I have seen people debate about it a lot. I got to learn recently why POW is better than POS and this Twitter thread explains it so well.
1/ Why doesn’t #Bitcoin move from proof-of-work to proof-of-stake?
A panel yesterday at the Oslo Freedom Forum #OsloFF explained PoW vs PoS in the best way I’ve seen in a while.
A thread 🧵 with quotes 👇
— Namcios (@namcios) May 25, 2022
Edit: wanted to add this to the criticism that miner control everything about BTC:
No no and big no.
I don’t know why this lie got out like this.
Node is the basically the backbone of the rules through which bitcoin is running.
It is so much misunderstood that Bitcoin is running because of miners but no, it is running because of nodes that support the protocol and safeguards it’s governance and rules.
If there are very less miners in the world and we keep the nodes exactly the same. Bitcoin will still run exactly the same just the network difficulty will decrease for that small group of miner getting the btc rewards and fees.
But this can’t be said vice versa. Example BCH and BSV, they all died because they require heavy nodes.
Read about blocksize wars and you will get it.
Edit 2: Another criticism:
If I control 51% hashrate, I can create a fraudulent block and become rich (obviously paraphrasing from comments)
If you control 51% of the hashrate and put any transactions ( may be made up or fraudulent) other than mempool transactions in each and every node out there. When you will broadcast that block as mined, all the nodes will reject that block and won’t add it to the chain of events aka blockchain.
Only your nodes will accept it and you branch off the main chain and there goes your 51% hashrate. Enjoy a branched off blockchain version which no other nodes identify as the real truth aka bitcoin.
Edit 3: adding a comment that resonated with me a lot from the thread below:
“Absolutely. And it’s pretty ingenious in hindsight. Not sure if it’s all planned according to Satoshi’s infinite wisdom or if a bit of luck was involved.
Surely the bitcoiner at the time didn’t understand it well, not until the history panned out.
Our tiny little $100 raspberry pi turn out to be the masters of everything, and all the super high powered X kW set up turns out to be just our security guards.
The people hold the power and the “powers” bow down to the people. It’s just beautiful. But also frustrating that people don’t understand the implications of it. It’s so often misunderstood, you’re right everyone should read The Blocksize War.”- u/savinelli_smoker