To control who can transact the other 1%, I have to spend actual money OUTSIDE OF THE BITCOIN ECOSYSTEM in order to control the authentication
I agree with this, it's true for now unless Bitcoin becomes the World Reserve Currency. Then the amount of Bitcoin you have also greatly controls how much energy you can acquire to mine Bitcoin and your % of ownership stays stagnant if you mine as well.
Not only that but in Bitcoin as the difficulty increases, the hardware must get more specialized, more expensive, and price out more people. Eventually you do get to a point where 1-2 mining pools control over 50% of transactions which is what we're seeing in Bitcoin. Regular people don't even have the option to mine for bitcoin because the costs (and electricty) are so high and take so long that it's not worth it unless your in a bunghole shithole 3rd world nation. Corporations will vastly control the bitcoin mining operation, eventually acquiring the wealth to buy out/create the best mining rigs to maintain control forever. And even if they initially had a lower % supply, they will increase that supply if they have a market control on the computing power and the hardware.
This is what we have been seeing in Bitcoin since it started.
So eventually with a rising ledger and an exponentially rising mining difficulty, regular users of Bitcoin and even miners get priced out by those same corporations who already own millions of Bitcoin and already own a vast % of the computation to bitcoin mining. Then you're fucked.
So then the major question proof of stake is how decentralized is the crypto?
Now sure they can hide their crypto in wallets and that can be tracked. There is a way to find this out considering we know some of the big addresses like Coinbase or Binance or the Dapps for example. If someone owns the majority then you will see a predictability in the Project Catalyst voting, in the staking, in how the system is running and you do not see that. If the majority ownership is not there initially, it becomes harder over time as more and more people acquire ADA and hodl it themselves.
Stake pool operators will remain low cost for small businesses to create so this isn't a problem. It won't be priced out with better hardware and higher energy output. At the end of the day it all comes down to decentralization and Cardano has Bitcoin soundly beat in pretty much everything.
I agree with this, it's true for now unless Bitcoin becomes the World Reserve Currency. Then the amount of Bitcoin you have also greatly controls how much energy you can acquire to mine Bitcoin and your % of ownership stays stagnant if you mine as well.
Not only that but in Bitcoin as the difficulty increases, the hardware must get more specialized, more expensive, and price out more people. Eventually you do get to a point where 1-2 mining pools control over 50% of transactions which is what we're seeing in Bitcoin. Regular people don't even have the option to mine for bitcoin because the costs (and electricty) are so high and take so long that it's not worth it unless your in a bunghole shithole 3rd world nation. Corporations will vastly control the bitcoin mining operation, eventually acquiring the wealth to buy out/create the best mining rigs to maintain control forever. And even if they initially had a lower % supply, they will increase that supply if they have a market control on the computing power and the hardware.
This is what we have been seeing in Bitcoin since it started.
So eventually with a rising ledger and an exponentially rising mining difficulty, regular users of Bitcoin and even miners get priced out by those same corporations who already own millions of Bitcoin and already own a vast % of the computation to bitcoin mining. Then you're fucked.
So then the major question proof of stake is how decentralized is the crypto?
Here is data on Cardano wallet distribution
https://lookerstudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/r2LQC
https://lookerstudio.google.com/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_ogr3ndx6qc
Now sure they can hide their crypto in wallets and that can be tracked. There is a way to find this out considering we know some of the big addresses like Coinbase or Binance or the Dapps for example. If someone owns the majority then you will see a predictability in the Project Catalyst voting, in the staking, in how the system is running and you do not see that. If the majority ownership is not there initially, it becomes harder over time as more and more people acquire ADA and hodl it themselves.
Stake pool operators will remain low cost for small businesses to create so this isn't a problem. It won't be priced out with better hardware and higher energy output. At the end of the day it all comes down to decentralization and Cardano has Bitcoin soundly beat in pretty much everything.