Author: Zheming Lin 2017-07-22 03:58:21
Published on: 2017-07-22T03:58:21+00:00
The writer believes that switching to a Proof of Stake system would not be beneficial for the Bitcoin economy. They argue that in such a system, those with more voting power would protect their investment, limiting competition and creating an entering barrier. The writer notes that although miners may grow larger and become industrialized, there is still plenty of competition, which is crucial to the security model of the Bitcoin system. When discussing security within the Bitcoin system, the writer notes that it refers to the probability that a transaction will revert or change. While it cannot be 100% guaranteed, 6 or more confirmations are generally considered safe and secure. Finally, the writer argues that a hard fork is not dangerous, and those affected can simply wait for the chain with the most hashrate to win, which provides a high enough probability that the longest chain cannot be reverted.
Updated on: 2023-05-20T03:04:03.444255+00:00