Bay 183

1. Unencumbered. Since Bitcoin is secured by work, the Bitcoin asset itself is not used to secure
the Bitcoin chain. In contrast, each PoS asset is used to secure its own chain.
2. More idle. Most of the Bitcoin asset sits idle and is not deployed. Since most of yield-generating
activities such as DeFi lending and security staking happen on PoS chains, bitcoins need to be
bridged to other chains and/or sent to a third party centralized custodian in order to extract
yield. Such bridges and centralized custodians are considered too risky for many bitcoin holders,
For example, wBTC, one of the largest wrapped Bitcoin assets, only has a market capitalization
of less than $5B, a fraction of a percent of the total Bitcoin market capitalization.
3. More decentralized. Bitcoin, being the oldest blockchain, has arguably the most decentralized set of token holders: miners, early adopters and developers, project founders, individual
investors, institutional investors, exchanges, etc. In contrast, the assets of many PoS chains are
concentrated in the hands of early investors, founders and team members and foundations, at
least in the early stage of the projects. A concentrated asset exposes the network to centralization
when the asset is staked to validate the network.
4. Less volatile. Bitcoin, being the largest crypto asset, has significantly lower volatility than
most PoS assets. Volatilty of a PoS asset is a significant issue to the security of a PoS chain
because security is a direct function of the market capitalization of the staked asset and a sharp
drop in value of the asset provides an opportunity for an attacker to strike.

Beirut Party Cruise "Volume II" - ihjoz.com Date: 9 JulyLocation: Marina DebayehBoarding: 9 pmReturn: 5 am$100Open premium bar+ Snacks3 DJs +...