Bitcoin

Today, a majority of BTC is traded and custodied on CEXs. With the advent of ETFs, in the long term BTC will effectively be controlled by a few regulated CEXs. Might as well cancel PoW and go PoA - it'll actually be more decentralized than 2 mining pools & a handful of profit-maxi centralized mining corporations.

wouldn’t we be back at square one, except with BTC as the currency in use?

i know that i know nothing. thinking out loud in /quezt while listening to /hiphop.

we're kind of getting to that point. I suspect if satoshi were still around, they would agree that pow needs a revamp

BDFL of Quilibrium, Eng @ Farcaster, ex-Coinbase, always opinionated, never hydrated

/quilibrium

PoW was an attempt at using game theory to distribute security broadly by making many nodes pick the cooperative strategy to avoid the gambler's ruin problem. Mining pools changed the equation by consolidating into a handful of major players. Revamping would be finding an alternative to nakamoto style consensus.

i’m stupid, so pardon me if my question is silly but when you say a revamp, do you mean refactoring or like, a rekindling of people’s commitment to it?

Unfortunately, too late.
This is a solution for Blockchain 3.0:

Unfortunately, too late.
This is a solution for Blockchain 3.0:
https://medium.com/@derekzhou/what-is-proof-of-value-8c0a356361e8