https://blockchain.info/statsTotal Miners Revenue $2,052,572.14
So in a perfect market, you can take control of bitcoin's network, for a day, at a bargain price of $2,052,572.14 + $0.01. That's 0.0326%. You can wait a bit for the next halvening and it's going to be even cheaper!
Thanks for your reply. I am interested in proof of stake but still missing something. I don't understand some details of the NXT algo including the universal random number (just reading
http://www.docdroid.net/cckd/forging0-4-3.pdf.html)
Yes: total BTC miners revenue in a day is 3600 coin. Before accepting 3600BTC and making a physical delivery from a source with zero trust I would wait about that long. Lets look at NXT for comparison:
Total Forgers Revenue: 5500 NXT
So in a perfect liquid market of stake, I would want to wait about a day before accepting 350 mBTC worth of NXT.
I understand that liquid markets in hash power and accretion of hashpower by individuals can be bad very bad. But replacing hashpower by something that is even more liquid already seems like hardly a solution to that particular problem.
Yes, I understand that the big stakeholders now holding the 100% premine might not want to accept my offer of a little extra doublespend revenue to borrow their stake because they are afraid the word could get out and this would affect the value of their personal holdings. But isn't concentration of power in the hands of a few and requiring the network to trust them part of the problem we were trying to avoid? If we want to trust a central entity, this whole blockchain system is a waste.
Then there's also lack of wasted energy, capital, and smaller market supply, because miners needs to sell the majority of coins to fund their operations. Mining is effectively a tax on all bitcoin users, almost a billion a year. You could run a small country on that.
Indeed. Bitcoin hardly seems perfect. But imagine if the 21million BTC (that's 10 billion or so dollars) were all premined in the hands of a small team. They could run a country on that, especially with their total control of the transaction record for all time. Institutionalized double spending, here we come.