7/ @VitalikButerin claimed that in PoW “cost of attack and cost of defense are at a 1:1 ratio”, which I agree with. What I don’t agree with is the claim that PoS can do better.
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18/ Ledger immutability that relies on relative security will always be weaker than one that relies on absolute security.
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19/ EDIT (13): it is only *secure* from the point of view of the owner of the private key
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> It doesn't matter which frame of reference you come from, the cost of attack is the same. False. For example, if you have more than 23.21% hashpower, then selfish mining attacks are *profitable*. Successful 51% attacks are also *profitable*.
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The fact that a miner can gain a compounding advantage is *orthogonal* to the issue of reverting the ledger. # of hash ops required to revert still must be equal to # of hash ops used to mine. THAT is absolute & an objective function that doesn’t change *regardless of PoV*.
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As for how to defeat centralization issue, that requires another source of energy. But again, the issues are orthogonal.https://twitter.com/hugohanoi/status/952418125508575233 …
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Why can't an attack blackmail/torture PoW miners?
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they still need to mine the blocks, which costs energy.
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Yes, and as a blackmailer I can simply force someone else to pay. Maybe I'm missing your point?
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the cost of blackmailing must include the cost of mining a block (i.e., I can't bribe a miner with 1 dollar if it costs them 2 dollars to mine a block)
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I didn't say bribe. Sorry for the confusion, I meant coerce.
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point is still the same (i.e, I can't confiscate a dollar from your bank account to coerce you if it costs two dollars to mine a block, or I can't coerce you by breaking your arms if it costs 5000 dollars for the hospital bills and 10,000 dollars to mine a block)
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Somehow my simple comment went into the weeds. If I coerce a profitable miner, I only need to bring threats and violence, this applies equally to PoW and PoS.
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PoW security is not absolute*. It assumes that the sha256 hash algorithm will not be compromised. And I find your argument the argument about conservation of energy weak. It's possible to improve energy effeciency without a performance penalty. Steam engine to ICE to electric car
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