If you need computing power then you need electric power. Even if they make the hashes 1000 times more efficient then we will end up with a massive electric bill. I've seen that the total electricity needed for one single bitcoin transaction is over 200 units of electricity right now. And increasing as the load increases. Per transaction! That's almost as much as use in a month. The total energy demand from bitcoin is projected to be as much as that of Denmark by 2020. With exponential growth what will it be in 2030? 2050? I know the story of the grains of rice on the chess board. Who's going to pay for that once the miners go? The people transacting? A month's worth of electricity costs? I fear they are setting the world up for an abysmal, terrible financial collapse once that happens. What happens when quantum computers can crack the encryption that protects crypto currency wallet in a few seconds? I'm worried. I fear not enough thought is given to future scenarios. Block-chain itself might have fantastic applications, but I'm just not sure we should let any kind of bubble build up around block-chain currencies.
What is to prevent an someone using an advanced AI designed specifically to outsmart the Bitcoin system in ways we can't yet imagine?
so basically he created Bitcoin and that website, but who was the website registered to is unknown, Great !
If you need computing power then you need electric power. Even if they make the hashes 1000 times more efficient then we will end up with a massive electric bill. I've seen that the total electricity needed for one single bitcoin transaction is over 200 units of electricity right now. And increasing as the load increases. Per transaction! That's almost as much as use in a month. The total energy demand from bitcoin is projected to be as much as that of Denmark by 2020. With exponential growth what will it be in 2030? 2050? I know the story of the grains of rice on the chess board.
Who's going to pay for that once the miners go? The people transacting? A month's worth of electricity costs? I fear they are setting the world up for an abysmal, terrible financial collapse once that happens.
What happens when quantum computers can crack the encryption that protects crypto currency wallet in a few seconds? I'm worried. I fear not enough thought is given to future scenarios. Block-chain itself might have fantastic applications, but I'm just not sure we should let any kind of bubble build up around block-chain currencies.
AI runs off bitcoin hashing. The blockchain is AI's house. AI will figure out a way to get more power...