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by incrudible
1716 days ago
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Proof of work is wasteful in the same sense that having banks is wasteful. Imagine what it takes to operate a banking institution. It's not just electricity. It would be "efficient" to just write the word "bank" on a shack and then have one or two workers "guard" over all the deposits. Unfortunately, nobody would be willing to use such a bank. Actual banks that people use need to spend a lot of money just on maintaining the charade of being proper custodians. Yet, they can still lose your deposit, in which case they rely on the government to bail them out. Perhaps proof-of-stake is something that can mostly replace proof-of-work, but the proof is in the pudding. |
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The major difference is that, collectively, the world's banks are a decentralized system that processes billions of times more transactions every hour than Bitcoin and other major PoW coins have ever executed, while offering many services which are impossible to offer through Bitcoin - loans, insurance, the ability to recover your money from a fraudulent transaction, and many others.
Replacing this entire centuries old system is something that no one wants - not the left, not the right, nor the vast vast majority of crypto owners, who are just in it for a quick buck.