Viewing profile — iownzerobtc

Have you seen Art Basel lately? It is a IRL crypto party.

I haven’t looked through the entire thread but the challenge of recovering from a PoW 51% attack is that the attacker still holds ASIC mining power and can re-attack each new fork.…

All blockchains require social coordination. How do you think Bitcoin operates? A protocol is developed and some facet of society decides to build a client to support that. Somebod…

Depending on the type of attack, this defence is either part of the protocol, or can be coordinated by users in the network. Further reading here: https://vitalik.ca/general/2020/1…

Details: https://vitalik.ca/general/2020/11/06/pos2020.html

USDC and DAI are both collateralized and doing fine at the moment and can operate as a decentralized currency and payment rail. It is never 100% risk free, though. The best way to …

It is a scam, you send tokens and they send you nothing back in return.

Similar to how PoW distributes rewards: those with the capital to purchase mining power will reap benefits. This model unfortunately also exists in stock markets and most aspects o…

Thanks for the link. The paper mostly only addresses one issue I that mentioned: attempting to distinguish intermediaries from individuals. It does not make any conclusions about h…

Those arguments can also be made for PoS.

Gini coefficient is often used in traditional markets: https://vitalik.ca/general/2021/07/29/gini.html

If you have significant fiat capital you can easily purchase mining power in PoW. Similar with purchasing validator power in PoS. The two are equal in that regard. Where they diffe…

There is no doubt crypto includes wealth inequality as the network exists within our capitalist society. If 10% of the world population were to purchase crypto today, it would mirr…

In PoW you can purchase miners. In PoS you can purchase validators. But PoS is easier than PoW to defend against a 51% attack as the offending validator set can be targeted.

Several issues with using this metric to measure wealth inequality for crypto currencies, especially those with smart contracts like Ethereum. - A single address might be a contrac…