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The goal is to maximize immutability, not minimize energy usage. Energy expenditure is what roots Bitcoin in reality and what protects against changes (you woul

The goal is to maximize immutability, not minimize energy usage. Energy expenditure is what roots Bitcoin in reality and what protects against changes (you would have to expand even more energy to change). Other blockchains are relatively easy to mutate and hence not good candidates for the World's reserve currencies.

exdsq 5y ago
Other blockchains using proof-of-stake over proof-of-work are not ‘relatively easy to mutate’ for any definition of easy. Can you point a single occurrence of this happening on a top 30 market cap PoS crypto, such as Cardano, Tezos, or Algorand?
- New_California 5y ago
  Very many examples. EOS (dPoS) reversed transactions multiple times while being top 10 at the time: https://cointelegraph.com/news/eos-reverses-previously-confirmed-transactions-as-pundits-decry-centralization https://cointelegraph.com/news/eos-reverses-previously-confi... Ethereum Classic was attacked multiple times with chain reversing double spends due to not enough energy being committed to immutability: https://www.coindesk.com/ethereum-classic-attacker-successfully-double-spends-1-68m-in-second-attack-report https://www.coindesk.com/ethereum-classic-attacker-successfu... Ethereum reversed the "DAO hack" with a hard fork. So yes, shitcoins are definitely mutable.
  - exdsq 5y ago
    I said that PoS isn't much easier to mutate than PoW. EOS isn't really decentralised so it's not a fair comparison to other PoS chains and the other two are PoW just like Bitcoin. On a side note my colleagues are working on improving ETC against 51% attacks at the moment so hopefully that works out. Definitely wouldn't refer to Ethereum as a 'shitcoin'. https://static.iohk.io/docs/etc/ecip-comparison-for-51-attack-resistance.pdf https://static.iohk.io/docs/etc/ecip-comparison-for-51-attac...
  - imtringued 5y ago
    I didn't expect this, the security argument invalidates 99% of cryptocurrencies and leaves Ethereum and Bitcoin as the only winners. Bitcoin is technologically unimpressive and Ethereum is quite successful technologically but it is having scaling problems. You know, this is quite ironic because cryptocurrencies are reaching a dead end, through their own flaws.
ineedasername 5y ago
Energy expenditure is what roots Bitcoin in reality "Reality" is itself a fairly mutable concept if you're using that term to a refer to system that produces abstract "coins" with values that float against other world currencies in a system of finance that itself consists of multiple layers of indirection that evolved to solve the scaling problems of direct bartering.

exdsq 5y ago

Other blockchains using proof-of-stake over proof-of-work are not ‘relatively easy to mutate’ for any definition of easy. Can you point a single occurrence of this happening on a top 30 market cap PoS crypto, such as Cardano, Tezos, or Algorand?

New_California 5y ago
Very many examples. EOS (dPoS) reversed transactions multiple times while being top 10 at the time: https://cointelegraph.com/news/eos-reverses-previously-confirmed-transactions-as-pundits-decry-centralization https://cointelegraph.com/news/eos-reverses-previously-confi... Ethereum Classic was attacked multiple times with chain reversing double spends due to not enough energy being committed to immutability: https://www.coindesk.com/ethereum-classic-attacker-successfully-double-spends-1-68m-in-second-attack-report https://www.coindesk.com/ethereum-classic-attacker-successfu... Ethereum reversed the "DAO hack" with a hard fork. So yes, shitcoins are definitely mutable.
- exdsq 5y ago
  I said that PoS isn't much easier to mutate than PoW. EOS isn't really decentralised so it's not a fair comparison to other PoS chains and the other two are PoW just like Bitcoin. On a side note my colleagues are working on improving ETC against 51% attacks at the moment so hopefully that works out. Definitely wouldn't refer to Ethereum as a 'shitcoin'. https://static.iohk.io/docs/etc/ecip-comparison-for-51-attack-resistance.pdf https://static.iohk.io/docs/etc/ecip-comparison-for-51-attac...
- imtringued 5y ago
  I didn't expect this, the security argument invalidates 99% of cryptocurrencies and leaves Ethereum and Bitcoin as the only winners. Bitcoin is technologically unimpressive and Ethereum is quite successful technologically but it is having scaling problems. You know, this is quite ironic because cryptocurrencies are reaching a dead end, through their own flaws.

ineedasername 5y ago

Energy expenditure is what roots Bitcoin in reality "Reality" is itself a fairly mutable concept if you're using that term to a refer to system that produces abstract "coins" with values that float against other world currencies in a system of finance that itself consists of multiple layers of indirection that evolved to solve the scaling problems of direct bartering.