It’s the classic mistake domain experts make when analyzing systems purely from their Point-of-View.
I seriously hope Emin is not the only one teaching blockchain at @Cornell. Because he is dead wrong.
The same way people chased Perpetual Motion completely disregarded (a) (b) & (c), although they had a better excuse since they didn't possess the right conceptual tools.
“Nothing is cheaper than PoW”. h/t @Truthcoin truthcoin.info/blog/pow-cheap…
@NickSzabo4 spent years researching & elaborately explained in his study on the Origin of Money: (Good) money *must* have unforgeable costliness.
nakamotoinstitute.org/shelling-out/
PoW is the _bridge_ between the digital & the physical.
bitcointechtalk.com/the-anatomy-of…
Make no mistake, PoW mining & Nakamoto consensus are crucial in the creation of digital hard money.