On Sun, Jul 31, 2022 at 2:20 PM Jason Resch <[email protected]> wrote:
>* a single honest one can run the network.* > So bitcoin can avoid problems if they can just find somebody that everybody agrees is a saint. But you could say the same thing about the US dollar if everybody agreed that the Chairman of the Federal Reserve is a saint. > *But my point is the energy requirements are not part of any inherent > part of the protocol nor is there any inherent computational difficulty in > validation the chain or transactions. The only high cost is the one the > protocol adds for the explicit purpose of throttling new blocks to 1 every > 10 minutes. If there are fewer miners, this cost is reduced by the > protocol. If there were only 100 miners running on lower power laptops, > this cost would be no more than the cost of powering these 100 laptops.* > If there were only 100 laptops mining for Bitcoins and I joined as the 101st then I could make a lot of Bitcoins on my laptop, and if I spent a few thousand dollars more to get a computer a few times more powerful than a typical laptop I could make even more. There will never be more than 21,000,000 Bitcoins so if the world switched over entirely to Bitcoin then each one would be worth a little more than 1/21 millionth of the world's economy, and because of technological improvements the world's economy will increase, so the amount of stuff you can buy with one Bitcoin will increase, so the incentive to mine Bitcoins and waste huge amounts of energy will also increase. John K Clark See what's on my new list at Extropolis <https://groups.google.com/g/extropolis> kqx e -- You received this message because you are subscribed to the Google Groups "Everything List" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/everything-list/CAJPayv3%2BGV7Boqq2k%2B6aQ%3DbWEG1NDFcje4rwEuPS5dbyY2PurA%40mail.gmail.com.
