Quote from: nsimmons on October 10, 2014, 07:03:08 PM

Quote from: gatra on October 10, 2014, 06:56:28 PM

Quote from: nsimmons on October 10, 2014, 06:47:01 PM

My question is why is network security considered a waste of hash power? This is like saying oxygen is wasted because we primarily use it for breathing.

Because power can be used for something else while still having network security.

Well this can be said about anything, security guards at a bank could have a desk and process loan applications...
Is it necessary and does it detract from the primary function? Market says its not important at the moment.

I hear this all the time, what a waste POW is. Its not a waste when compared to physical security requirements. For the price of one rent-a-cops salary I could run 30 miners.

Security guards processing loan applications would suck at both jobs.
sha256 PoW is a waste when compared to what other types of PoW could achieve while still having great security.