Financial Insights That Matter
Solana co-founder Anatoly Yakovenko has opined that Bitcoin, the largest cryptocurrency, is heading toward a “hybrid” proof-of-stake (PoS) model.
He argues that custodians and centralized exchanges will reject long-range attacks against a known set of “good” miners if the flagship coin does end up part of national reserves.
This comes amid heated debates about Bitcoin’s security amid rapidly declining transaction fees.
Justin Drake, a researcher for the Ethereum Foundation, provocatively stated that Bitcoin was “cooked” in a lengthy social media post. He estimated that it would take roughly $10 billion to perform a 51% attack, which Drake believes is “peanuts” for nation-states.
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Such concerns, however, are mostly overblown. Prominent crypto lawyer Gabriel Shapiro has noted that 51% of attacks are not a real threat anymore at this stage of Bitcoin’s evolution.
Moreover, some commentators have pointed out that such an attack will not be feasible since it would require an enormous coalition of mining farms that have no incentive to crash the price of Bitcoin.
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In the meantime, Ethereum recently hit its lowest level against Bitcoin since December 2020. Many Bitcoiners have brought up this fact to counter Drake’s doom-laden post.
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