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Not really. Does Bitcoin's security increase when this mining council increases its mining power? They already have 46% so increasing it only makes it less secu
by cuteboy19 5y ago
Not really. Does Bitcoin's security increase when this mining council increases its mining power? They already have 46% so increasing it only makes it less secure. Increasing the hashes only increases energy consumption then.
Also, this formulation of "security" is very misleading. For the layperson, security means the probability of not losing my money. For the cryptographer it means the amount of random guessing you would need to break encryption. So every system that uses the same kind of encryption is equally secure.
- randomhodler84 5y agoYes Bitcoin security increases when the mining council uses more energy! This is not a proof of stake scheme where more of a single validator decreases security. If the honest miners put more energy in, dishonest miners must outspend them. It increases network security.
- cuteboy19 5y agoIf we accepted that the Mining council miners are honest then why do we even need Proof of Waste? If we know that they are dishonest then them having 50% hashrate is very bad