[littlestymaar]

Exactly.

In addition, the Bitcoin proof of work is pretty much a proof of stake scheme in practice, where the stake are physical (specialized hardware and access to cheap electric power). So most of the GP's complaints about proof of stakes can be applied to bitcoin as well (“With proof of stake, the stakers only need to make an investment once in the beginning, so it results in rich get richer”).

And the biggest difference between BTC and ETH when it comes to “security” isn't “proof of work“ vs “proof of stake”, it's the fact that Vitali Buterin is alive and that there is an official centralized stewardship of ethereum, which in practice have led them to actually hard-fork the ethereum blockchain.

[inter_netuser]

not only hard-fork numerous times, but also adjust monetary arbitrary policy.

It's just like any other fiat, and of course for such applications PoW is irrelevant.