Quote from: deisik on February 02, 2019, 03:04:30 PM

Quote from: HiDevin on February 01, 2019, 11:03:51 PM

I agree with most of the things you say in this topic. If PoW continues in bitcoin, it is surely going to die, PoW already uses too much power and pollutes the Earth a lot if it grows exponentially
When the fees were 10-20$, that sucked so much. The people I told bitcoin about it were pretty bummed that they had to pay 10-20$ to send a transaction

PoW is not going to die soon

But if Bitcoin really aims to become a world money used as a universally accepted means of payment as well as a store of value, the PoW is simply inadequate for this purpose in mind. And it is not so much about waste of energy (though it is an important factor and concern on its own) as about too much power being concentrated in too few hands. I refer to miners here. Bitcoin is said to be about decentralization but Bitcoin mining as we know it today is anything but

you are wrong about mining being centralized because you are confusing mining pools being in a small number with actual miners with mining hardware which are in the thousands and are from all around the world so it is decentralized.

as for PoW, i agree that it is not perfect but compared to all the algorithms it is the best thing that we can have. the flaws in others are more so the downside is worse. as a result unless someone comes up with a decent algorithm, PoW is not going anywhere and it has nothing to do with power consumption.