Bill Gates Says that Bitcoin is bad For the Planet

Re:Bill Gates Says that Bitcoin is bad For the Planet by yunvme on Monday March 08, 2021 @02:04PM (#26390039)

This isn't true. You don't understand Bitcoin. Proof of work is the only way to secure a decentralized system like Bitcoin's. Proof of stake requires trust in a group of validators. An oligopoly of sorts. A proof of stake system is unfit for a decentralized store of value. Alternatives to Bitcoin enriched a central group of people. Bitcoin's distribution was "fair". There is no replicating it.

Picture bitcoin in its final state, where central banks trade in and out of Bitcoin to weaken or strengthen their respective currencies. Bitcoin is the only solution, and other cryptocurrency is fit for the task.

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Re:Bill Gates Says that Bitcoin is bad For the Planet by GordonS on Monday March 08, 2021 @02:08PM (#26390091)

Surely proof of work also requires trust in a group of miners, trusting that 51% of them don't collude?

As mining complexity grows, surely this problem is only exasperated, since you need a bigger investment to be able to mine effectively, which would presumably result in an even smaller group of more powerful miners?

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Re:Bill Gates Says that Bitcoin is bad For the Planet by qertoip on Monday March 08, 2021 @03:15PM (#26390900)

So far Bitcoin mining is getting increasingly decentralized in practice - from China to Iran to US to Venezuela.

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