Yes, always worry! I'm worried that there's enough fiat to buy all of the bitcoin 10 times over... The reason bad money drives the good money out is because bad money is attached to "bad" people (ie, lazy, undisciplined, grifted, etc), so the good people have to go into hiding... Like Yoda on Dagobah or Luke in the Rebellion. Also, someone has got to go back to the Jedi Temple and deactivate the Sith Signal...
Discussion
Bitcoin is not susceptible to a staking attack, but any PoS blockchain is and Ethereum with its $330B means any government or fund with $165B can hijack it.
Current market cap of Bitcoin is $1.25T, current global wealth is $454B. This is a good thing as there is too much money chasing too little supply, hence NGU.
Governments cannot buy enough compute or energy to launch as 51% attack on Bitcoin, but 2 mining pools combining are there already.
Luckily pools are made up of thousands of individuals or companies who collaborate to share rewards.
For me Bitmains dominance in the mining hardware business gives them huge power, but people like nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m are gearing up to provide viable alternatives. What we need is hundreds of Jacks with hundreds of different competitive mining hardware.
I might look to re-enter the semiconductor business to help mitigate this issue soon.
Whatever happened to the bitcoin mining water heater? Plenty of 240v power, heat as a by-product, dependable warranty/replacement schedule to complement network upgrades and rollout hardware MVP... Even if the low grade mining waste heat isn't hot enough to directly overcome the phase transition of water, surely it can be coupled with those newer air-source heat pump water heaters? Combine it with a dedicated home ISP service that could run as a loss leader to gain market adoption. I really want to see freespace optics ISP be a thing... Imagine not having to run fiber everywhere...
They were based on old S9 miners. There’s a whole bunch of S19 miners being retired right now that will become heaters in the near future.