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Crypto mining is pure waste for no benefit. What most people, even most crypto heads do not understand, is that all of the machines (miners) are literally just jacking off to see who can jack off the fastest (Solving a mathematical problem in the fastest time). The actual transactional portion of a coin could be handled by a single pc.
Some cryptos have already addressed the waste of bitcoin mining. In the end it's not an argument against anything but coal fired power plants.
Solving a math problem is proof of work which allows your coin to get on the block chain. It's more than jacking off, it's basically unhackable therefore secure.
Consensus coins are not "unhackable". All it takes is a majority of the miners to agree, and poof, the whole coin can be changed. The moment it is no longer possible for the Chinese miners to make a profit you will see exactly this happen. They will simply come up with a new code that increases the coin award and then all follow that fork. Call it a "hack" or whatever you want, these coins are far from breing actually secure.
Also: Rage downvoting is the currency of people who have lost a debate. Enjoy your faggotry, loser faggots.
Consensus coins are not "unhackable". All it takes is a majority of the miners to agree, and poof, the whole coin can be changed.
Right. And the chances of the majority of miners all agreeing to give some guy in venezuela free bitcoin is pretty low. Hence the requirement for "jacking off."
Edit: I just realised you're talking about forking, which is even less valid as an argument. By that metric gold is insecure because I could start a competing currency made from tinfoil.
A fork is not a hack, bitcoin cash tried that shit and it's dead'r than hell. But more to the point, FB, Google, Twitter, Apple, ad infinitum individually use more resources than the mining of bitcoin. Bitcoin set us free and ethereum is the rock btc will be it's church on.
Is rage upvoting the currency of people who have won a debate?
Avoiding domination of mining is the purpose of the useless busywork, if I understand correctly. Surely there is another way to solve that issue.
Thanks for the brilliant insight about something you admit you do not know about.
That's what I read about Bitcoin when I studied it. The problem with something decentralized is one group taking over, so they have the proof-of-work system, with adjustable difficulty, to ensure that it's too costly for any group to control over 50% of mining. Over the years as mining has moved to ASICs, they've upped difficulty. But please, in your asshole way, correct me if I'm wrong or reading Satoshi's whitepaper was the wrong source of information.
The actual transactional portion of a coin could be handled by a single pc.
And how do you make sure the owner of the PC is behaving properly?
Strawman
I made a simple, true and concise statement.
And your simple and concise statement has a massive flaw: A single PC user can't be trusted. They need to have some kind of skin in the game and potential for losses if they fuck around. Currently there are two solutions to that problem: POS and POW (or "jacking off" as you so eloquently put it).
So saying "The actual transactional portion of a coin could be handled by a single pc." is like saying "The actual movement part of a car could be handled by a single wheel."
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