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@el33th4xor | |||||
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One way to look at PoW is to view it as an extortion racket by miners where you have to pay an ever more centralizing set increasing amounts to not attack you.
bloomberg.com/news/articles/…
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ObservantOne
@ObservantOne13
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1. velj |
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But it still doesn't work. What is to stop a super wealthy entity, or group, from taking the majority of the hashrate and proving that PoW doesn't work?
PoW is inherently centralized, and it's only store of value is how it wastes electricity.
I can't wait for PoW to go away.
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Loïc Thierry
@LocThierry1
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1. velj |
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The thing is that I have never seen a good scientific argument suggesting that PoW works e.g. leads to decentralization. It seems to be assumed since the beginning. That's silly.
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Michel Rauchs
@mrauchs
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1. velj |
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How is that different from PoS, where you pay an ever more centralising set increasing amounts to not attack you, with the main difference being that these oligarchs have less selling pressure than miners to cover operational costs?
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Sir Qooba islamic anchorperson
@YaqubImmegret
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1. velj |
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My miner runs in Iceland and Atlanta (USA). But I pool with antpool.
According to this article my miners are in China.
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𝙂𝙊𝙅𝙄𝙍𝘼 ⋰·⋰
@G0JlRA
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1. velj |
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$NANO does it right. 😎
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The Happy Hodler - #Bitcoin $BTC
@mikewallace_oz
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1. velj |
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"an ever more centralizing set "
That can't possibly be true because we started with one miner, then two, and so on.
Also, 'pools' are collections of individuals.
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dremann
@dremannBTC
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1. velj |
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Misrepresent the power of mining pools and the incentives at play is the bread and butter of low-effort, bad faith PoW critique.
Check list:
✅Pools = Miners
✅51% = Certain, permanent destruction
✅X miners control Y percent of total hash power (!!)
✅Pie charts
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Bitcoin Theory
@TheoryBitcoin
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1. velj |
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Lol. See Moore's law. pic.twitter.com/DPgF5RAhtM
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Christian Nyumbayire
@Chritchen
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31. sij |
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Power laws are natural. It's all about picking the power law you want.
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Pruneyard-at-Law
@WallyStummy
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31. sij |
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Looks it's a great innovation. But no one should invest in #KittyHawkAirlines
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