this post was submitted on 02 Jun 2024
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I can only imagine he means American currency, and the anti-counterfeiting technology embedded in it. It's the most popular currency in the world.
Oh, bitcoin? The accounting package that requires the power of a small nation to maintain it? Well, I guess that works, too.
the bitcoin blockchain doesn't require all that power. nothing about the code dictates that. it's a social phenomenon, just like the markets.
Okay, "maintain" isn't the right word, but the mining process is designed that way and it's baked into the whole currency. Actual work could have been done, but instead we burned it all for imaginary money (which isn't much different from fiat currency).
The bitcoin blockchain requires more power than any other blockchain while providing less features.
The only outstanding feature of bitcoin is it's price.
the bitcoin blockchain doesn't require any power. any miner can stop, the blockchain would have less power, and still continue to function.
Yes. It does. No transaction can occur without proof of work being performed.
Marginally less power, but nowhere near the reduction needed to compete with a PoS blockchain.
For example Ethereum PoS uses 2,600 MWh per year (= a single 1MW windfarm). Bitcoin uses 53,000x more energy than Ethereum.
the whole network could be run on two raspberry pis. there is no minimum power requirement in the protocol.
No. Then someone would buy 3 raspberry pis and claim all the bitcoin.
Bitcoin was a great idea in 2008 but in 2024 it has been overshadowed by other blockchains in every single dimension except for market cap.
the protocol says those 3 pis have consensus. that's how the network is supposed to function.
We are discussing energy usage, not consensus protocols.
The Bitcoin network never going to run on any number raspberry pis. Any claims that it will compete with a PoS blockchain for energy efficiency are ludicrous.
the protocol does not require the current energy use. it could be run on two raspberry pis.
Are you a bot? You've said that.
Are you seriously suggesting that in the future the Bitcoin network will be running on 2 pis? No. Energy consumption will continue to be 50000 times greater than other PoS blockchains.
the future is unknowable
Under what scenario does bitcoin reduce energy intensity by >99%
the future
is unknowable
It's partially knowable.
I know monkeys are not going to fly out of my butt.
I know that while Bitcoin exists, it's energy consumption is not going to reduce by over 99%
no, you don't. you can't have evidence about the future because it hasn't happened.
I'm not asking for evidence. I'm asking for any hypothetical scenario that allows bitcoin to compete with PoS on energy consumption.
since you can't have evidence, you can't know.
I don't have evidence, but I know monkeys are not going to fly out of my butt.
you can't know that.
So ... Bitcoin matching PoS energy consumption is as knowable as monkeys flying out of my butt.
Gotcha. Conversations like this are what give Bitcoin Maxis a bad name.
i haven't taken any position on "bitcoin maxis". i'm only discussing the protocol and the limits of knowledge. you are making all manner of leaps of logic.
A Maxi would be unable to admit that there is no imaginable scenario where the bitcoin protocol will drop to the low energy requirements of a PoS blockchain.
there is no energy requirement at all for either mining method. the protocols are energy-agnostic.
Incorrect. Bitcoin protocol is designed to distribute bitcoin to whoever provides the most energy (work).
it's all just guess-and-check. a raspberry pi could find the next block even today.
Agreed. Because they can't provide enough power to prove the required work.
i think you read a word that isn't there. the work of generating a nonce, hashing the header, and checking for leading zeroes can certainly be done by a raspberry pi in under the 10 minute block time.
A raspberry pi could verify a bitcoin block. It is EXTREMELY unlikely to find the next block.
unlikely, given the network hashrate, but not impossible.
A hash rate that requires 170TWh of electricity. There are no scenarios where this drops more than 99%, except for the destruction of bitcoin.