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31 sats \ 23 replies \ @jamesviggy 21 Aug 2023 \ parent \ on: Which sub should I choose? meta

There are 10,000+ of these tokens so I'm not an expert on the one you mention but a quick glance suggests that the development is centralized around a foundation. Doesn't that mean a hard fork is possible that could change fundamental consensus rules like the maximum supply? E.g. like the completely centralized Ethereum that has frequently changed its monetary policy. Also if there's no proof of work then there's nothing of value backing the token.

0 sats \ 22 replies \ @momboteq OP 21 Aug 2023

You're talking about tokens and I'm talking about cryptocurrencies NOT TOKENS.

PoW is not environmentally friendly, which is why it is being abandoned in favor of something greener. E.g. Nano has PoW, but it is so undemanding that it can send thousands of transactions using the power that 1 Bitcoin transaction needs.

42 sats \ 21 replies \ @nemo 21 Aug 2023

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0 sats \ 20 replies \ @momboteq OP 21 Aug 2023

Of course, I am talking about PoW such as in Bitcoin. There are cryptocurrencies that have a lighter and less energy-intensive PoW.

42 sats \ 19 replies \ @nemo 21 Aug 2023

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0 sats \ 18 replies \ @momboteq OP 21 Aug 2023

Okay, I also understand your opinion. I, however, prefer something less energy-intensive because currently most of the world's energy is from burning coal, which is not environmentally friendly. Currently our planet is already destroyed by the development of technology. Just so you know, I'm not some eco freak or something😅.

70 sats \ 16 replies \ @ek 21 Aug 2023

last time I checked, bitcoin used 0.5% of total global energy output and 60% of it comes from renewable sources, a lot higher than other industries. imo, bitcoin's PoW is the least of our problems if not even part of the solution

0 sats \ 15 replies \ @momboteq OP 21 Aug 2023

The source of energy depends on the people who mine Bitcoin. Of course, this does not change the fact that there are other cryptos that use PoW and consume much less energy.

42 sats \ 11 replies \ @ek 21 Aug 2023

Of course, this does not change the fact that there are other cryptos that use PoW and consume much less energy.

and are thus vastly less secure and most probably need to use ASIC-resistant algorithms like Monero which is the real waste of energy since ASICs are a lot more energy-efficient.