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This guy has a weak understanding of how Bitcoin's proof of work functions and fails to acknowledge the fact that PoS is just putting the Eth supply in the hand

by bhdlr 4y ago

This guy has a weak understanding of how Bitcoin's proof of work functions and fails to acknowledge the fact that PoS is just putting the Eth supply in the hands of the rich

hunter-gatherer 4y ago
His article mostly says what you just said... He didn't elaborate a lot on PoW, but he didn't say anything wildly offcourse.
- bhdlr 4y ago
  > His article mostly says what you just said... He didn't elaborate a lot on PoW, but he didn't say anything wildly offcourse. He said that Bitcoin is centralized because there may be 51% of miners controlled by one entity. However that has been proven to be false (see The Blocksize War). Bitcoin is controlled by the nodes, not by who has the most mining power
  - jqpabc123 4y ago
    Bitcoin is controlled by the nodes, not by who has the most mining power Bitcoin is controlled by the exchanges. Whoever has the majority of the trading volume has most of the power and influence over it's price. Currently, this would be Binance. Please don't bother explaining how P2P is beyond their influence (it's not). Their influence is magnified by Tether which they can mint at will and is involved in over half of all crypto trades. Long story short --- the crypto market has been rigged --- by Binance. Collusion with others is likely simply due to the fact there is nothing to prevent it --- but it's impossible to say anything for sure because there is no external access. Blockchain is just an accounting system which tracks how badly the market is rigged.
  - SamPatt 4y ago
    Bitcoin is not controlled by the nodes. It is controlled by the miners, and a 51% attack is a serious concern. It always has been, and it always will be. It was designed assuming at least half of the network would not be malicious. The blocksize war absolutely didn't prove the superiority of the nodes. These are tall tales told by people who really wanted that to be true.
    - davidgerard 4y ago
      The decision was made by the exchanges. Bitcoin Cash wanted the BTC ticker, and didn't get it. That's why in the ETH merge, the issue is who the money goes with. Circle and Coinbase are going with the merge, so it wins.
eterps 4y ago
> fails to acknowledge the fact that PoS is just putting the Eth supply in the hands of the rich https://mobile.twitter.com/ercwl/status/1555719147941683200 https://mobile.twitter.com/ercwl/status/1555719147941683200
- blueprint 4y ago
  The issue is not the fact that proof of work is more centralized, the issue is the fact that proof of stake is truly breakable by taking out a small loan
  - landemva 4y ago
    You have a few more weeks to plan your attack. Let's see it. Regardless of small or big loan, it will be slashed. On PoW chain you would still have the mining hardware to run the attack again.
    - blueprint 4y ago
      what do you mean by slashed? having hardware is not the thing that allows you to attack a PoW network. especially if it's one of the ones that anyone actually puts any stock in the network security of. bitcoin's network security is a joke (although certainly better than PoS), so hopefully we're on the same page about that as well?
Chai-T-Rex 4y ago
I'm a bit lost on how the bitcoin supply isn't in the hands of the rich. Do they give out free mining equipment and electricity to the poor to equalize things?

by bhdlr 4y ago

This guy has a weak understanding of how Bitcoin's proof of work functions and fails to acknowledge the fact that PoS is just putting the Eth supply in the hands of the rich

hunter-gatherer 4y ago

His article mostly says what you just said... He didn't elaborate a lot on PoW, but he didn't say anything wildly offcourse.

bhdlr 4y ago
> His article mostly says what you just said... He didn't elaborate a lot on PoW, but he didn't say anything wildly offcourse. He said that Bitcoin is centralized because there may be 51% of miners controlled by one entity. However that has been proven to be false (see The Blocksize War). Bitcoin is controlled by the nodes, not by who has the most mining power
- jqpabc123 4y ago
  Bitcoin is controlled by the nodes, not by who has the most mining power Bitcoin is controlled by the exchanges. Whoever has the majority of the trading volume has most of the power and influence over it's price. Currently, this would be Binance. Please don't bother explaining how P2P is beyond their influence (it's not). Their influence is magnified by Tether which they can mint at will and is involved in over half of all crypto trades. Long story short --- the crypto market has been rigged --- by Binance. Collusion with others is likely simply due to the fact there is nothing to prevent it --- but it's impossible to say anything for sure because there is no external access. Blockchain is just an accounting system which tracks how badly the market is rigged.
- SamPatt 4y ago
  Bitcoin is not controlled by the nodes. It is controlled by the miners, and a 51% attack is a serious concern. It always has been, and it always will be. It was designed assuming at least half of the network would not be malicious. The blocksize war absolutely didn't prove the superiority of the nodes. These are tall tales told by people who really wanted that to be true.
  - davidgerard 4y ago
    The decision was made by the exchanges. Bitcoin Cash wanted the BTC ticker, and didn't get it. That's why in the ETH merge, the issue is who the money goes with. Circle and Coinbase are going with the merge, so it wins.

eterps 4y ago

> fails to acknowledge the fact that PoS is just putting the Eth supply in the hands of the rich https://mobile.twitter.com/ercwl/status/1555719147941683200 https://mobile.twitter.com/ercwl/status/1555719147941683200

blueprint 4y ago
The issue is not the fact that proof of work is more centralized, the issue is the fact that proof of stake is truly breakable by taking out a small loan
- landemva 4y ago
  You have a few more weeks to plan your attack. Let's see it. Regardless of small or big loan, it will be slashed. On PoW chain you would still have the mining hardware to run the attack again.
  - blueprint 4y ago
    what do you mean by slashed? having hardware is not the thing that allows you to attack a PoW network. especially if it's one of the ones that anyone actually puts any stock in the network security of. bitcoin's network security is a joke (although certainly better than PoS), so hopefully we're on the same page about that as well?

Chai-T-Rex 4y ago

I'm a bit lost on how the bitcoin supply isn't in the hands of the rich. Do they give out free mining equipment and electricity to the poor to equalize things?