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  • The price of bitcoin is on the rise again, kicking off a new round of conversations about its power usage. After a few discussions with family this weekend (and many vain attempts to steer them away from NFT chat...), I went looking for a good way of explaining Proof-of-Work and why it's such a vital element of BTCs success.

    https://dergigi.com/2018/06/10/bitcoin-s­-energy-consumption/

    It's by no means a one-stop-shop to counter critics' arguments, but it goes a long way towards encouraging a new perspective. Thought some of you might appreciate the read. I'd genuinely be interested to hear what you think (particularly about the block of marble analogy!).

  • particularly about the block of marble analogy!

    The block of marble analogy works if you already believe that you're creating a masterpiece.

    I think the analogy is just as valid if you replace David with a swimming pool of marble dust.

    ...

    From that perspective, our new and fancy computational blocks are a bit like blocks of marble, and proof-of-work is a bit like looking at a beautiful marble statue large pit of finely ground dust. It is immediately obvious that a lot of work went into creating the statue pit. Cheating is extremely hard, because creating such a glorious statue large pit without actually doing the work is pretty much impossible. You can’t throw a block of marble against a wall and everything which is not David will fall off it immediately explodes into uniformly fine dust. It’s not impossible, but it is very, very, very unlikely. Instead, you have to chisel away at the marble, and you have to do it properly and with care.

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