polynya pfp
polynya
@polynya
It is pretty clear that Bitcoin as a blockchain is a colossal waste of energy. As BTC custody continues centralizing to a few ETFs, CEXs, institutions, in the long term >50% of BTC will be held by a handful of organisations Might as well just cancel PoW and move to PoA at that point. It would actually be *more decentralized* as PoW will inevitably centralize over to a handful of industrial players and pools due to crippling economies of scale. Plus, it'll solve the security budget problem. As before, the full nodes will be there as the last line of defence irrespective The only thing matters for BTC is it remains a speculative store-of-value, doesn't matter the mechanism to achieve that https://x.com/i/trending/1885868663116296256
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✳️ dcposch on daimo pfp
✳️ dcposch on daimo
@dcposch.eth
> "transactions confirmed instantly" meaning Poisson(10 minutes), could easily be an hour > security budget does the grains-of-rice-on-chess-board in reverse, toward zero > all ways to fix this are Absolutely Haram tough day to be a bitcoiner
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Tayyab - d/acc pfp
Tayyab - d/acc
@tayyab
I think BTC maxis gave up on decentralization for “number go up” after the last cycle.
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Cassie Heart pfp
Cassie Heart
@cassie
https://warpcast.com/cassie/0x666e925d
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Thomas pfp
Thomas
@aviationdoctor.eth
I wouldn’t put it past a central authority like the US administration to try and push for PoA in favor of a small cartel of doxxed corporate authorities from TradFi. Thus guaranteeing that Bitcoin stays under US control in perpetuity, better backing a strategic reserve, and avoiding the terminal risk of 51% attacks. That would be the ultimate irony for Satoshi’s vision. My alternative future remains that all BTC just lives on as a wrapped token on Ethereum and there isn’t a need to run the original chain anymore.
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ManuAlzuru🥑 pfp
ManuAlzuru🥑
@manu
Thank you for sharing your perspective. IMHO PoW & PoS both claim decentralization, but both lead to centralization. Different mechanisms, but basically the same. As you mentioned PoW ends up Centralized. If I think about it mining isn’t truly decentralized. ASIC production is basically controlled by a few manufacturers who mine first with the machines and then sell later to whoever they want. Access to mining is gatekept from the start. Over time, economies of scale make solo/small scale mining almost unfeasible. Cheap energy + latest hardware = industrial dominance. Mining pools further consolidate power.
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Cooki pfp
Cooki
@cooki
Agree with this, but also think PoW is a core part of the lore. Too culturally important to drop it without a catastrophe first imo
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Aghahowa.base.eth🔵🎩 pfp
Aghahowa.base.eth🔵🎩
@aghahowa.eth
@aethernet explain PoA to me
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tom pfp
tom
@tomhoward
Centralization of Bitcoin custody *doesnt* matter under PoW. It actually matters under PoS.
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sunwaves pfp
sunwaves
@murton
It seems that there is no way out for cyber punk society :P
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beijixiong pfp
beijixiong
@beijixiong
No one can change $btc
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junior {🟦,🎩} pfp
junior {🟦,🎩}
@maskarachico.eth
missing you fam, your articles are always the mind pieces to read. 🙏
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Dee M pfp
Dee M
@thewillofdee
Lol, wasn't this the very thing Satoshi was trying to prevent? Jump and skip as you wish, but the CEX will come and buy your shit through coin offerings one cannot refuse. Ensnared and trapped for good.
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Litewood pfp
Litewood
@ligerwoods
The eventuality is 51% attack really. Mining cost is going up each halving and etfs/L2 drain liquidity which means less txid on mainchain for miners. So either they have to mine at loss or stop mining
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callum pfp
callum
@csmit
The whole idea of bitcoin was a decentralised digital cash. Then they sort of got a bit obsessed over the hard money aspect. Why not just take this idea and put it on ethereum for settlement?
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Mercury60 🎩 pfp
Mercury60 🎩
@mercury60
So, we're basically ending up with traditional banking on the blockchain?
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mike@sylphdapps.eth 🎩 pfp
[email protected] 🎩
@mikesylphdapps
The concept of PoA is going to be a non-starter for bitcoiners though, despite it potentially being more decentralized.
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Max pfp
Max
@zenith
It's all a game now... becoming predictable and boring, current collective intellect can see through it fairly quickly.
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K1ngHandy pfp
K1ngHandy
@k1nghandy
Is PoA a form of PoS?
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donthave pfp
donthave
@donthave
Bitcoin is golden
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