Pedro
Pedro 2 minutes reading from Bitcoin

Bitcoin and the PoW PoS

btc 🧵:

For how long can it last?

BItcoin is both its tech and its community so we’ll go deeper into both and see the possible points of failure.

Firstly, BTC doesn’t need to be the biggest/only store of value to succeed. If it prevails it succeeds.

If a Bitcoin network state is formed and it has supporters it will be enough for it to survive.

The community is strongly held by the values of the protocol but it’s becoming increasingly toxic and misinformed. Many negate other decentralized protocols and are becoming isolated in Twitter tribalism. The PoW PoS debate further opens the gap.

The BItcoin community has another problem with ownership concentration. Is it even a possibility for BTC to have widespread adoption as a store if "2% of accounts control 95% of all Bitcoin"?

On the tech side I have issues mainly in two areas. One is

privacy and another is interoperability. Satoshi himself stated that privacy was a desired feature that could not be implemented due to the immaturity of zk snarks.

Native interoperability will soon be the standard. Whether it is IBC or some other general purpose communication protocol is irrelevant, blockchains will be interoperable by sharing layers and validators and Bitcoin will be left out.

Multisig bridges have proved to be vulnerable in many cases lately. Building a secure bridge holding hundreds of billions is naive and technologically vague.

Please add arguments for or against this, would love to discuss it further.

*store of value

This post is based on this twitter thread.

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