Oddbean new post about login | logout Bitcoin failed, only Monero keeps the mission alive, all you and your maxis have to offer ir NGU.. When people of the system wants they will build more nodes than plebs in a short time and will fuck your consensus..
I see that Monero is stronger on privacy space. But the attack you are saying can be done on Monero or on any blockchain. The problem is, which country has the money to build up this 51%? It is not as if buying 1Mio Bitaxe would be the same cost as buying 1000. At some point there is no chip on the Market and the state to commit the attack would need to build new chip fabrication to execute this attack. So this problem increases security for Bitcoin extremely. On the other side normal miners get less rewards, when a state goes big in mining, which incentivizes current miners to lower their mining capacity, which weakens security.
What makes you say Bitcoin failed?
Mining centralization, LN usage custodial, no privacy...
As long as there is the option to do differently within the current system, or ways to improve that on a different layer, I don't understand why you'd classify this as a definitive failure. You're still free to mine on the network, without having to ask for permission. You're still free to run your own node / set up a better solution. And as for privacy.. Bitcoin never was intended as a solution for privacy issues.
Do you even read satoshi notes on foruns about the implementations he was trying to implement on bitcoin that was implemented on monero? https://image.nostr.build/734bb5301d46a3600132d6b0df758cddfb28ccd1d99989a4bf98ad3088e842ff.jpg
That's great. There was clearly an intention to improve upon the privacy aspect. However, this being a way to improve upon Bitcoin, rather than being at the core of Bitcoin since release, shows that it was not main issue that was being solved for here. Monero may have gotten better privacy, but at what cost? Surely a trade-off was made.
