“Ironic if we end up having to choose between economic liberty and conservation.
Unfortunately, proof of work is the only solution I've found to make p2p e-cash work without a trusted third party. Even if I wasn't using it secondarily as a way to allocate the initial
distribution of currency, PoW is fundamental to coordinating the
network and preventing double-spending.
If it did grow to consume significant energy, I think it would still be less wasteful than the labour and resource intensive
conventional banking activity it would replace. The cost would be
an order of magnitude less than the billions in banking fees that pay for all those brick and mortar buildings, skyscrapers and junk mail credit card offers.”
Satoshi
[from the Satoshi-Sirius emails]
McCoy
npub18y…qx5t7
2024-10-24 20:12:51
Author Public Key
npub18y33vpqmudzm9wk9cnglgnrhqyu96c4l4tr59k2zw0gs5ep5a2kqjqx5t7Published at
2024-10-24 20:12:51Event JSON
{
"id": "2a09de350a5da514545973889d063c20306ca9be7f0d4bae64cec405b90a2653",
"pubkey": "392316041be345b2bac5c4d1f44c7701385d62bfaac742d94273d10a6434eaac",
"created_at": 1729800771,
"kind": 1,
"tags": [],
"content": "“Ironic if we end up having to choose between economic liberty and conservation.\n\nUnfortunately, proof of work is the only solution I've found to make p2p e-cash work without a trusted third party. Even if I wasn't using it secondarily as a way to allocate the initial\ndistribution of currency, PoW is fundamental to coordinating the\nnetwork and preventing double-spending.\n\nIf it did grow to consume significant energy, I think it would still be less wasteful than the labour and resource intensive\nconventional banking activity it would replace. The cost would be\nan order of magnitude less than the billions in banking fees that pay for all those brick and mortar buildings, skyscrapers and junk mail credit card offers.”\n\nSatoshi\n\n[from the Satoshi-Sirius emails]",
"sig": "a706e59d11437ecee35ce998dceca8ed144a6a15cbd9803bc495a14b7cabc4ef010776b1329880f1f4c65edc846b13fde81f850c15628f63707dc933b84458c4"
}