Gold is proof of work
And this is why it is not a preferred currency anymore.
Proof of work is inefficient.
Yes I prefer DAG, POS, DPOS and possibly other methods too until I am taught otherwise.
Proof of work is good for some purposes, like knowing who your friends are, but in cryptocurrency it leads to a proof of stake in fiat - fiat whales assume control over POW mining.
Global warming or not, peak oil or not, it can lead to stuff like Saudi control over the world if POW is adopted.
Think it is the fairest solution possible?
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