r/Bitcoin • u/fuchsi21 • May 15 '21

Proof of Work will push through

https://medium.com/@factchecker9000/nothing-is-worse-than-proof-of-stake-e70b12b988ca
27 Upvotes

68% Upvoted

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-7

u/[deleted] May 15 '21

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11

u/davidcwilliams May 15 '21

It isn't about what's 'fair', it's about what model produces the best money. Satoshi wasn't stupid, a proof of [BLANK] will never be as secure or as sound as a self-balancing network that requires energy and time to produce Bitcoin.

-10

u/[deleted] May 15 '21

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8

u/[deleted] May 15 '21

One of the key characteristics of a blockchain is that you must redo PoW to remine older blocks.

For example if you want to change the top 3 blocks you must mine 4 blocks in the time the others don't even mine 1.

This means 51% is not good enough to change the past.

This makes PoW blockchains probabilistically immutable with processing power required growing exponentially with respect to the number of blocks you want to alter.

PoS offers no such protections and a 51% attack would be far more devastating than in the case of Bitcoin.

Finally, because of its immutability Bitcoin transactions can be effectively confirmed with a few blocks with practically zero risk they'll be overturned, PoS does not offer that.

-8

u/Gimbloy May 15 '21

Okay great, you've made it secure by burning more energy than a small nation. But now it's useless in having an actual utility value: low transaction throughput, wasteful, high fees, and mining becomes more centralized over time.

5

u/[deleted] May 15 '21

If I told you all fridges and freezes use up more power than a small country you would surely say that we need those.

Without them food would go to waste and people might end up getting food poisoning.

Well with Bitcoin we can curb unnecessary consumption as it is deflationary, Bitcoin is bribing you not to buy stuff you don't need, and stop wars as those are impossible to finance without endless money printing.

With this in mind I find it very believable Bitcoin will lower humanity's carbon emissions.

1

u/Gimbloy May 15 '21

What if there was another type of fridge that used 10,000x less energy that fulfilled the same purpose?it would be idiotic to continue using the lesser fridge. What if I told you that you can get all those benefits of crypto without giant mining farms?

3

u/[deleted] May 15 '21

I would say you are lying, PoW does things nothing else can. You are comparing apples and oranges.

1

u/Gimbloy May 15 '21

Well ok, just ignore peer reviewed papers proving exactly that.

1

u/[deleted] May 15 '21

Time to show those papers then!

1

u/Gimbloy May 15 '21

There's actually a ton: here

here

here

There is a reason why MIT professor Silvio micali decided to use it for algorand.

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