this post was submitted on 14 Sep 2023
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I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.
Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.
Well it’s been over a decade and Bitcoin is still PoW, as well as nearly 50% of the entire crypto market.
Bitcoin is more religion and cult than anything. Of course they think it's great or at least able to hand wave criticisms.
And yeah, consensus is a hard problem to solve for. Many have taken the route of least resistance and implemented what is known to work.