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No, your cryptocurrency cannot work

Explaining in understandable terms why Bitcoin uses so much power, why all these supposed 'alternatives' cannot fix the problem, how other coins are a scam, and how proof-of-stake is ultimately a dead end too.

gist.github.com/joepie91/daa93

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@f0x The main reason why crypto is touted as a solution is as an alternative to transfer value when economic institutions would restrict it or make it unaffordable, right? I wonder if something like GNU Taler, a non-blockchain-based digital money transfer, can work as a reasonable substitute. taler.net/en/

@csepp @f0x Sounds like an interesting idea, when Spritely becomes more mature. Right now I see it as a project that is trying to spread itself too thin, not unlike Friendica/Hubzilla. It should begin with the low-hanging fruit then expand its capabilities.

@f0x One interesting proof mechanism I've seen but haven't read into much is proof-of-bandwidth used to incentivize mesh net nodes.
There is also a theoretical design for a carbon capture coin on Gwent's blog.

If there is a proof mechanism that can work, it's probably something in that direction.

@csepp that still boils down to more money = more influence though, but at least those resources are spent on something useful I guess

@f0x Yeah, I'd prefer something like Spritely's OCAP system, which may not technically count as a currency. While it could be used to power a fiat currency, it's much cooler if it's used to publish things like "I need a babysitter tomorrow and can pay with 10 turnips" "I babysat and got the turnips" "yup that person came and babysat".

@f0x @digitalcourage Well .. the last paragraph is basically what cardano is doing ... They even got Philip wadler as advisor .. working on proof-of-stake and transferring those into code.
But it's all "boring" math.. that will succeed in the end, I think.

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