Post
Topic
Board Bitcoin Discussion
Merits 4 from 2 users
Re: Proof of work
by
ranochigo
on 27/08/2021, 17:13:55 UTC
⭐ Merited by BlackHatCoiner (2) ,pooya87 (2)
1) and 2) Yes but overall cost is less than under PoS. I linked an article which proves this and you didn't seem to disagree with the said figures and instead said monetary aspect is not a huge factor.
Reason why I didn't do so is because of the author of the article that you linked. I didn't run the numbers because I didn't have time so I cannot vouch for the accuracy of either. Given the author and the possible ulterior motives behind it, I prefer to refrain from giving my opinion on it but rather take a more neutral approach which doesn't agree nor disagree with it. Just for starters, the article seems to be ignoring the problem with nothing at stake.

Anyhow, I think there were several threads on this previously. Perhaps reading them would provide you with more insights into this.
3) This argument also applies to PoS and as above, the amount lost would be greater under a PoS attack than a PoW attack.
4) This is true but if someone was to attempt a task as big as trying to hack the biggest network of all time, surely setting up the mining rigs is not an impossible task.

Based on this, my conclusion was if you think PoW is infeasible to attack, then you should also think PoS is infeasible to attack. Unless you think the major deterrent is the setting up of mining rigs.
Hmm. Is it easier to get a large proportion of coins or is it easier to set up your mining rigs and hooking up a few power stations with it? The former is probably far easier given how users are already prone to storing their funds in exchanges and centralization is already not uncommon.