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Is anyone here actually BTC positive? (lemmy.ca)

submitted 1 month ago by [email protected] to c/[email protected]

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I have been using crypto since 2017, made plenty of dumb trades which caused me to lose out a lot. Currently my portfolio is about 80% BTC and while the new USA admin seems they may do more damage than good to the crypto space I'm still positive about Bitcoin.

This sub seems like a meme or anti-btc sub mostly. Anybody here who isn't that way?

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[–] [email protected] 1 points 11 hours ago (1 children)

Proof-of-Stake is not a great match for Bitcoin because it fails at being neutral, it's a plutocracy system and is not as resilient as PoW.

You know what other global industries consume more than small countries ? All of them, including banking. This is an unfaire comparison in my opinion. Also the energy consumption is not the most interesting factor, the source of the energy is more interesting in my opinion.

Here is a comment I just made under OP's post to list a few academic peer-reviewed paper about the positive environmental impact of Bitcoin's PoW for financing renewable energy production and cleaning methane from the atmosphere. I've also included some articles from mainstream media.

[–] [email protected] 1 points 5 hours ago (1 children)

Do you happen to have a source showing that Proof-of-Work (PoW) is more secure than Proof-of-Stake (PoS)? Most comparisons I've come across seems to show that PoS is more secure, especially when it comes to cryptoeconomic defense.

For example, PoS has built-in economic deterrents:

As an attacker accumulates, the price of the token tends to rise, making the attack increasingly costly.
Existing holders benefit from this price increase and can sell to the attacker, effectively extracting value from an attacker during an attempted takeover.

This is unique to PoS and doesn't exist in PoW, where the cost of an attack is external and doesn't get progressively more difficult to attack.

[–] [email protected] 1 points 3 hours ago (1 children)

I don't have a source, I've made those assumptions after countless conversation with various actors across the blockchain space both from PoW chains and PoS ones.

It's not much about security but more about permissionless, neutrality and resilience. PoS isn't insecure but it's less resilient and tend to have neutrality issue that we don't have seen yet on Bitcoin PoW for exemple.

There is different things here. First with PoS you don't have a link to the real world, atoms and stuff. You don't really have a physical cost to secure the network, you don't have external factors like you have on mining farms. The competition is completely different where you have to find the cheapest energy source and the most stable places to mine. In PoS validator gets richer and gets more influence, in PoW this isn't exactly the case due to physical reasons.

If for some reasons like a bug or a global disaster and that all the nodes went offline when the validator start to come back online they will have to communicate and choose what is the real chain. With PoW miners will simply mine the longest chain as it's the consensus. Bringing more resilience.

Also in PoS like on Ethereum an issue is centralization of the validator, on PoW this is more about concentration while not an ideal thing this isn't as bad as Lido and AWS centralisation.

[–] [email protected] 1 points 2 hours ago

I agree with a lot of your points, but I’d add that money is a limited economic resource tied to the real world, atoms and all that. Buying stake in a network carries a real, physical cost similar to buying mining equipment.

Also, I don’t think PoS’s more flexible recovery models are necessarily a bad thing. They actually provide adaptability in case of problems.

But if we look at resilience historically, PoW chains have been vulnerable to 51% attacks, like we’ve seen with Ethereum Classic and Bitcoin Gold. Where as with PoS, noone has even been able buy up 51% of a chain for an attack.