I think it is kind of funny, in a tragic sort of way, that just when humanity is coming around to the idea that climate change is real, someone goes and invents a get-rich-quick scheme that involves burning large amounts of electricity.
The flip-side is that it is increasing demand for solar, wind and geo power.
At the end of the day there's greed and inefficiency in the existing banking system and there's greed and inefficiency in crypto banking systems and there's going to be greed and inefficiency in any subsequent banking system. Turns out that greed and inefficiency were part of us the whole time. The devil we know doesn't seem so bad when you see it in perspective.
Luckily we can design systems that aren't influenced by greed, and are as efficient as technology allows. I'm seeing greed more and more as a battle between short-term vs. long-term thinking, selfish vs. holistic.
I agree with selfish vs. holostic, less so with short-term vs. long-term. You could have someone doing the long con and in my book they are just as greedy as the short con. Better at deferred gratification perhaps, but just as greedy.
Fair point. Love the username.
There's no comparison here. The world financial system may have inefficiencies, but competition will sort them out over time. In POW crypto-currencies, efficiency improvements will be canceled out as quickly as the next difficulty adjustment. In POW, by design, competition leads to more inefficiency, not less.