[Arm-netbook] Urgent statement on Cryptocurrency ethics

[Wookey]

On 2018-03-20 21:44 +0100, Philip Hands wrote:

>   https://www.theguardian.com/technology/2018/mar/20/child-abuse-imagery-bitcoin-blockchain-illegal-content

There's always someone isn't there? This is why we can't have nice things.

I'm quite surprised that the format allows inclusion of random extra
files. Why isn't it just a list of transaction IDs (or however it
works), i.e. the data needed to make the blockchain work. Or are they
just abusing some 'Name' or 'Comment' type freeform field?

It seems to me that bitcoin needs to fail on energy terms alone - it's
mind-bogglingly inefficent (and, contrary to my initial understanding,
this problem doesn't get better over time as more coins are
mined). Plenty of other cryptocurrency algorithms exist, using much
more sensible amounts of energy (Wh/transaction: bitcoin: 634,000,
Ethereum: 43,000, (Visa: 1.69) Stellar: 0.03). The tricky bit is
making sure that remains true when the thing gets popular.

If those numbers are right bitcoin is generating the same emissions as
a flight to Spain from the UK (300kG) _per transaction_ which is
completely nuts. Buying a beer in the Haymakers really shouldn't have
that sort of footprint.

Wookey
-- 
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