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> IMHO this puts BTC in the 'massive waste of electricity' camp.

You don't see any value in a currency that can't be counterfeited, manipulated by a central bank and also enables great privacy & low-fee transactions?




I don't see much value in the proof-of-work concept attached to BTC, no. I know that the PoW is somehow bound up with the security and counterfeit-protection side of the whole system, is PoW mathematically necessary to this? If so then how much of it? Because if not then it's really doing work for the sake of it, to fight (ever harder) for a slice of the pie. The work done is lost to heat, not somehow forever bound to the bitcoin.

And really I rather like the idea of a central bank that is able to help stabilise currency by taking various actions, but then I'm not someone that gets upset at inflation 'stealing' value from my savings. Governments and central banks can help keep money and food prices relatively stable.

The privacy, yeah, good I guess. Low-fee... don't really care. The lack of any sort of chargeback facility makes the entire system very unattractive for someone who is not an online seller.


Yes, the computing resources are required to secure the block chain. How much? The network needs to have at least twice the computing power of an attacker to prevent that attacker from taking over the block chain.

Although there are some ideas about how to reduce the amount of computing the network needs to prevent an attacker from forking the block chain: http://gavintech.blogspot.com.ar/2012/05/neutralizing-51-att...

Another social advantage of bitcoin is that you can make transactions without being at the mercy of a payment processor. Wikileaks vs. visa and mastercard, for example.


Yes that's not a bad thing, side-stepping the likes of visa. There are certainly some advantages to BTC as a payment method, and there are some advantages to it as a digital investment.

However I don't think it covers all the cases for a payment method, and as I say, I quite like some of the features of centrally controlled currency.




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