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Jack Dorsey claims Bluesky is 'repeating all the mistakes' he made at Twitter (www.engadget.com)

submitted 4 months ago by jeffw to c/technology

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[–] [email protected] 2 points 4 months ago (1 children)

Also Ethereum is extremely inefficient compared to conventional tech (like just a database). All you need is to realize that complete trustlessness is impossible to understand that a distributed ledger has no problem to solve. And that's why there is no practical application after all these years.

[–] [email protected] 1 points 4 months ago

But energy use isn't as simple as measuring transaction efficiency, there's a lot more to a currency than storing who transacted with whom. There's:

security of transactions - fraud and whatnot
coordination costs - international transactions, etc
cyber security, websites for managing money, etc

Or in terms you've used, someone needs to maintain that database, that database needs to be in some facility, and someone needs to audit the database. All of that is baked into cryptocurrencies. Yet the comparisons I've seen either account for way too much (e.g. bank tech support), or not enough (e.g. only POS and network costs).