Quote from: SlipperySlope on April 24, 2014, 04:32:51 AM

Quote from: Paladin69 on April 24, 2014, 01:12:28 AM

Proof of Stake is socialist. It creates money out of thin air without working for it. Like a bank.

The important part of your argument is the creation of money out of thin air - so to speak. Satoshi put rewards into the network to motivate miners. Proof-of-Stake is exactly like the current Bitcoin system except that you get your fair share of the block rewards as a 10% average annual dividend, instead of those same rewards getting wasted in someone else's datacenter. You are the miner. But the genius of Proof-of-Stake is that it can be performed on an ordinary computer as long as you help process transactions and maintain the blockchain.

Proof-of-Work is bizarre. It is sort of like a bank burning their notes in a moat to keep robbers out.

It isnt that bad, I believe PoW is called mining because it relates not to burning bank notes but to using energy to dig for gold.
I am sympathetic to your cause, my life and business is devoted to environmental sustainability, it is the allocation of capital that has the biggest impact on our environment, not consumer choices.

If Bitcoin mining is to compete for the finite energy available to sustain its exponential growth, we would see consumers preference for energy allocation change; this would bring about the necessary shift for long term sustainability we need.

I think your energy projection needs to be modeled with the existing economy in mind, just a rudimentary though experiment makes me quite excited for a sustainable future of abundance.

Firstly only the most efficient electronics will be used, as they will be orders of magnitude more efficient, I for one was still GPU mining over the winter as the heat cost was subsidised 20% by Bitcoin. But I believe this coming generation of ASICs will be significantly efficient to render that benefit obsolete next winter.

So projecting on that understanding each subsequent generation will take an estimate of a year to deploy and 2 years to become obsolete and if the price of Bitcoin justifies it, competition will spark innovation, I have half a dozen investment opportunities available for the waste product Bitcoin promises to produce.

Note planning for energy infrastructure to accommodate this projected energy demand is not happening, and if it was it would take a decade to implement.

This ASIC race will significantly accelerate the halving time in turn we could be seeing a reword of about 1.5 bitcoin in as little as 10 years. If consumers over that time learn to become incredibly efficient choosing to direct their entire national energy supply to Bitcoin production and forgo using it as we do today, they will be ready for the future.

On the topic of banning Bitcoin because it is considered ineffective energy usage, is hypocritical as electricity is being converted to heat everyday all over the world, what should happen in a free market is mining will not be centralised but distributed at the very leased to all those applications that use electricity to generate heat.