[Cryptography] Fun and games with international transaction settlement (was Re: IBM looking at adopting bitcoin technology for major currencies)
ryacko at gmail.com
Thu Apr 16 00:54:33 EDT 2015
On Wed, Apr 15, 2015 at 7:19 PM, Ben Laurie <ben at links.org> wrote:
> You are conflating two mechanisms:
> 1. The ledger. It is this that I say can be done far more cheaply and
> 2. Allocation of money. I make no claims about this. Though it seems like
> an obvious observation that in Bitcoin the more money you spend, the more
> bitcoins you get allocated. Seems to me this could be done more efficiently
> than wasting all that energy. Maybe everyone should pay me instead of the
> electricity companies? I promise I'll spend it wisely. And I won't waste
> quite so much energy in the process.
The two things are intrinsically tied to each other.
Personally, I'd rather spend 10% of GDP on ASICs as opposed to 10% of GDP
on the financial sector, but that's just me.
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