Proof Of Work - There can only be one
Because Bitcoin has fostered such a large mining network I believe it has essentially cornered the proof of work space leaving no room for competition. If another chain gained popularity or became a threat to the Bitcoin network the army of miners could easily take it down. As long as there is coordination, it seems to me that the Bitcoin network is impregnable. I’m interested in hearing from the educated community about this which I’ve posed, am I correct in my logic or what considerations have I not accounted for?
And still hodling strong: Tesla (TSLA) has lost over $500 million from its Bitcoin investment amid crypto winter