Proof Of Work Vs Proof Of Stake: Ethereum Classic 51% Attacked

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During the Justin Sun episode, many who favor PoW systems took the opportunity to attack PoS (especially DPoS) as not being secure. Many who support PoS state the fact that community was able to fork the chain and get out from under his control.

In this video I discuss how decentralization is vital to the future of security and we need to move in that direction with our systems. It is something that is tough to do since the biggest mining pools, as an example, do not want to give up that hashrate they spent so much to acquire.

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The same problem could occur on other chains of course. I have to agree and Bitcoin will become more of a target should its price keep rising. Why couldn't this kind of thing happen on a PoS system? Every cryptocurrency will have someone controlling the Lion's share of coins. Chains with a feature where reorgs are no longer possible after a certain number of blocks, will simply have unorganized forks into two chains with the same protocol and the same name. This might not bother wallets that are always online.

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I almost felt embarrassed about my $20/wk power ups. But, I realized that it's $80/mo or $1000/yr not including rewards. I think the more the middle class grows, the more secure the network. It also allows for more curation rewards for new users. I think the middle class will be essential for bringing up new member and keeping them from getting discouraged.

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