So Bitcoin has always used proof of work as did Ethereum. But with Ethereum switching over some of us must be thinking of the possibility of Bitcoin doing so as well at some point. With that in mind I wanted to revisit this topic as I remember there being a lot of criticism of proof of stake with the arrival of the first coins to start using it, but I don't recall the specifics.
One thing is we know that with proof of stake no actual work is required for the validation which secures the blockchain. Is this a concern or does it not really matter? What do you think are the other risks or concerns?
One thing is we know that with proof of stake no actual work is required for the validation which secures the blockchain. Is this a concern or does it not really matter? What do you think are the other risks or concerns?
I think asking a bunch of bitcoin cultist anything is going to get you a slanted answer toward their cult beliefs.
Proof of Waste has already lost the war with Proof of Stake.
Although none of the bitcoin cultist can grasp that.
Ask yourself this,
how many new coins are using proof of waste,
how many new coins are using or going to use Proof of Stake.
Proof of Waste mining was banned in China,
Proof of Stake minting is happening in China right now, and guess what , no energy waste can pinpoint their locations.
So Proof of Staking continues unabated.
Ask your Proof of Waste supporters how many bitcoin did they mine in their warehouse last week.
Now realize that the normal person will never be a part of mining , and staking is the normal person only chance to secure a coin.
China ban Bitcoin mining in 2021.
New York will ban Bitcoin mining by 2023
Texas will ban Bitcoin mining by 2024 or their power grid will collaspe and they will be a 3rd world country without electricity for years, after all of their transformers are blown.
* Funny enough, guess who Texas would have to buy their new transformers from, ......... China.
*