Author: Monarch 2015-08-31 20:48:23
Published on: 2015-08-31T20:48:23+00:00
In a forum post dated 31st August 2015, Justus Ranvier criticized the lack of understanding of the value of proof of work and the features that differentiate good money from poor money. He argued that without these understandings, it is impossible to make a defensible statement of Bitcoin's value proposition. Ranvier opined that the only way for Bitcoin to survive is not to sweep the problem under the rug and distract users with a word that means nothing. This he said is not a strategy that can be successful in the long term.Proof of work according to Ranvier is probabilistic transaction ordering (and timestamping by extension), and its only perceivable value is that it is decentralized. He suggested that if decentralization is not a requirement, there are plenty of companies around who will act as a time-stamping notary for users, just as there are many cloud services around to host the SQL-based Bitcoin replacement.In summary, Justus Ranvier criticized the lack of understanding of the value of proof of work and the features that differentiate good money from poor money. He also opined that the only way for Bitcoin to survive is not to sweep the problem under the rug and distract users with a word that means nothing. Ranvier suggested that if decentralization is not a requirement, there are plenty of companies around who will act as a time-stamping notary for users, just as there are many cloud services around to host the SQL-based Bitcoin replacement.
Updated on: 2023-06-10T21:31:00.414076+00:00