Collabarate on bringing about the end of crypto currencies like Bitcoin
github.com
github.com
Decentralized currencies do away with reckless money printing and other evils, and for that reason they are the future.
I'm sure many were concerned about the environmental impact of the internet, and yet here we are. We'll find a way to make it work.
How, exactly, would one argue that?
> Decentralized currencies do away with reckless money printing and other evils, and for that reason they are the future.
We're already doing that. When was the last time you used cash? It's called plastic.
read up on inflation a little.
Ultimately, proof-of-work is actually a proof of faith. How much resources are you ready to waste in order to prove your faith, and have a chance at discovering the next block?
Now, a (globally enforced) tax would raise the bar for every miner. The same amount of resources would be wasted by the miners: their resources and faith remain unchanged. But now, a portion of the miner waste would go into community resources. A 99% tax would be great!
The only problem is enforcement; if someone doesn't pay their taxes, they have a much greater proof.
Maybe it can be enforced by the blockchain? Lets say a blockchain recognizes a "government" entity -with a magic address-; a consensus rule could be that 99% of the reward goes to it?
Ultimately, proof of stake is a centralizing mechanism. It delegates authority to those with stake, which incentivizes acquiring greater and greater stakes. This will happen through takeovers/acquisitions and slowly, you'll have an oligopoly of centralized powers which control a large portion of the money supply. Sound familiar?