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Comment Re:No. (Score 1) 167

... Also, I was apparently browsing at score=2 when I first replied, and didn't realize that the question "how was it also not equally true of gold itself?" was actually a side-topic about whether or not fiat currencies are worthwhile, and not about TFA.

Comment Re:No. (Score 1) 167

Correct. But, we're talking about the proposal-- permitting 'approximate mining'-- not how things presently are. But, upon re-reading my original comment, I didn't do the best job of explaining it. (And the mods apparently agree.)

Comment Re:No. (Score 0) 167

It was not true of the gold market, because the gold market won't let you externalize the cost of the last 1% of work (30% of effort.) To continue the analogy: You can't just show up at market with a pile of rocks and say, "there's gold in there, pay me" and expect the market to do the last bit of effort to determine whether there really is gold in there, and how much. The bitcoin market *could* permit you to do this, since it checks your proof-of-work before accepting it. The idea is that, with bitcoins, that last 1% of work takes 30% of the overall effort, so it is in the miners' interest to get loose with the math.

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