3/ PoS proponents claim they can achieve the same immutability property, while doing away with this “wasteful” mining and as a result, operate at a fraction of the cost.
You’re missing the point. New medicines are better because there are some exploitable inefficiencies. Whereas every hash in PoW goes to secure the ledger. One hash mined == one hash harder to revert.
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You can improve the hardware that performs the hashing function itself. But there’s no getting around the fact that to rewrite history you have to spend an equivalent amount of hash operations. 100% efficiency.
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1/ You're stating an assumption as though it's fact. Try this thought experiment: would it be possible to devise a PoW cryptocurrency that is *less* efficient than Bitcoin? Consider how the energy -> security dynamic changes based on miner centralization,
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It's not an assumption, it's math.https://twitter.com/hugohanoi/status/952289179387310080 …
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Over a large distribution, the amount of hash power required to rewrite X blocks is *exactly the same as what was required to mine those X blocks in the first place*. That's a fact and what I meant by PoW having 100% efficiency in terms of protecting the ledger against rewrite.
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No one disputed that. You're fixating on one tiny part of the security system. A key question is based on the structure, does the system naturally gravitate towards one in which there's a monopoly or oligopoly on hash power, and what incentives does that create?
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That's a completely orthogonal issue. Whether a PoW ledger was written by a single powerful miner, or by a diverse group of miners: that still does *not* negate the fact that to attack that ledger you need to spend an equivalent amount of hash power that was expensed.
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Now that doesn't mean that mining centralization is not an issue, and the nature of the PoW hashing algo *might* have some impact on the degree of centralization. But what doesn't have centralization tendencies?
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If you know some alternatives to PoW mining that doesn't gravitate towards centralization, I'm all ears.
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Simple debunk of your statement: consider what happens to the energy -> security dynamic if Bitcoin block size is 100 kb vs 100 MB.
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