[pkulak]

I'm aware of what mining is. And you're not just signing a block. No one would be making custom ASICs and putting server farms near hydro-electric plants if all you had to do was sign a block. You're paying people to do useless work and it's silly.

[shultays]

You lose resources to create paper currencies, I don't see how two things are different

[pkulak]

Because you lose far more with Bitcoin. Bitcoin is currently doing as many transactions as a small community credit union, but it's got server farms all over the world and thousands of individual computers and ASICs running 24/7 to "secure" it. It's totally out of control.

[nicky0]

How else would you propose securing the network?

[pkulak]

Proof of stake. Or figure out something totally new. I'm not proposing a solution, just the problem. My gut tells me there is a solution though.