At least POS gives the power to those that actually have an interest and stake in the currency itself.
PoW has a much more diversified set of actors with competing interests, which makes it much more difficult to change the rules. This is a feature not a bug.
You might as well claim that the Chinese Communist Party controls Bitcoin. Not entirely wrong, but misleading.
You can't just push some change that 99% of miners will refuse to mine blocks for. The remaining 1% would not be able to mine blocks for a long time with their puny hashrate. You'd have to reset difficulty and the system would be left in a highly vulnerable state. It would be a huge disruption. For that reason, nodes wouldn't attempt to enforce a change without significant miner support.
You can have reasonably clean fork only if enough miners agree on something, but that implies that the interest of miners is given a lot of consideration.
With the empty blocks attack, they prevent difficulty re-adjustment and also get rewarded with new btc unlike the refusal of service where they'll just be wasting their electricity without any rewards and the small miners will be able to produce blocks albeit in a much longer time than ~10 minutes.
That's the premise: If you want to do something that strongly goes against the interest of all miners, that cooperation will form naturally. If 99% of miners agree on something, the block time would be several hours. Difficulty adjustment would have to be patched in.
In the meantime, the miners on the "rogue chain" are mining blocks and clearing transactions. Who says that this chain is not Bitcoin? Why should all the stakeholders consider a broken chain with 1% of the hash power as the "one true Bitcoin", as opposed to a failed fork?
In practice, this means “nodes run by centralized exchanges”. Your narrative is fraught with risk.
Basically “Bitcoin” is defined as the chain with the highest cumulative hashing power¹.
¹: which investors expect will maximize returns under the banner of “Bitcoin”
Much of Satoshi’s genius was selecting values for constants, e.g. 21M max supply, conducive to the establishment of a global currency of fixed supply and generally aligning incentives of disparate entities such that the most likely outcome would be the upholding of community expectation. But none of that is technically guaranteed, rather its continuity is assured with exceedingly high likelihood due to historical choices made.
> You can see examples of this in history e.g. bitcoin.com mining a block with a greater block size than consensus allowed, which caused the block to be invalidated and the cost of energy wasted.
IIRC they weren’t a majority miner at the time. Had they been a majority miner, and had they been able to assure the community of global Bitcoin investors of the superior soundness of their choices, all bets would be off. Ultimately the block size debate was resolved with hashing power.
PoS just solidifies current stakeholders so that they no longer have to worry about competition from new players.
Versus taking that money and taking months to invest it into mining. Purchasing compute power is harder than purchasing ETH no matter how you slice it
Either way, you end up with a currency that is far more centralized than most stable paper currencies. The number of large stakeholders in Etherum is probably measured in the thousands. PoS will just further consolidate the stakeholders over time.
Ethereum isn't even reasonably transactable anymore. A single transaction costs like $40. As an actual currency, it died the same fate that Bitcoin did.
Too few people hold too many coins, and then they make rules that only benefit increasing the price.