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•3 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•3 years ago

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