Quote from: 100action on November 19, 2019, 09:24:51 AM

Quote from: Khaos77 on November 18, 2019, 11:53:09 PM

Quote from: 100action on November 10, 2019, 01:17:19 AM

After 4+ years in the space and countless hours of research, it is becoming increasingly apparent that BTC is the only worthwhile project. Also by the thread title, you can probably tell its not my first rodeo.

Some of my strongest reasoning is specified below, it is by no means comprehensive. While I may have typed the below with conviction, I am openminded to other views (my wallet compels me so) - please put forth your opposing views.

PoW is the only true Byzantine Fault Tolerant consensus mechanism. PoS is not BFT at this point in time and I do not see how it gets there. At the end of the day, under PoS and the many other consensus mechanisms, one needs to trust a third party to relay them the correct data and that is assuming that one can be certain that the delegated node holds the majority of the voting power this is not trustless and re-introduces third parties.
With PoW, I can verify the hashes and the longest chain is the correct one.

Correct is a subjective term,
what you can verify with PoW is which Chain is the longest chain with the highest hashrate.

Now prepared to be shocked,

With PoS, you can verify the longest chain with the most coins and highest difficulty. Shocked

Because all you are doing is comparing chains.

The longest chain in a PoW has the most 'work' commited to it. Changing a block in the past will require all subsequent blocks to be somehow remined at huge energy costs - the earlier the block, the higher the energy cost. This is simply not the case with POS as you are effectively told what the longest chain is.

By extension POW has much better immutability which is perhaps the most important feature of any decentralised ledger technology.

if you are thinking about bitcoin being secure tho 2/3rds of the mining pools are backed by china and basically the same. if they really wanted to, they could fork bitcoin and NOBODY can do anything about it short of the core devs writing a patch to put it back..

i personally think that allowing mining pools has hurt bitcoin.. all its done is grouped together the miners and forced them to join a pool to get any earnings. as everyone talks about how decentralized bitcoin is..

aarons6

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