Re: Miners have full control of Bitcoin price. Nobody can trust a system like this.
This is yet again demonstration how miners have total control over Bitcoin price and it's forks. Nobody can trust a system like this when few powerful people can change eveyrthing in a day.
Not as a store of value
Not as a currency
Not as anything really other than an instrument for the rich to get richer and poor to get poorer. This is same as FIAT. You have not accomplished much anything really.
Proof of Work is doomed. Proof of Stake is the future.
POS changes everything.
1. In proof of work miners can play the system forever. They can dump their BTC when it's high and buy large amounts of BHC and start mining BHC which will rise it's price as you can see from the chart in the OP and what just happened over the past couple days. Then they dump BHC at 2-3 times the price and buy back BTC when it's low and move back to mining BTC... and on and on it goes and in the future it will be even worse when there are many more Bitcoin forks.
2. In Proof of Stake you can dump your stake (your holdings) only once! Once that is done you are out of power over the system and you can't play the system forever like in proof of work.
https://fork.lol/pow/hashrate
Not as a store of value
Not as a currency
Not as anything really other than an instrument for the rich to get richer and poor to get poorer. This is same as FIAT. You have not accomplished much anything really.
Proof of Work is doomed. Proof of Stake is the future.
POS changes everything.
1. In proof of work miners can play the system forever. They can dump their BTC when it's high and buy large amounts of BHC and start mining BHC which will rise it's price as you can see from the chart in the OP and what just happened over the past couple days. Then they dump BHC at 2-3 times the price and buy back BTC when it's low and move back to mining BTC... and on and on it goes and in the future it will be even worse when there are many more Bitcoin forks.
2. In Proof of Stake you can dump your stake (your holdings) only once! Once that is done you are out of power over the system and you can't play the system forever like in proof of work.
https://fork.lol/pow/hashrate
This is what we signed up for when we let the mining centralize this badly, and now that we have let this get to this point, the only civi/diplomatic/democratic thing to do is to smply catch up. of course Jihan would do this; he has spent a lot of time and a lot of money to develop him mining capacity. if he has an ideological split, like he did, then this is what happens. in the future, we will be wary of investing in a decentralized thing that really isnt.
the mining situation will have to improve (greater decentralization, and advances in efficiency) for this to be sustainable. until then, this is still very much in an experimental place. treat it as such, and you wont be disappointed
and decetralization should never = trust. you see how easily this can be subverted.