this post was submitted on 23 Jan 2021
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Privacy
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Bitcoin alone draws more electricity than the whole of Netherlands now. It's network is basically a crime against humanity at this point. And I say this as someone with a (small, tiny even) stake in it.
It's negated all gains made by renewable energy, and for what. A "currency" that is even more centralized in the hands of few people than fiat money is.
Although I know you are right, I kinda feel the whole energy consumption issue isn't a big thing, or rather it wouldn't be if miners would be able to use green energy for them, I don't care if it consumes a lot of energy if it could help to create a decentralised and fungible currency.
And while BTC certainly has it flaws at least it helped to the creation of better forms of the same concept which could help to achieve that, like Monero or Pirate Chain.
Proof of stake is simply giving new money for free to those who are already rich. Proof of work means that there was a verifiable cost behind each coin produced, so was not just handed out for free to the rich.
I've always been curious about "proof of being a human" but in not sure if any system has seriously experimented with that.
When we have an decentralised global anonymous or private ID system, it would be the best and most fair way to distibute an decentralized currency.
Thus a decentralised global anonymous ID system would probably be the most important system in humanities evolution in order to create a fair world.
How would it work then, practically? How would you prove your ID corresponds to a real human? Even better, is it possible to prove every ID corresponds to a unique human?
Great questions. Not sure how it would work and if we could make it work. I think MS is working on a solution. But I'm not sure it's such a good idea if everyone on earth was dependent on the technology of one company for their identity.