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Proof-of-Stake is nothing new, and it has serious problems: https://en.bitcoin.it/wiki/Proof_of_Stake https://en.bitcoin.it/wiki/Proof_of_Stake. There are good

by VMG 11y ago

Proof-of-Stake is nothing new, and it has serious problems: https://en.bitcoin.it/wiki/Proof_of_Stake https://en.bitcoin.it/wiki/Proof_of_Stake. There are good reasons why Bitcoin uses "wasteful" proof-of-work. Bitcoin is the only Blockchain implementation that has gained any kind of traction, and that is due to the incentive model working out. People just don't like it because it challenges their economic worldview.

vog 11y ago
> Proof-of-Stake is nothing new, and it has serious problems: https://en.bitcoin.it/wiki/Proof_of_Stake https://en.bitcoin.it/wiki/Proof_of_Stake Would you mind pointing to the relevant sections? I wasn't able find criticism about Proof-of-Stake there. Instead, the beginning describes the problems with Proof-of-Work (which Proof-of-Stake tries to address). The large middle part describes some systems which mix both PoW and PoS. > People just don't like it because it challenges their economic worldview Not sure how this is relevant to the discussion about Bitcoin hypes and Ethereum. In particular, I don't see why the people who implemented Ethereum shouldn't like Bitcoin. And even if they do dislike Bitcoin, I'm pretty sure this is not because it challenges their economic worldview, as Ethereum challenges the common economic worldview even more.
- lappa 11y ago
  In the first paragraph, this is cited: https://download.wpsoftware.net/bitcoin/pos.pdf https://download.wpsoftware.net/bitcoin/pos.pdf It is a good, generalized overview of the faults in proof-of-stake consensus systems.
- mrb 11y ago
  Perhaps the parent wanted to link to Wikipedia (not the Bitcoin Wiki) where the criticism is more concise: https://en.wikipedia.org/wiki/Proof-of-stake https://en.wikipedia.org/wiki/Proof-of-stake "One problem is usually called the "nothing at stake" problem, where (in the case of a consensus failure) block-generators have nothing to lose by voting for multiple blockchain-histories, which prevents the consensus from ever resolving"

by VMG 11y ago

vog 11y ago

> Proof-of-Stake is nothing new, and it has serious problems: https://en.bitcoin.it/wiki/Proof_of_Stake https://en.bitcoin.it/wiki/Proof_of_Stake Would you mind pointing to the relevant sections? I wasn't able find criticism about Proof-of-Stake there. Instead, the beginning describes the problems with Proof-of-Work (which Proof-of-Stake tries to address). The large middle part describes some systems which mix both PoW and PoS. > People just don't like it because it challenges their economic worldview Not sure how this is relevant to the discussion about Bitcoin hypes and Ethereum. In particular, I don't see why the people who implemented Ethereum shouldn't like Bitcoin. And even if they do dislike Bitcoin, I'm pretty sure this is not because it challenges their economic worldview, as Ethereum challenges the common economic worldview even more.

lappa 11y ago
In the first paragraph, this is cited: https://download.wpsoftware.net/bitcoin/pos.pdf https://download.wpsoftware.net/bitcoin/pos.pdf It is a good, generalized overview of the faults in proof-of-stake consensus systems.
mrb 11y ago
Perhaps the parent wanted to link to Wikipedia (not the Bitcoin Wiki) where the criticism is more concise: https://en.wikipedia.org/wiki/Proof-of-stake https://en.wikipedia.org/wiki/Proof-of-stake "One problem is usually called the "nothing at stake" problem, where (in the case of a consensus failure) block-generators have nothing to lose by voting for multiple blockchain-histories, which prevents the consensus from ever resolving"