The hottest Substack posts of Senatus’s Newsletter

And their main takeaways
78 implied HN points 21 Jul 23
  1. A perfect cryptocurrency needs to have uncensorability, certainty of supply, and transferability as a store of value.
  2. Bitcoin faces challenges with decreasing security spend and centralization of hashrate, impacting its resilience to attacks.
  3. Issues in Bitcoin such as affordability, speed, and scalability make it less efficient as a medium of exchange, while alternative cryptocurrencies offer better solutions.
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19 implied HN points 12 Jan 24
  1. Every Proof of Work coin must choose between specialized hashing, leading to centralization over time, or generalized hashing, resulting in a constantly insecure chain.
  2. Specialized hashing algorithms for Proof of Work require specific hardware, electricity, space, maintenance, and capital, leading to centralization over time.
  3. Generalized hashing algorithms allow more participation but can make the chain insecure due to the vast latent hashrate available for potential attacks.
39 implied HN points 10 Jul 23
  1. Bitcoin's security spending is decreasing in proportion to its market cap, making it vulnerable to attacks.
  2. As Bitcoin's block rewards decrease, security spending as a percentage of market cap also decreases, making attacks more profitable.
  3. Without a significant increase in fee income, Bitcoin's security vulnerability will worsen unless solutions like a tail emission are considered.