African village mining Bitcoin – The cryptocurrency can be a liberating force
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But they are just that, edge cases. And they will stay that way.
If a case like this were to become the main use of cryptocurrency, it would be a travesty, as it would be better to not burn the excess energy for hash-searching but to innovate better distributed storage-retrieval at that scale.
Of course it's good to bring electricity to those who lack it and want it.
But if that program ever gets so big that using any excess to mine crypto is a major use-case for crypto, then such programs have achieved a scale that rather than mining crypto with the excess everyone would be much better off, and sufficient scale would have been achieved that it would be more feasible & beneficial to develop better methods of excess-energy-storage
I.e., better at scale to [increase total energy availability] than to [mine crypto].
Bitcoin mining is a waste of energy, by design. It is proof-of-work; it is built from the ground up to repeatedly spend electricity on redundant calculations.
If you don't need to perform work of equivalent value to the money you are creating, what do you think will happen?
(here's a clue: https://ibb.co/pWZfMQc)
If the amount of work put into getting it is not reciprocal to the value of the outcome, then yes I would consider it a waste. So would most commercial gold miners, I reckon.
> If you don't need to perform work of equivalent value to the money you are creating, what do you think will happen?
The work miners do doesn't give Bitcoin it's value, the supply and demand economy does. Miners are supposed to validate blocks and push the ledger forward, without an active trading economy their work is inherently wasted. That's like... Bitcoin 101 right there. God help you if you own any.
That deserves some distinction.
Bitcoin's essentially a self-organising scam, just like the rest of them.
"Except that our sect of Christianity is proven by Mary Magdalene and early theological scholars, rather than make believe."
Your initial claim that Bitcoin is not cryptocurrency is obvious bullshit that would rightfully have you laughed out of any properly scientific establishment. You have not produced any evidence to disprove that and are instead quibbling with the other commenter about the nature of their insult. Dust yourself off, find a new hobby like model trains or science fiction. Being the Ayn Rand of computer economics will routinely end with your funeral being empty and everyone remembering you as a greedy crook. Case-in-point: Elon Musk.
> Until you learn what money really is
Until you agree with me unconditionally,
You'll see straight through the scam of unregulated currency.
You don't need Bitcoin, but Bitcoin holders need your fiat.
Explaining myself fully or discussing this in detail would prove that I am lying,
So now I will pretend like my quality-of-life wasn't so bad that I felt obligated to defend Bitcoin online for free in the first place.
Really? Explain how. And please, use the actual definition of cryptocurrency instead of your subjective shill one.
> That deserves some distinction.
It wouldn't deserve to be un-classified as a cryptocurrency if it was the E-gold whitepaper republished by Hal Finney himself. Bitcoin is a cryptocurrency, besides being popular there is almost nothing unique about the blockchain itself.
Have a good day.