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As originally proposed blockchain technology was silly and it's only gotten sillier.

New study quantifies bitcoin's ludicrous energy consumption

A new study estimates that this process consumes at least 2.6GW of power--almost as much electric power as Ireland consumes. This figure could rise to 7.7GW before the end of 2018--accounting for almost half a percent of the world's electricity consumption.

The whole thing is predicated on every transaction on the network is sent to every node on the network meaning "Satoshi Nakamoto" - whoever she, he, or they are - lacked any awareness of Combinatorics.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Wed Sep 5th, 2018 at 04:03:43 PM EST
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They knew what they were doing. It's a pyramid scheme. The early adopters got their bitcoin cheap. A bunch more made money speculating. Transaction costs are prohibitive, and there will never be enough of it to be useful.

It's just as well it doesn't work, because if the libertarian nutbags got their way and enough people used it, it would be the end of tax collection.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed Sep 5th, 2018 at 04:46:36 PM EST
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profit taking over the prior year

Diversity is the key to economic and political evolution.
by Cat on Thu Sep 13th, 2018 at 12:24:59 PM EST
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