One reason bitcoin will die
Crypto currencies increase the currency supply in different ways. Bitcoin does this with computers “mining” by solving difficult puzzles. Achieving a solution cause a new bitcoin to be allocated to a miner. Surprisingly, this computer work collectively consumes a huge amount of electricity, enough to increase global warming. Because of this there will be pressure to restrain bitcoin production. But at least one crypto currency, grid coin (I have no financial interest in this) mines in a more socially useful way.new grid coins are created when a certain amount of computer work has been used for distributed scientific efforts. This contributes your computer cycles to use by a scientific project. Which crypto currency will you prefer? The one burning up electricity for random puzzle solving or the one burning up electricity to promote scientific knowledge?
I heard about this on PBS Space Time, a YouTube channel explaining physics. The episode with a brief mention of gridcoin at the end, on understanding the uncertainty principle through Fourier analysis concepts, was the first explanation of a quantum mechanical weirdness I ever saw which explained a quantum weirdness in a way that was not the least bit weird. The “spookiness” of the uncertainty principle is no longer spooky to me. An analogy of sound waves, which are not weird, not spooky, provided a way to understand the uncertainty principle which relates to the inability to know both the precise position of a particle and its precise momentum at the same time. Considering how sound waves work allowed me to at last have a rational comprehension of something from the spooky quantum world. Check it out if you like this sort of thing.
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