TD₿: Unpacking Bitcoin's Assurances by Nic Carter
TL;DR Only Bitcoin can provide seizure-resistant, censorship-resistant, and incorruptible digitally scarce money.
Hey Bitcoiners,
Last Thursday, a hearing was held titled “Cleaning Up Cryptocurrency: The Energy impacts of Blockchains” in front of the Committee of Energy and Commerce.
Some of the witnesses made great points on all the benefits that Bitcoin’s Proof of Work can bring to the energy industry and why Bitcoin’s energy use is vital to its security and functioning.
Other witnesses used their time to slander Bitcoin and attack Proof of Work. One witness, in particular, said that Proof of Work and Proof of Stake offered the same security assurances, and Proof of Stake accomplishes this without the energy “waste”.
This is patently false given all of the attacks we’ve seen with Proof of Stake blockchains, as well as how easily these blockchains can be taken control over by a group of wealthy stakeholders.
The truth is no other “crypto” comes even close to the assurances that Bitcoin offers its users.
Nic Carter unpacks all of the assurances and system guarantees Bitcoin provides in this thought-provoking piece (01/13/2019).
Only Bitcoin can provide seizure-resistant, censorship-resistant, and scarce digital money that cannot be corrupted.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Satoshi gave birth to a wonderful new form of money – it is our job to raise it and let it grow to its full potential.” - Dennis Reimann, Freelance Software Developer working on BTCPay Server
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