Bitcoin drops like this, Sell everything else
May 19, 2021
619 Comments
To all new Crypto people thinking their alt coin will stay strong, Bitcoin is always the leader, and when it drops so does everything else no matter how good a project you think it might be.
See you again next crypto cycle π»π΄βοΈ
comments
But the discussion was around crypto in general. And it is why I think Proof-of-Stake consensus will help the adoption of decentralized blockchains.
I think blockchains will also need to start figuring out how to stay secure as quantum computing becomes mainstream over the next 10 years or so. Given that it is difficult to change the chain once created I worry quantum computing will wreck some chains before they change
If you don't believe in crypto, fine by me. I am not going to convince you. But if you bought the top and want to sell now because people on the internet are panicking, that is a bad choice.
@datboy - if people tried to buy half the currency the price would skyrocket making it way more expensive than you think. Getting half the compute power feels a lot easier given half already sits in China and the government could take it. A computer virus could also infect a bunch of retail people to help get 50% of compute.
And sure, I see your point. One thing is, China doesnβt have half of the hash power of the network, estimates are more like 25%. But the bottom line is, in a POS system the most wealthy members on the network hold the most influence - meaning it is more centralized. Whereas in POW, mining groups with the most hash rate have historically been unable to hold any influence over the network.