Immutable so long as no one party or group owns more than half of the coins on a given blockchain… then the ledger is whatever they say it is and it propagates down because they can manufacture their own “consensus”.
It’s not 51% of the coins, it’s 51% of the computing power on the network. Both of which are virtually impossible in the case of Bitcoin, though not entirely impossible. I just wouldn’t consider a 51% attack even remotely a threat to the network compared to something like government crackdown
I’m not an expert, but I never understood why people would prefer PoS over PoW. Indeed, the latter requires to “waste” larger amounts of energy, but doesn’t PoS favor rich groups of people colluding against the blockchain timeline?
sigh
Once again:
Blockchain is not synonymous with cryptomining
Blockchain does not require proof of work
Cryptocurrency and NFT grifting does not devalue blockchain as an immutable distributed ledger
I swear to god people just copy paste whatever makes them feel good without any effort at understanding
True… But Satoshi did invent Bitcoin, which is proof of work, and is everything in OP
Immutable so long as no one party or group owns more than half of the coins on a given blockchain… then the ledger is whatever they say it is and it propagates down because they can manufacture their own “consensus”.
https://www.investopedia.com/terms/1/51-attack.asp
and most use cases around things like “smart contracts” end up still requiring a trusted third party at some point
https://pluralistic.net/2022/01/30/the-inevitability-of-trusted-third-parties/
It’s not 51% of the coins, it’s 51% of the computing power on the network. Both of which are virtually impossible in the case of Bitcoin, though not entirely impossible. I just wouldn’t consider a 51% attack even remotely a threat to the network compared to something like government crackdown
That’s PoW. With PoS, it is coin ownership.
Which is much more distributed than computing power.
I’m not an expert, but I never understood why people would prefer PoS over PoW. Indeed, the latter requires to “waste” larger amounts of energy, but doesn’t PoS favor rich groups of people colluding against the blockchain timeline?