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> We already have a tested and working native internet currency: bitcoin.

Bitcoin manages low 6 figure transactions per day, using as much energy as the entire country of New Zealand to do so. That’s far from internet scale (or even “single Raspberry Pi”-scale) and, because it was designed around gold bug economics, the protocol says it can never improve because the whole point was to scale the overhead as a function of network size.

Fundamentally, the reason why none of these have worked comes down to economics: if you’re storing things, you want provable access times and reliability but the costs of doing so in a decentralized system are much higher than in a centralized model because you need more copies to balance out the lack of trust. That also hurts on the other side of this: if you’re considering hosting, you need to charge more to cover your risk of getting involved in legal proceedings and there’s a fairly high threshold where that risk just isn’t worth it.

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