RumblestiltskinM to Cryptocurrency · 4 years agoUS Intelligence Chief Raises Concerns With SEC Over China's Crypto Dominance: Reportwww.coindesk.comexternal-linkmessage-square2fedilinkarrow-up12arrow-down10
arrow-up12arrow-down1external-linkUS Intelligence Chief Raises Concerns With SEC Over China's Crypto Dominance: Reportwww.coindesk.comRumblestiltskinM to Cryptocurrency · 4 years agomessage-square2fedilink
minus-squarezamicollinkfedilinkarrow-up1·4 years agoPoW 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/
minus-squareRumblestiltskinOPMlinkfedilinkarrow-up1·4 years agoI doubt the US governments cares if it’s decentralised or not. They just care if they can have control.
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/
I doubt the US governments cares if it’s decentralised or not. They just care if they can have control.