Thanks Jimmy! TL;DR: In this article I discuss the need to set a high bar when it comes to blockchain protocol development - since what can go wrong will go wrong. How Proof-of-Stake lowers this bar & breaks down under worst-case scenarios.https://twitter.com/jimmysong/status/979139289098305536 …
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People who criticize PoW fall into 2 camps: 1/ people who don’t understand how PoW powers the key innovation behind Bitcoin 2/ people who understand the importance of immutability but vastly underestimate how difficult it is to emulate immutability.
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A ledger can only be immutable *if and only if* it is costly to produce, there’s no two ways about it.
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