Will Proof Off Stake Be The Next Attack On Bitcoin?
To me POS seems like where Blockstream and Core are really headed with their road map. They have been pushing the miners are evil narrative for quite some time now. Some have even proposed changing the mining algorithm to try to get rid of the current miners. Of course they can't really do that. If they did all the hash power would go to bitcoin cash. The new algorithm would also be susceptible to attack from botnets. So how could they pull off a change to POS without the existing chain retaining hash power and economic majority? Well the answer is simple: Liquid.
So how does Liquid make a POS coin viable? Well with Liquid a majority (estimates I have seen show 55-60%) of BTC will be locked up in Blockstreams Liquid. If a change to POS is forced in by core developers and a hard fork happens to POS what keeps the POW chain from continuing? Control over the exchanges. With Liquid being used as the new backbone of those exchanges Blockstream and their little cartel could simply block all transactions on the POW chain. With few exchanges left to buy and sell BTC on the POW fork it would loose value to the POS one. Miners would be forced to switch or quit mining. Blocks would take more time, more congestion would ensue thanks to the artificial 1 meg cap. It wouldn't take much time for it to become unusable. The POS chain would be the longest chain even if it's not considered the valid chain by a majority.
Now you have a POS bitcoin and who has the most steak? The company that has that 55-60% of BTC locked up in Liquid: Blockstream. They would have achieved full control over the network. Maybe this has been their plan all along. Centralized control by banks. Banking 2.0 comes to fruition with AXA/Blockstream as the new Fed. Think it's crazy? We though a federated bitcoin sidechain would never happen too.
Get ready for the miners are evil rhetoric to pick up as Liquid use does.
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