[Cryptography] I am not against good cryptocurrencies. I just don't think you can build one with a block chain protocol.

[Ben Laurie]

On Sat, 2 Jan 2021 at 22:55, Greg <greg at kinostudios.com> wrote:

> Also, proof of work is the stupidest idea ever.
>
>
> Why do you think it’s stupid, Ben?
>

Because it wastes vast amounts of energy in order to fail to achieve any of
its goals. It does not democratise: the power is in the hands of the
richest (i.e. those with most access to electricity and hardware). It does
not decentralise - the whole thing is run by a small number of consortia.
It does not create value - there is incentive to spend as much value as is
"created" (and I don't even need to argue whether something that is gone
forever can really be worth anything).
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