Author: Eric Voskuil 2019-07-19 05:10:30
Published on: 2019-07-19T05:10:30+00:00
The discussion revolves around the vulnerability of Proof-of-Work (PoW) to a 51% attack, which can be orchestrated by a group or entity controlling a significant portion of mining power. The conversation considers the possibility of hacking into mining pools and the economic incentives that drive mining activity. The importance of fee-based confirmation in PoW is stressed, as it is the only way to overpower censorship. The proposal to shift to proof-of-stake (PoS) is analyzed and found wanting, as it does not offer any defense against the primary threat to permissionless money. The possibility of double spending attacks and the advantages and disadvantages of both PoW and PoS are discussed. Lastly, the issue of energy waste in PoW is considered.
Updated on: 2023-06-13T20:02:35.024528+00:00