[Cryptography] Digital currencies
grarpamp at gmail.com
Mon Jun 27 01:20:39 EDT 2016
On 6/20/16, grarpamp <grarpamp at gmail.com> wrote:
> On 6/20/16, Phillip Hallam-Baker <phill at hallambaker.com> wrote:
>> Using as much
>> electricity as the island of Malta does to distribute the ledger is an
> Far less than all the electricity consumed by the fiat system
> of the US alone... gov / fed reserve / bank buildings full of
> offices / datacenters / networks / devices, hvac, payroll, healthcare,
> vehicles, maintenance... all the electrons needed to make it go.
Taking bitcoin as subject currency...
and substituting best publicly available hardware...
you can compute the current best case electric consumption
from double-sha256 hashrate...
and see that it's really just a drop in the bucket both net,
and compared brick and mortar systems above...
BTC hashpower has also been relatively logarithm flat since
ASIC replaced everything in late 2014...
ASIC is mostly done tech, so this flattening will continue...
meanwhile enabling potentially more distributed end
user coupled mining devices models where some
extra differential cost is available and accepted.
Adoption there may add hashrate but not techrate..
which should do interesting things to the existing
competitive mining for profit sake.
In the end, whichever digital currencies survive,
whether anonymous and decentalized, or otherwise...
I'd bet that when you draw a box around it, and
compare it to any other honestly boxed traditional
currency system that does the same thing, they're
going to use less overall power.
Don't forget to add in today's gov / bank regulators, loan
departments, markets, investment vehicles, etc...
everything part of delivering similar features.
Compared to purely digital forms of same residing in
cyberspace on ethereum-like programmable bot contracts.
Long term... entire populations of staff and buildings
stand to be obsoleted.
Welcome to the Matrix.
> Bitcoin, and any other digital currency, is likely highly efficient
> and becoming optimal implementations of whatever usable
> monetary and other features they provide.
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