Meta shareholders rejected the Bitcoin plan with less than 1% in favour. The proposal called Bitcoin a hedge against inflation and weak bonds. GameStop and Metaplanet are among firms copying Saylor’s Bitcoin play.
Given the entire way mining under PoW is structured, no, it’s not efficient at all. The more miners, the more adoption, etc. the more power is used and the more rare earth metals are wasted producing the exact same amount of BTC every minute. It becomes less efficient the more it is adopted. It’s completely insane.
We are talking about Bitcoin, a PoW crypto. And let’s say you want to go broader anyway, bitcoin is represents over 60% of the entire crypto market and is the face of crypto. “But let’s just ignore that.”
Over 60% of the crypto market uses PoW. You cannot gloss over this problem. Yes that’s not the same as activity but this is a massively wasteful technology. And let’s not pretend Solana, ETH, etc and other PoS systems are exactly light on power consumption. They’re just a lot better.
The scaling issue also goes well beyond PoW. More adoption = less efficiency.
Dude BTC, doge, Monero, all of these use PoW. This is a problem. Monero is one of the poster children cryptos - if not the single biggest one - for daily driver currency potential.
PoW is a problem. You will not convince me otherwise. Vaguely gesticulating to “there are other cryptos“ does not change that fact. The amount of computing power used on BTC right now is insane. The difficulty level is insane and wasteful. It is inefficient by design. It is designed to demand more resources the more computational power is thrown at it. Adoption is bad. How do you not see how this is an issue? The entire incentive structure is inverted.
What a weasel comment. I’m out dude. Keep participating in this farce. I hope you recognize how insane this all is before you either lose your shirt and/or this planet is roasting.
Given the entire way mining under PoW is structured, no, it’s not efficient at all. The more miners, the more adoption, etc. the more power is used and the more rare earth metals are wasted producing the exact same amount of BTC every minute. It becomes less efficient the more it is adopted. It’s completely insane.
Very few cryptos are PoW at this point as well. But lets just ignore that.
We are talking about Bitcoin, a PoW crypto. And let’s say you want to go broader anyway, bitcoin is represents over 60% of the entire crypto market and is the face of crypto. “But let’s just ignore that.”
Sure in the case of bitcoin you are correct, but Solana has the most activity amongst ANY chain and Ethereum is huge too…
Over 60% of the crypto market uses PoW. You cannot gloss over this problem. Yes that’s not the same as activity but this is a massively wasteful technology. And let’s not pretend Solana, ETH, etc and other PoS systems are exactly light on power consumption. They’re just a lot better.
The scaling issue also goes well beyond PoW. More adoption = less efficiency.
over 60% of the crypto market is BTC… most of the leading chains are not proof of work
Dude BTC, doge, Monero, all of these use PoW. This is a problem. Monero is one of the poster children cryptos - if not the single biggest one - for daily driver currency potential.
PoW is a problem. You will not convince me otherwise. Vaguely gesticulating to “there are other cryptos“ does not change that fact. The amount of computing power used on BTC right now is insane. The difficulty level is insane and wasteful. It is inefficient by design. It is designed to demand more resources the more computational power is thrown at it. Adoption is bad. How do you not see how this is an issue? The entire incentive structure is inverted.
I didn’t say it wasn’t an issue. Stop putting words in peoples mouths. I don’t conversate with folks that do that shit.
What a weasel comment. I’m out dude. Keep participating in this farce. I hope you recognize how insane this all is before you either lose your shirt and/or this planet is roasting.