to suggest.

richrichie1y ago

You are not comparing apples to apples. BTC is comparable to gold or US treasuries. How often do you transact in physical gold? What is time taken from a piece of gold in your pocket to cash to coffee? However, you can transact in paper gold eg the ETF GLD in microseconds with comparatively much lower transaction costs (settlement is still not immediate). How often do you transact in treasury bonds? Try paying for a coffee with your treasury bond. Let’s see how many days that takes. Comparison with USD (ultimately representing US treasuries) on number of transactions basis is not useful.

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