News for hackers. Stuff that matters.

A comment on Bill Gates Says that Bitcoin is bad For the Planet. Parent comment

Re:Bill Gates Says that Bitcoin is bad For the Planet by jayd16 on Monday March 08, 2021 @11:56AM (#26388009)
Yes, with POS aren't we just back to a (now programatically enforced!) cabal of bankers that control the money system?
[ Parent | on HN ]
Re:Bill Gates Says that Bitcoin is bad For the Planet by capableweb on Monday March 08, 2021 @03:16PM (#26390916)
Nope, it's still distributed consensus rather than centralized. If one banker stops being nice, he'll loose all his funds. The current system either ignores people not-being-nice or ejects them, but they'll never lose what they made.

Compared to PoS where the biggest incentive is to be nice.

[ Parent | on HN ]
Re:Bill Gates Says that Bitcoin is bad For the Planet by jayd16 on Monday March 08, 2021 @05:29PM (#26392525)
The fear is that there will be a powerful in-group that has majority control, not just a single bad actor.
[ Parent | on HN ]
Re:Bill Gates Says that Bitcoin is bad For the Planet by runarberg on Monday March 08, 2021 @05:50PM (#26392734)
Correct me if I’m wrong, but isn’t that a problem shared with PoW?
[ Parent | on HN ]
Re:Bill Gates Says that Bitcoin is bad For the Planet by jayd16 on Monday March 08, 2021 @07:15PM (#26393512)
I would argue that POW tends towards specialization of the hardware, congregating power in few hands, so yes. Yes it is.
[ Parent | on HN ]