
Bitcoin = Death Processors
by Darin Stevenson / Medium bitcoin Is Makeworky Unmoney bitcoin is not exactly money. It’s a potentially valuable abstraction of computational ‘work’ that ‘earns’ bitcoin value. But what is bitcoin value and what is the nature of the work? The answers are bizarre because they are nonsensical. bitcoin value is an abstraction of participation in the history of the network and its transactions. ‘Work’ is a (largely) nonuseful recomputation of, first, the transaction history of the network — which has to be reprocessed each time there is a bitcoin transaction. Then, continual banging away at some useless math with added ‘weight factor’ that makes it arbitrarily difficult for computers to accomplish the generation of a new record-set over time. ...

