Re: I've come full circle, BTC is the only worthwhile cryptocurrency
I wonder, if you will feel the same way , if bitcoin only goes down in price from now on.
PoW aka Proof of Waste has too many failures to be sustained in the long run.
And you are depending on thetop 4 mining pool operators, they are all that stands between you and a daily 51% attack.
Scratch that the Top 3 mining pool operators now hold ~56% combined.
https://www.blockchain.com/en/pools
So 3 guys now control bitcoin fate.
and #1 is listed as unknown, so it might really be only 2 guys.
PoW aka Proof of Waste has too many failures to be sustained in the long run.
And you are depending on the
Scratch that the Top 3 mining pool operators now hold ~56% combined.
https://www.blockchain.com/en/pools
So 3 guys now control bitcoin fate.
and #1 is listed as unknown, so it might really be only 2 guys.
You misunderstand bitcoin. If the pool mining operators attack the network and its not in the interest of the individual miners, then the individual miners will exit the pool and mine for a operator that has their best interest at heart.
Lets pretend even if there was 2-3 entities that can attack the network, well the network will just fork and the chain that is accepted by the majority of the users will be the real bitcoin.
A large mining pool would have to be completely irrational to 51% attack a network they and their users are heavily 'invested' in anyway.
PoS is not BFT, and is not comparable to the hardest and most secure cryptocurrency - Bitcoin. In any case, POS/DAG etc coins are far more centralised than bitcoin with the vast majority of tokens held by the top few (the bell curve would actually look far more skewed than that of Bitcoin's).