Re: Replacing Bitcoin with something less wasteful (split from Is deepbit.com stealing coins?)
So in summary:
"Bitcoin is wasteful, and here are much better ways to do it. I haven't got the implementation down because there is no simple answer but Bitcoin is wasteful because there are much better ways to do it."
Somehow, I knew it would come to this. "Bitcoin is wasteful, and here are much better ways to do it. I haven't got the implementation down because there is no simple answer but Bitcoin is wasteful because there are much better ways to do it."
He blames Bitcoin for having an inefficient solution, but comes up against a brick wall when trying to explain his own "solution".Well, clearly then, the return to mining is an economic inefficiency that should tend to zero over the long term, that it does seems to be the consensus. Besides, the mining capacity arms race results in equilibrium being a moving target. I seriously doubt most miners who make a hardware investment for that purpose at this point in time will ever reach break even before something better to do comes along.
Not true. Mining won't tend to zero over the long term. Mining will always be present, as long as Bitcoins continue to hold value, as mining generates Bitcoins for the miners.Yes, the equilibrium is a moving target. Same as the equilibrium in any industry. Every miner must make a calculated decision whether to invest in more hardware (or sell off their current hardware) based on future projections of profit and risk. Same as profit/risk analysis in any industry. Your point?