Viewing a single comment thread. View all comments

boife1 t1_izbj9v9 wrote

Reply to comment by igby1 in Ethereum’s energy switch saves as much electricity as entire Ireland uses | The success of The Merge concept may now serve as a roadmap to enable a switch from Proof of Work to Proof of Stake in Bitcoin. by chrisdh79

Bitcoin is limited supply if it goes POS then someone or a group can buy 51% and control every aspect of it. With pow anyone can setup miners so it cannot be monopolized the same way. BTC should never and will never go proof of stake.

3

mr_doppertunity t1_izbrpkl wrote

Given how much effort and energy does it take to mine Bitcoin nowadays, mining is pretty much centralized. No, not “anyone” can setup Bitcoin miners.

1

boife1 t1_izddgng wrote

Enough people can setup individual miners with the same objective or setup a DAO to mine. But still once you got 51% of ether it’s game over not the case with btc pow.

2

mr_doppertunity t1_izejw0d wrote

If a single person setups a CPU miner, they have a negligible chance to mine a block. A single GPU slightly increases the chance. An ASIC - even more. But anyway the chance is so small you won’t even cover electricity bill. Because the complexity of “work” that needs to be done is insane.

So you’re proposing for individuals to organize a pool, I wonder why no one did that to try to compete with people that occupy abandoned mines with ASICs.

1

ItsAConspiracy t1_izc8oz2 wrote

And if a big bitcoin miner manages a 51% attack, they can just keep doing doublespends until someone else manages to set up more mining machines. If a 51% Ethereum staker does a doublespend, they immediately lose all their stake.

0

Anposter t1_izbrs5m wrote

So you just ignore that the same problem was always in BTC widely known as 51% Attack.

1