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The problem is that the coin that is provably burned isn't scarce unless the network has reached consensus in the first place, and doing a provable burn of some
by runeks 9y ago
The problem is that the coin that is provably burned isn't scarce unless the network has reached consensus in the first place, and doing a provable burn of something non-scarce is non-sensical. Doing a provable burn on a fork of the Bitcoin chain is irrelevant, as nothing is lost, which means it requires already-existing consensus in order to be effective.
It's the same with proof-of-stake: it purports to use a chain's own coin -- as opposed to energy -- as the scarce commodity that is consumed in order to reach consensus. But coins on a chain are only scarce if only one chain exists, which means proof-of-stake relies on pre-existing consensus in order to reach consensus.
In general, what Bitcoin solves through proof-of-work is actually making a digital token scarce in the first place (by reaching consensus on a single, valid chain). After this, a lot of cool stuff becomes possible, but you can't make use of this cool stuff until consensus has been reached, which means you can't use it to reach consensus.