US Intelligence Chief Raises Concerns With SEC Over China's Crypto Dominance: Report - CoinDesk
www.coindesk.com
U.S. spy chief John Ratcliffe wrote to the SEC over fears China's dominance in digital currencies could put the U.S. at a disadvantage.
  • zamicol
    1·
    4 years ago

    PoW requires an enormous amount of electricity and specialized hardware.

    It is not very decentralized, and PoW is an easy target for nation states to attack. 70% of Bitcoin mining takes place in China. China is in control.

    When Bitcoin was small and you could run a miner in a closet, PoW was fine. Now it needs as many power plants as the country of Chile.

    There is no way PoW is sustainable and won’t be a target of nation states.

    https://digiconomist.net/bitcoin-energy-consumption/

    • RumblestiltskinOPM
      1·
      4 years ago

      I doubt the US governments cares if it’s decentralised or not. They just care if they can have control.