Hueristic
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Doomed to see the future and unable to prevent it


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January 22, 2019, 03:05:21 PM

BIS chief Agustín Carstens: Bitcoin must depart from PoW.

I like how bankers starting to sweat they know Bitcoin will eat their lunch  Smiley

https://cointelegraph.com/news/major-central-bank-institution-bis-bitcoin-must-depart-from-proof-of-work

I experience a churning of my stomach when I see non-sense like that.  It is a sign of desperation, like you are suggesting, and it there is a kind of "holy cow" regarding the level of misinformation that is presented by the underlying assertion.

Some folks don't realize that the "holy shit" of bitcoin is wrapped up in its proof of work, so proof of work is a feature, not a bug.  Proof of work causes bitcoin incentive, and like you suggested, paashaas, will continue to generate incentives that cause the downfall of the whole financial system, causing value to flow into bitcoin.  The audacity of the article seems to show that there are many traditional financial incumbents who will be willing to battle quite strenuously to spread their nonsense about bitcoin supposedly being flawed, when in fact they are pointing out central features.. namely POW in this case.

By the way, bitcoin is stubborn and very difficult to change, too, and that remains as a feature rather than a bug to defend against misinformation campaigns that try to get bitcoin to become paypal-like, so stop whining about how stubborn and "inefficient" bitcoin is you fucking bank shill bitcoin naysayers.   Tongue Tongue    Cheesy Cheesy

terse

your point?

I like. Smiley