[Cryptography] One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week

[Ismail Kizir]

On Wed, Nov 8, 2017 at 4:08 AM, Benjamin Kreuter <brk7bx at virginia.edu> wrote:
> Cash is a decentralized payment system, and we already know how to
> achieve the same thing cryptographically if we are willing to assume
> the presence of a bank (in fact we can achieve much more than Bitcoin
> in that case).  The goal of Bitcoin was originally to eliminate banks
> from the monetary system; decentralized payments are merely a
> consequence of that.
> -- Ben

Ben,
I think, I must clarify what I mean by decentralization after your comment:
By decentralization, I mean, "not being in control of any authority".
Cash, is a strictly centralized payment system.
Cash is solely created by national(USA, Turkey etc.) or
supra-national(European Union) authorities.
Credits are created by banks (more decentralized, but still not in
individual basis)

Here, our discussion may go much deeper:
Because, we must try to understand
  * Why there is a need for a totally decentralized money.
  * What is money in reality?
  * Must money based on a real value(gold, infrastructure)
  * Or money is just a psychological estimation?(in god/gun we trust?)

Lots of books can be written about it.
We can discuss all those later, if necessary.
But I want repeat what I wrote in my previous post and tell my
solution for the problem:

Bitcoin is a good starting point. But it is a "trojan horse".
Because, it promises us a money which is not under control of any
authority, but, in fact, it will just remove governments from the game
and will help banks to replace governments. It just helps to increase
number of authorities.

The most important design deficiency of Bitcoin is not being based on
a real value.
I think a cryptocurrency must:

  * Not be under control of any authority than individuals
  * Be based on a real value(gold, infrastructure)
  * Be based easy to apply, feasible and energy efficient technology

I think a separate network infrastructure may combine 2 of these requirements.
Being part of this new, independent network must be the "mining part"
of that cryptocurrency: If someone installs some fiber optic cables
for example, he/she will have win some money in the system.
System must also have its uncontrollable & uncensored DNS system.
(Likewise, if someone operates DNS servers for the system, it will
win(mine) some money)

Regards
Ismail Kizir