Bitcoin Mining Is an Oligopoly, and Proof-of-Stake Isn't Any Better

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Bitcoin Mining Is an Oligopoly, and Proof-of-Stake Isn't Any Better
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Satoshi Nakamoto solved several difficult game theory problems when inventing Bitcoin, Boto's Breno Araujo writes. But are the market incentives in bitcoin mining actually bad for users? Opinion. MiningWeek, presented by FoundryServices

Proof-of-stake is a plutocracy?

Today PoW and PoS blockchains have conflicting interests between miners/validators and network users. Users would benefit from faster and cheaper transactions, but in general, this will increase costs to miners and validators, reducing their profits. A version of this conflict came up during Bitcoin's Blocksize War, where some argued to increase the amount of data in a mined Bitcoin block, theoretically making transactions faster and cheaper.

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