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I am also wary of proof of stake, but this is not something you can say with such a certainty, like you're doing. If someone asked "how safe is proof of work?"
by cocktailpeanuts 9y ago
I am also wary of proof of stake, but this is not something you can say with such a certainty, like you're doing.
If someone asked "how safe is proof of work?" ten years ago, everyone would have laughed and thought you're joking.
I'm only saying this because you're making a snarky comment while pretending to know exactly how it will play out. Nobody knows how it will work. Who knows? Maybe some unexpected human behavior like mining pools will happen in proof of stake approaches and it may end up going in a completely unexpected direction.
- nebabyte 9y ago> If someone asked "how safe is proof of work?" ten years ago, everyone would have laughed and thought you're joking I see PoW and PoS as nearly analogous in this regard - the rich can dominate both and so on - except that PoS is far less wasteful. I'm excited to see where this goes.
- aoeuasdf1 9y agoI agree. The article the GP posted posits that they are equally wasteful, but ignores the fact that: - The thing that they are wasting, capital, was created out of thin air by the act of switching to PoS - There are large negative externalities to burning power by mining with hashes, which increase the cost to society of using PoW vs. PoS.