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Mo Profile picture
Mo
@MorganTBennett
Cryptocurrency fanboy, investor, independent analyst. In it for the money *and* the tech. eCash, #Bitcoin, #Ethereum ⟠, and beyond. Never financial advice.
Jan 15, 2022 • 11 tweets • 7 min read
9 out of 10 people holding #bitcoin still have NO IDEA that $btc security is continuously weakening.

"Yea I heard that the block reward is getting smaller, but fees are replacing it, right?"

No, not right!

Some updated data on btc security:

1/🧵 Exhibit A:

Security budged (block reward + fees) in relation to btc market cap over the last 11 years.

2/ Image
Apr 29, 2021 • 10 tweets • 6 min read
1/ Proof-of-Work vs. Proof-of-Stake

Today: decentralization of miners/validators.

The number of entities that control >50% of block production in Proof-of-Work is frighteningly low:

#Bitcoin: ≤ 4
#Ethereum: ≤ 3
#Litecoin: ≤ 4 2/ This number only gives an upper bound. We can be sure it is not more, but it could be less.

Remember: Back in 2014, a single pool (Ghash) briefly controlled a majority BTC hash rate.
Feb 27, 2021 • 13 tweets • 7 min read
People who ask what apps are running on #Cardano $ADA to justify a #3 spot are missing the point.

From the start, @InputOutputHK prioritized the rollout of a decentralized PoS system ("Shelley") over smart contracts ("Goguen"), scaling ("Basho"), and governance ("Voltaire").

1/ They could have just gone for the low hanging fruit and create yet another dPOS like $Tron and $EOS.

But it was known already back then that dPOS gravitates towards cartel formation and centralization.

2/
Dec 4, 2019 • 13 tweets • 5 min read
Some more data indicating that #Bitcoin’s attack-resistance will likely continue to deteriorate as its block subsidy declines. #halvening

Thread. 👇 Bitcoiners often state that hash power is increasing, and therefore the security of the network must be increasing, too.

However, hash power is an exceptionally poor metric for security, as described—for instance—by @OhGodAGirl:

medium.com/@OhGodAGirl/th…
Nov 7, 2019 • 11 tweets • 4 min read
#Bitcoin enthusiasts frequently state that "there will only ever be 21 million $BTC ". Therefore BTC is “digital gold”.

In reality, the 21M BTC supply cap is a pipe dream.

Why am I so sure about this?

Thread 👇 1. Theoretical considerations:

Multiple studies indicate that #PoW becomes unstable when the block subsidy is low:

bis.org/publ/work765.p…

medium.com/logos-network/…

medium.com/@hasufly/resea…