Render Boy Thu, 29 Sep 2022 02:01:00 +0000 en-US hourly 1 Render Boy 32 32 Proof Of Stake Security Budget Flaw – Bitcoin Magazine Thu, 29 Sep 2022 02:01:00 +0000

This is an opinion piece by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before moving to the Finance Corps.

Ethereum founder Vitalik Buterin recently expressed concerns about Bitcoin’s long-term security, citing relative security budgets based on network fee structures.

These concerns are unfounded and structured on a false comparison between the two systems. Here’s why:

First, Ethereum’s proof-of-stake hardware and monetary requirements encourage centralization of staking in service providers like large exchanges. Outsourcing poses a multitude of risks, including the co-option of the network at the stroke of a pen by the jurisdictional government in which these entities exist.