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re: Do you know of any effective Blockchain use cases? VIEW POST

FULL DISCUSSION
 

Only Bitcoin. Other uses would require connection between physical and digital world. But wealth transfer can exist in digital. So no, other uses require centralization and thus blockchain is not needed because it's ineffective.

 

But you just confirmed that power is required to back up BC as a currency. That's very much a connection between the physical and digital world. The whole BC scheme is actually fueling an economy of GPUs etc. There are plenty of things that are considerably less connected to the physical world...

 

Sigh No, Bitcoin blockchain is not connected to the physical world, because there's not data that you put to it. POW is only an algorithm that secures it. Bitcoin does not use GPUs for mining so no.

Please google "GPU price hike bitcoin".

The bitcoin block chain is totally connected to the servers that are used for mining and for validating the transactions. A hike in the bitcoin "value" means that more mining is going to occur and thus more servers are going to be used and thus high spec server price is going to rise.

One bitcoin transaction requires as much energy as required by a house in one week.

GPUs are not used for Bitcoin mining FFS! ASICs are used for that. Specialized mining equipment. Not usable for anything else.

Bitcoin transaction does not have any energy requirements. There is a required energy (based on current difficulty) to mine a Bitcoin block.

 

I'm not sure bitcoin solves a problem that was unsolvable before blockchain came, and it certainly is not effective, at least energy-wise.

 

It definitely does because there were a dozen attempts to create digital money but Bitcoin was the first to succeed thanks to it's decentralized nature. POW is not ineffective, it's the only way to secure the network and create a valuable asset. You cannot create money out of thin air.

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