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Since the emergence of DeFi - I have no longer been actively involved in mining
The lack of physical work in yield farming is much easier & there are so many opportunities available
So here is a quick thread on the 7 main reasons that I prefer PoS > PoW
aka -> $ETH vs $BTC https://twitter.com/gatheringgwei/status/1212717734317846528">https://twitter.com/gathering...
The lack of physical work in yield farming is much easier & there are so many opportunities available
So here is a quick thread on the 7 main reasons that I prefer PoS > PoW
aka -> $ETH vs $BTC https://twitter.com/gatheringgwei/status/1212717734317846528">https://twitter.com/gathering...
1 - The virtual nature of PoS is more secure as the location of validators is far easier to hide & does not require any physical resources beyond a computer
If nation states worked together they could track down mining facilities and shut them down or take over the hash power
If nation states worked together they could track down mining facilities and shut them down or take over the hash power
2 - PoS has higher penalties for malicious validators - as their balance can be slashed - vs miners who can& #39;t be penalised directly & can shift their hash power to other blockchains after an attack is complete
3 - In the worst case of an attack by a majority holder in PoS - the network could fork the chain to remove the attackers balance
Bitcoin mining has the distribution to make this situation unlikey - but nothing is impossible & it would be catastrophic if an attack was maintained
Bitcoin mining has the distribution to make this situation unlikey - but nothing is impossible & it would be catastrophic if an attack was maintained
4 - While some say that in PoS the rich get richer - the economies of scale are basically flat compared to PoW - where larger miners benefit from increasing the scale of their facilities & it can be unprofitable for smaller actors to get involved
5 - Those staking the token are the ones receiving the inflationary rewards - compared to PoW where external actors are paid to secure the network at the expense of diluting those holding the coin
With Staking-as-a-Service - even those with less that 32 ETH will be able to stake
With Staking-as-a-Service - even those with less that 32 ETH will be able to stake
6 - Ecofriendly - given the culture among the younger generation, if Ethereum can offer a service that does what Bitcoin can & more - without the large amount of power consumption - I think we will be seeing Vicenews articles on why we should all be using Ethereum
7 - 21 million supply cap
While not the same in all PoW coins - this thread is mostly covering $BTC vs $ETH
Issuance + fees is what pays for security
No issuance means you rely on fees
I prefer ETH w/ minimal viable issuance & burning of fees via EIP1559 to offset inflation https://twitter.com/vitalikbuterin/status/1291907664914427904">https://twitter.com/vitalikbu...
While not the same in all PoW coins - this thread is mostly covering $BTC vs $ETH
Issuance + fees is what pays for security
No issuance means you rely on fees
I prefer ETH w/ minimal viable issuance & burning of fees via EIP1559 to offset inflation https://twitter.com/vitalikbuterin/status/1291907664914427904">https://twitter.com/vitalikbu...
