PoW is not a plutocracy because miners cannot dictate the protocol rules. Not even a 51% miner could do that, a common misconception. They at most can refuse to

PoW is not a plutocracy because miners cannot dictate the protocol rules. Not even a 51% miner could do that, a common misconception. They at most can refuse to process transactions. Users have prevailed agaist miners and large business in Bitcon forkwors, which failed to force their agenda on the users. This is at least some empirical proof in support that Bitcoin is not a plutocracy. Miners have large farms that can be bankrupted by users simply deciding to change the hashing algo. No such option in PoS. In PoS, largest wallets dictate changes. Liquidity begets more liquidity, aka the rich get richer, and such effect has a centralizing effect on PoS. All PoS project to date have failed.