hash rate != security
In S14 E10 of the Bitcoin Takeover podcast, Paul Sztorc argues that mining pools are an important part of Bitcoin’s security, as they provide frequent rewards to participants that would otherwise struggle to find a block.
Therefore, the overall hash rate increases.
What do you think? 🤔
#bitcoin #mining #bitcoinmining #bitcoinminingpool #miningpool #miningrewards #miningbitcoin #miningbtc #bitcoinpodcast #bitcointakeover #btctkvr #bitcointakeoverpodcast https://video.nostr.build/f6dc8d24118d495e7e25d62ecd756345de6ac399391906691fd81b643c238830.mp4
Discussion
I haven't really sat down and done the calculations. But my feeling is that our current hash rate is many times what's needed.
Due to the exploitation and perverted incentives of artificially manipulated #transaction #fees.
It looks like they're just sucking value from the system like the cantillionaire class does with money printing. Without earning any of it.
Users and owners of Bitcoin are essentially being illegitimately taxed. Buying a illegitimate Bitcoin government (mining). #JustSaying..🗡️🦖⚖️👮♂️
"By an illegitimate Bitcoin government" Autocorrect, hate it..😏