PoW is not what makes Bitcoin secure

[FreeStreamer]

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack. I encourage to look into Monero. Monero is basically everything Bitcoin promised to be.

[JeromeTash]

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack.

So what's you point here 
If the Bitcoin network is large, shouldn't that be good news? 
What's the point of decentralization then?
I don't see any point you are trying to make here except shill a less popular Monero. If you wanna discuss Monero, head over to the altcoins discussion board.

Monero is basically everything Bitcoin promised to be.

What did bitcoin promise to be?

[Jating]

All I can say is this... 

[FreeStreamer]

All I can say is this... 

All you can say? You must be very smart. I admit I am trying to arouse discussion. Is that what trolling is?

[FreeStreamer]

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack.

So what's you point here 
If the Bitcoin network is large, shouldn't that be good news? 
What's the point of decentralization then?
I don't see any point you are trying to make here except shill a less popular Monero. If you wanna discuss Monero, head over to the altcoins discussion board.

Monero is basically everything Bitcoin promised to be.

What did bitcoin promise to be?

Bitcoin promised to be a decentralized Peer-to-Peer digital cash and a privacy coin

[Wind_FURY]

All I can say is this... 

Feed them more than they can eat in my opinion. It's our opportunity to start a debate, and let the newbies/plebs like us to know the debates/thoughts/insights from ALL sides.

OP, full nodes secure Bitcoin.

[pooya87]

security of a cryptocurrency like bitcoin is not defined by only one tiny factor such as the mining algorithm, and 51% attack is only one of many attacks that can take place against a cryptocurrency. it is the result of many different factors that come together and make the final product secure or insecure. some factors off the top of my head are the hash algorithm used, the asymmetric cryptography used, script language and OP codes, and the implementation of all these, number of full nodes and their distribution, number of miners and their distribution,...

[Maus0728]

Bitcoin promised to be a decentralized Peer-to-Peer digital cash and a privacy coin

Hmm..I can't remember bitcoin promised that he is a "privacy coin". bitcoin is still in its infancy where the optimum privacy can't still be achieved because of its existing structure where the 3 main cryptographic technique that monero is using such as "stealth address", "ring transaction" and "ring signature" is not fit for bitcoin.

The only thing that bitcoin could achieve at least an increase of privacy is the implementation of schnorr and taproot signature, educating ourselves on how to achieve optimum privacy using different wallet and as much as possible, avoiding KYC.

[FreeStreamer]

Bitcoin promised to be a decentralized Peer-to-Peer digital cash and a privacy coin

Hmm..I can't remember bitcoin promised that he is a "privacy coin". bitcoin is still in its infancy where the optimum privacy can't still be achieved because of its existing structure where the 3 main cryptographic technique that monero is using such as "stealth address", "ring transaction" and "ring signature" is not fit for bitcoin.

The only thing that bitcoin could achieve at least an increase of privacy is the implementation of schnorr and taproot signature, educating ourselves on how to achieve optimum privacy using different wallet and as much as possible, avoiding KYC.

Well Bitcoin is a privacy coin, but people don't perceive it as such because it's not private. Yeah they rigged all the exchanges with KYC and this basically compromises the privacy of the entire community.

[davis196]

OP has several posts on the forum basically writing the same thing:
"Bitcoin has flaws,Monero is perfect.Dump Bitcoin,buy Monero."
OP,you don't have to hide your agenda behind reasons and logic.It's pretty obvious that you are FUDing against Bitcoin and promoting Monero all the time.It's alright to have an opinion,but trying to convince people that your opinion is the the one and only unquestionable truth is a completely different thing.
If Monero was so perfect,then why the Monero price isn't 9K USD?I can tell you why.Because many crypto exchanges removed Monero because it's a privacy coin and the crypto exchanges might have problems with the authorities.
I won't discuss the topic about PoW,because it was already discussed 100 times before.

[NeuroticFish]

What makes Bitcoin practically resilient to the 51% attack is its size.

And what is, in your logic, the size of a Bitcoin, I wonder?
Monero is a good coin and has a smart team. Mindless shilling is not on their agenda. What you do is not helping Monero, instead it's bad advertising.
Read more and please stop this kind of posting.

[FreeStreamer]

Bitcoin should be least secure cryptocurrency since another cryptocurrency have far bigger block size limit


Image source : https://twitter.com/ryanthalion_/status/744601806114742272

Monero has a dynamic blocksize. This eliminates the need for miners to merge into a centralized mining union.

[FreeStreamer]

What makes Bitcoin practically resilient to the 51% attack is its size.

And what is, in your logic, the size of a Bitcoin, I wonder?
Monero is a good coin and has a smart team. Mindless shilling is not on their agenda. What you do is not helping Monero, instead it's bad advertising.
Read more and please stop this kind of posting.

Right. It's a fact. An other fact is that Monero does not need you. In 51% attack the attacker hijacks 51% of the hashrate and gains control of the network this way. So to hijack 51% of the hashrate you need the hardware and electricity to produce 51% of the hashrate

[FreeStreamer]

OP has several posts on the forum basically writing the same thing:
"Bitcoin has flaws,Monero is perfect.Dump Bitcoin,buy Monero."
OP,you don't have to hide your agenda behind reasons and logic.It's pretty obvious that you are FUDing against Bitcoin and promoting Monero all the time.It's alright to have an opinion,but trying to convince people that your opinion is the the one and only unquestionable truth is a completely different thing.
If Monero was so perfect,then why the Monero price isn't 9K USD?I can tell you why.Because many crypto exchanges removed Monero because it's a privacy coin and the crypto exchanges might have problems with the authorities.
I won't discuss the topic about PoW,because it was already discussed 100 times before.

My agenda is not FUD. My agenda is reason and education. I think rarely or almost never a first attempt to do something is the best. In innovation the first attempt is called a prototype.

[BrewMaster]

Well Bitcoin is a privacy coin, but people don't perceive it as such because it's not private. Yeah they rigged all the exchanges with KYC and this basically compromises the privacy of the entire community.

bitcoin offers privacy and that means you don't have to sign up with anyone or anywhere or give up your identity or fill out KYC to use it. it is free of all that.
now if you choose to go to some centralized place and they ask you for your KYC to use their services you can't blame that on bitcoin!

and you seem to be here to talk about monero despite what your title says. well since you mention it you also give KYC while you sign up on exchanges to trade monero

[FreeStreamer]

Well Bitcoin is a privacy coin, but people don't perceive it as such because it's not private. Yeah they rigged all the exchanges with KYC and this basically compromises the privacy of the entire community.

bitcoin offers privacy and that means you don't have to sign up with anyone or anywhere or give up your identity or fill out KYC to use it. it is free of all that.
now if you choose to go to some centralized place and they ask you for your KYC to use their services you can't blame that on bitcoin!

and you seem to be here to talk about monero despite what your title says. well since you mention it you also give KYC while you sign up on exchanges to trade monero

Not on Local Monero. See you got to know how to work this space if you want to remain anonymous. You can enter crypto with Monero here. https://localmonero.co/

[aundroid]

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack. I encourage to look into Monero. Monero is basically everything Bitcoin promised to be.

You might also want to look at sites like https://www.crypto51.app/ or https://www.exaking.com/51 to have a look at the theoretical costs of a 51% attack.
Bitcoin: between $400,000 and $550,000 an hour. (no idea which side delivers the more exact value)
Monero: $21,000 per hour

[sakurro]

I had many comments saying that the Proof-of-Work algorithm is what makes Bitcoin secure and resist the 51% attack. This is not true. What makes Bitcoin practically resilient to the 51% attack is its size. Because of Bitcoins size it's extremely expensive to perform this attack and therefore nobody will likely do it. But also because of Bitcoins size and because it doesn't really scale, it's very slow. Also Proof-of-Work algorithm is still very susceptible to the 51% attack. I encourage to look into Monero. Monero is basically everything Bitcoin promised to be.

Bitcoin is the only true decentralized currency. If even the blockchain of Ethereum, the second-largest currency, can be reverted by its development team (which has happened before), it is out of question that any other coin matches the security of bitcoin.
All other coins can effectively be reverted or modified by a small group of people.

This is impossible for bitcoin because it is extremely expensive to attack. To me, that's a good thing.

[pixie85]

Are you some kind of Monero shill op?

Monero is not what Bitcoin was meant to be. Bitcoin was not made to be anonymous. Monero is fine, I have nothing against it but it's different than Bitcoin and may face its own problems like being banned from all regulated exchanges at some point.

Monero is on a path to becoming the coin of the deep web.

[franky1]

i know the OP is just trying to promote a crappy proof of stake coin
but anyone can code out the proof of stake and make the next update of them crap coins only want a signature from one source.
yet requiring a block to have a hash thats difficulty is X amount of computations complex. is harder to code out of the system


also its this cost of computing this hash that gives bitcoin an underlying bitcoin cost of creation(mining)
where as all proof of stake needs is to prove they have a shiny pen to sign. and they just keep using that shiny pen to sign. and when they get bored they can sell the pen.

if i was mining gold id prefer gold to need excavators and sluice machines and lots of diesel to extract gold.
gold would be stupidly cheap and worthless if people could earn it with just a pen
PoS has no underlying value/cost holding it up