4 ms·

So now the 1% (who own about 35% of wealth as far as I know) would get to write the rules however they like? Sounds fun.

brighton36 9y ago
It's actually the exchanges that get to write the rules.
- jstanley 9y ago
  It's everybody that gets to write the rules. As long as everybody is in consensus, there's one network. If separate groups end up with incompatible consensus rules, there's a network split. Miners, exchanges, developers, etc. don't have any more power than anybody else. Everybody's power is limited by the extent to which other people want to trade with them.
  - Taek 9y ago
    Previous proof of stake cryptocurrencies have typically struggled to get above 30% participation during the 'exciting' days of the coin, and it only falls off from there. Exchanges will often have anywhere from 15% to 40% of all of the coins in a token, which means that if exchanges choose to participate in staking, they will very likely have the majority among the staking participants.
wmf 9y ago
Miners are not allowed to set the rules of Ethereum or most cryptocurrencies (Tezos being a major exception). Miners could announce new rules and attack any chain that doesn't follow them, but the "economic majority" could simply perform a hard fork that destroys/confiscates the attackers' stake (much like how The DAO hack was "fixed").
- quickthrower2 9y ago
  DAO hack? The code is the contract ... except when it isn't.
drcode 9y ago
It's just as bad or worse in the alternative approaches, like POW.
- rothbardrand 9y ago
  False. Please read the satoshi white paper. PoW solved a hard problem. PoS seem to want to pretend it isn't a problem. Also: http://www.truthcoin.info/blog/pow-cheapest/ http://www.truthcoin.info/blog/pow-cheapest/
darawk 9y ago
No, because the economic majority can simply make a new chain. Just like the DAO hard fork. Ethereum Classic still exists, it just doesn't have (relatively) as much economic weight.
- deleted 9y ago
  [deleted]
- nebabyte 9y ago
  Likely because it's pretty obviously run and held by shysters looking to profit rather than write a line of code, but that's a whole other can of worms. I agree with you in theory, but the BTC/BCH split would be a better example of the majority splitting off of profiteers rather than the other way around.

brighton36 9y ago

It's actually the exchanges that get to write the rules.

jstanley 9y ago
It's everybody that gets to write the rules. As long as everybody is in consensus, there's one network. If separate groups end up with incompatible consensus rules, there's a network split. Miners, exchanges, developers, etc. don't have any more power than anybody else. Everybody's power is limited by the extent to which other people want to trade with them.
- Taek 9y ago
  Previous proof of stake cryptocurrencies have typically struggled to get above 30% participation during the 'exciting' days of the coin, and it only falls off from there. Exchanges will often have anywhere from 15% to 40% of all of the coins in a token, which means that if exchanges choose to participate in staking, they will very likely have the majority among the staking participants.

wmf 9y ago

Miners are not allowed to set the rules of Ethereum or most cryptocurrencies (Tezos being a major exception). Miners could announce new rules and attack any chain that doesn't follow them, but the "economic majority" could simply perform a hard fork that destroys/confiscates the attackers' stake (much like how The DAO hack was "fixed").

quickthrower2 9y ago
DAO hack? The code is the contract ... except when it isn't.

drcode 9y ago

It's just as bad or worse in the alternative approaches, like POW.

rothbardrand 9y ago
False. Please read the satoshi white paper. PoW solved a hard problem. PoS seem to want to pretend it isn't a problem. Also: http://www.truthcoin.info/blog/pow-cheapest/ http://www.truthcoin.info/blog/pow-cheapest/

darawk 9y ago

No, because the economic majority can simply make a new chain. Just like the DAO hard fork. Ethereum Classic still exists, it just doesn't have (relatively) as much economic weight.

deleted 9y ago
[deleted]
nebabyte 9y ago
Likely because it's pretty obviously run and held by shysters looking to profit rather than write a line of code, but that's a whole other can of worms. I agree with you in theory, but the BTC/BCH split would be a better example of the majority splitting off of profiteers rather than the other way around.