PoW incentivizes energy development. And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much power it can waste.
> It used to also incentivize GPU production
And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much e-waste it can produce.
It's for these reasons I'm not super convinced in the proof-of-storage type proposals. All it'd do is change what was being wasted. proof-of-stake seems to be the one proposal that avoids ridiculous amounts of waste. The only downside of course being that it essentially hard-codes the "1% of people make 99% of the money" principle.
PoW incentivizes energy development. And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much power it can waste.
> It used to also incentivize GPU production
And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much e-waste it can produce.
It's for these reasons I'm not super convinced in the proof-of-storage type proposals. All it'd do is change what was being wasted. proof-of-stake seems to be the one proposal that avoids ridiculous amounts of waste. The only downside of course being that it essentially hard-codes the "1% of people make 99% of the money" principle.