Post
Topic
Board Bitcoin Discussion
Re: Is bitcoin mining a problem of wasting energy? No
by
squatter
on 19/03/2020, 22:21:51 UTC
You don't get the actual topic man, the thing is how POS is better than POW and since POS is already a good algorithm why do need need to waste energy to mine POW coins since POS is a simple solution and I do agree that POS has upper hand because no matter what but energy and resources are being wasted in POW indeed.

Bitcoin remains the dominant cryptocurrency for good reason -- POS is widely viewed as insecure. Ethereum has delayed their transition to POS by several years and backtracked to a hybrid POW-POS proposal because of the threats.

But, to buy those hardware you need to invest money and like you said if someone grabs a big number of coins they can control the network similarly if someone has a lot of coins they can sell off buy miners and actually be a whale too.

Aside from cases of pre-mining or insta-mining large stakes, exchanges remain the biggest threat to any sort of POS system:

No need to imagine, it's already been done -- at least with Delegated POS. https://twitter.com/VitalikButerin/status/1234522463129800709

Poloniex, Binance and Huobi were caught staking customer STEEM and using it to attack the existing DPOS consensus. They've done a pretty good job of brushing the attack under the rug, but the evidence is rather damning.

POS hasn't been solved yet. It may never be. POW is the best we have, for now and the foreseeable future.

These risks don't exist in Bitcoin.