If you use a money with an issuance scheme that doesn't derive from pure costs (useless things like hashing), the underlying incentives of that money will seed its own destruction.
What happens if you have a coin based on "useful work" and you "solve" the problem you were hoping to solve. Now a lot of "miners" leave the network, presumably because they were only there to help solve that particular problem. Now you have a weak system, and a system subject to 51% attacks by adversarial miners, and therefore not a good money/coin.
I don't see how HN commenters (in large part) don't get this. It's the Single-responsibility Principle, just in a different context.
There's plenty of usefull work that we won't run out of.
SAT solving is the prime candidate, because we have A LOT of NP hard problems in our day to day lives.
Weather simulations are another one, drug research is another one.
For the latter I'd argue that if we're at a point where we've erredicated all disease, we've also transcended as a society to a point where money has become obsolete.
I understand that the desire for a Proof of Work to be useful is strong and that's what is the appeal for these kinds of things. You should know that everyone would be totally onboard if there were a way to keep critical cryptocoin properties AND make the computation useful. The naysayers here don't dislike folding or any other useful computations. They just have experience with the cryptocoin design elements.
There's some subtleties to how a cryptocoin works that aren't obvious and they're absolutely critical to making it work. Bitcoin can have competing chains of blocks that eventually get orphaned. And it's because there's this race condition while block solutions are propagated across the network. Eventually, after enough blocks the network agrees on which chain wins. But imagine if you could know how the next block would start - what its inputs would be. You could start solving that block now.
A penalty mechanism is possible that disincentives such behavior and makes it impractical. Filecoin has such a system. But a powerful enough mining pool (China has 65% of mining power) can also do this for Bitcoin.
Yeah, just last night I was curious about any blockchain approaches that might be out there that try and do something more useful and found people trying to use SAT solving as the base. This paper in particular seemed pretty interesting and I do hope we get to a place where we can at least be working on NP hard problems while transacting on a blockchain: https://dl.acm.org/doi/abs/10.1145/3297280.3297319
What happens if you have a coin based on "useful work" and you "solve" the problem you were hoping to solve. Now a lot of "miners" leave the network, presumably because they were only there to help solve that particular problem. Now you have a weak system, and a system subject to 51% attacks by adversarial miners, and therefore not a good money/coin.
I don't see how HN commenters (in large part) don't get this. It's the Single-responsibility Principle, just in a different context.