Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckMx<div class="post">I understand the bitcoin is not INTENDED to be about the minting. The essence of my criticism is that a digital currency SHOULD NOT be "about the minting" but the current bitcoin system works against that goal! My argument is that the current minting system limits the utility of the currency largely because entirely too much attention is focused on "winning the block generation lottery" and the process of choosing these winners is highly inefficient and resource intensive. If potential users of the currency believe that bitcoin is simply a way for botnet herders to convert spare cpu cycles into cash, they are unlikely to participate in the emergence of the economy. The current system could easily result in the perception that bitcoin is basically being used as a vector for the indirect monetization of the theft of electricity via compromised computer systems. I assume most people interested in bitcoin understand that self-interested individuals will obviously seek to exploit opportunities like this, and the design of a popular currency has to prioritize how a prospective user will evaluate its fairness.</div> text/html