Privacy

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Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.

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Thoughts on Cryptocurrency? (programming.dev)

submitted 8 months ago by [email protected] to c/[email protected]

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I was wondering what viewpoints and opinions this community has when it comes to cryptocurrency.

Personally, I'm not against it, but I'm not for it either. I like the concept of bringing back cash anonymity, and also decentralization (obviously). Although I don't think it will be viable for at least another decade.

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[–] [email protected] 0 points 8 months ago* (last edited 8 months ago) (1 children)

you’re saying a buzz word without understanding the trade offs in designs… POW doesn’t have to imply higher energy cost for more transactions: shove more transactions in a block and POW cost is the same… that’s a trade off sure because then a block becomes a more valuable thing to 51%

POW is also only 1 of a lot of different consensus algorithms, all with their own trade-offs… POS benefits those with money for example (although you can still form mining pools - TBH i’d argue it’s exactly the same in this respect to POW in practice - good luck mining anything of value in POW without investing $ millions)

some blockchains aren’t built to be entirely trustless and uncoordinated, merely semi trusted and loosely coordinated (think a consortium of banks - they don’t trust each other entirely but a blockchain means no individual member working alone can cheat. in this case because it’s semi-organised they can use POS with a special token and delegate those “mining tokens” 1 per member of the consortium or something… you can even set this kind of chain up as an ethereum side chain!)

[–] [email protected] 0 points 8 months ago

I wasn't going to reply because this conversation will likely no longer go in a positive or productive direction, but I'm quite peeved and decided to allow myself the gratification of issuing corrections.

you’re saying a buzz word without understanding the trade offs in designs

I understand quite well, and I resent you for not only assuming me to be an uninformed commentator, but for also having the audacity to state it as if it were fact.

POW doesn’t have to imply higher energy cost for more transactions

But it does imply it for every major coin on the market today, and said coin owners seem quite content with how things are, Only the fooled are interested in investing in another new block chain, which will likely turn into a scam as soon as someone realises the money they can steal.

What the world could be is not a rebuttal to its current state. Further it's quite disingenuous to tell people problems aren't problems because of what could be.

Please have a pleasant evening. Good night.