Expanding my dialogue with u/tcrypt I wonder how many people do agree with my understanding of his position that immutability of the state is important (in other words fastest consensus possible) and immutability of the ledger is not
First I heard of Bitcoin, I ignored it. I got back into crypto around '15 thinking after brief reading that Bitcoin is done and obviously superior "green" PoS will take over everything. But after reading much more, I started to see what PoW really brings to the table
Immutable history - ability to check the state of the past. Very trustworthy currency, maintenance of machines, work reports, voting, provably fair gambling, timelocks - I see no shortage of applications once u can inspect the past in a trustless manner. This makes Bitcoin colossal engine of wealth creation in the long-term, PoS systems especially with pruned ledgers are nowhere close - less history preserved means closer application pool collapses to medium-of-exchange exclusively
This is my perspective. What do u think?
Edit: Quality control and resolving authorship disputes (even if only in court of public opinion) is another couple of good applications of timestamped data
Edit 2: If the ledger is pruned, trust shifts from math and economics of PoW (hash functions and price of energy) to nodes themselves. What if majority of nodes have corrupted state? Like right now majority of Bitcoin nodes have corrupted state from the viewpoint of BCH. How would I know? In another words pruning enables Sybil-attack
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source https://www.reddit.com/r/btc/comments/a8oiak/immutability/
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