Re: [Megathread] The long-known PoW vs. PoS debate

Quote from: ETFbitcoin on Today at 11:30:09 AM

It's been long time since i saw PoS discussion on this "Development & Technical Discussion". I hope there won't be any chaos.

Quote from: pooya87 on Today at 04:06:48 AM

P.S. Here is a realistic risk of PoS: a lot of people have proven to see cryptocurrency as a trading tool and they will deposit their coins on a centralized exchange. All of a sudden we have one entity with a huge amount of coins aka stake that can control the PoS too.

And it already happened several times. For example, Binance, Houbi and Poliniex helped Tron foundation to perform hostile takeover on Steem network[1]. Binance only apologize[2] while Houbi make an excuse[3] without any real action.

[1] https://cryptoslate.com/big-exchanges-conduct-a-hostile-takeover-of-steem-blockchain-following-tron-acquisition/
[2] https://www.cryptoglobe.com/latest/2020/03/binance-apologies-for-its-role-in-justin-sun-s-steem-takeover/
[3] https://coingape.com/huobi-exchange-responds-steem-network-takeover-by-justin-sun/

Couldn't you replace the exchanges in question with major PoW miners? The exchanges in question hold customer money, and customers could trivially move their crypto to their own wallet, or another exchange.

There are still pools today, but mining has become increasingly done by entities that own large amounts of mining hardware.