I don't know how anyone can defend cryptocurrencies after reading this lucid argument. I hope this provokes more discussion on the problem. Excellent work again from Stephen Diehl.
This is a big win for the environment. Government currency dramatically reduces the amount of energy wasted in running a cryptocurrency, so this should replace them.
Anyone advocating for Bitcoin et al at this point clearly cares more about financial gain than they do about the environment.
I hope this brings an end to the madness. These govcoins are better for everyone.
We need more people with years of experience in finance to warn against the risks of cryptocurrency.
The existing financial system has been designed fairly and has systems in place to prevent corruption.
We can't have an open source version of money that just anyone can contribute to. It's not in our best interest as a society.
Tight capital controls are there for our safety and to create a fair playing field for everyone. Bitcoin only serves to circumvent this, and it should be stopped.
It's not quite the number of zeros. The hash digest is interpreted as a 256 bit integer, and this has to be below another 256 but integer (the target) for the block to be mined.
So you could get a block hash with "the correct number of zeros", but it would not be below the target.
This needs to be brought to an end. The energy usage of Bitcoin has been discussed ad nauseum, and I think we've all concluded that it serves no useful purpose.
The current banking system works perfectly well, and there is no need for an alternative in which users have complete control over their money. It's too dangerous.