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Showing 3 of 3 results by Cypherpunk_2077
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Board Bitcoin Discussion
Re: Proof of work
by
Cypherpunk_2077
on 15/08/2021, 18:34:29 UTC
Quote from: rigmasterkurulum on Today at 04:27:01 PM
Quote from: Upgrade00 on August 02, 2021, 06:44:21 AM
This is the reason there is a incentive in place, miners get the coinbase reward for every completed block and thus encourages them to not attempt to cheat the system as it is far more rewarding to simply mine.
Also, an attempt to cheat the system through.a 51% attack would be quickly discovered and the shady chain would be dropped, so someone who invested millions of USD into buying mining hardware to own over half of the hashrate would be quickly discovered should or when they attempt an attack on the network.
The consensus to drop a shady chain is an example of the decentralization of Bitcoin.

I disagree with this because the 51% thing is already clear, there're no singular miners anymore, just mining pools and farms and Bitcoin network according to the addresses mining is already pretty much centralized compared to the different accounts by balance.

Proof of Stake would also be the same, and even it is harder to accumulate the 51% of the coins simply because the more the person buys, the more expensive it gets.

There are a lot of singular miners. I'll hopefully be a singular miner in a few months.
Wealth hoarding is common to extremes in anything of value.
Post
Topic
Board Bitcoin Discussion
Re: Proof of work
by
Cypherpunk_2077
on 15/08/2021, 09:24:58 UTC
Do you really need a 51% attack in POS? In a trustless system the attackers could gain control in stealth and not get noticed for years. Is it not enough to just look for circumstances to lag the network every few months and make money using shorts, futures and competitive chains?
Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Proof of Stake fork
by
Cypherpunk_2077
on 05/08/2021, 14:00:33 UTC
I am glad that the bitcoin community doesn't see much value in POS yet. Apart from the obvious security issues you can't just swap it without seriously disrupting the power balance in BTC. Also POS works for the rich. There is a point that your earnings from staking become more than your life expenses and you just keep stacking more and more without taking any risks. Your children's children can do the same. Voting rights depend on the amount of stake too. As for how much greener it is I am not sure about that either. In bitcoin's competition between miners the winner is the one wasting the least energy. You can't beat a guy using the excess of his photovoltaic by burning oil. Not to mention the technological advancements that pop up because of this. Critical achievements can be accomplished in renewables just because there can be instant and easy gain.