here is the translation of the text in the image:
The last thing we need is to deploy a system designed to burn all available cycles, consuming electricity and generating carbon dioxide, across the entire Internet, to produce small amounts of bitbux for emails or spam to get through.
Couldn't we just convert real money into a bank account on bitbux, cheaply and without a carbon tax? Please?
It would be ironic if we end up having to choose between economic freedom and conservation.
Unfortunately, proof of work is the only solution I've found to make p2p e-cash work without a trusted third party. Even if you weren't using it secondarily as a way to allocate initial currency distribution, PoW is critical to coordinating the network and preventing double spending.
If it were to consume significant energy, I believe it would still be less wasteful than the labor- and resource-intensive conventional banking it would replace. The cost would be an order of magnitude less than the billions in bank fees paid for all those brick-and-mortar buildings, skyscrapers, and spam credit card offers.
Satoshi
