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Proof-of-Stake statistically equates to "Give the rich more money". Consider Ethereum's stats (and other similar PoS minting methods): Presale ICO / Premine
by nosuchthing 9y ago
Proof-of-Stake statistically equates to "Give the rich more money".
Consider Ethereum's stats (and other similar PoS minting methods):
Presale ICO / Premine ( max cost $0.50 USD per ETH )
= 72,009,990 ETH
Total Supply today (Feb 23rd 2018)
= 97,800,000 ETH
Source:
https://etherscan.io/stat/supply
Now imagine a financial system where all the wealthy have to do simply own money (spawned from software or premine) to get more money. Or where voting is done by merely by controlling a large sum of money/tokens.
- zodiac 9y agoWhat's your proposal for a more egalitarian reward model for block producers (in any consensus model)?
- nosuchthing 9y agoEqual payment for the same work/processing power.
- zodiac 9y agoWhat does that concretely mean?
- curyous 9y agoProof of work, it requires continual investment if you want to get the rewards, not just sitting there watching the cash roll in.
- aoeusnth1 9y agoHow is that more egalitarian? It's still a conversion between capital and income. It's like saying stocks that give dividends are more "egalitarian" because you have to reinvest them in order to gain the same return on investment. Absurd.
- trophycase 9y agoThis is basically how it is now. There is a non-zero risk to staking as well as the stock market/bonds
- jacobr 9y agoWith PoW you use your money to buy mining equipment and you will get more money, and voting power. With PoS you buy more of the currency with that money instead.
- s73v3r_ 9y agoRight, but the rest of us also have to suffer due to the economic repercussions (or being unable to get an affordable graphics card without waiting forever)
- aianus 9y agoJust pay more for the card and you can have one whenever you want. Isn't that what HN thinks employers should "just" do with tech talent because "there is no real shortage"?
- econ_th0 9y agothe economist would say... "affordable" is a opinion. the market price is the market price, if you want one you have to pay more. you are not entitled to a good at the price you think is "fair"
- adadad3442 9y ago>Now imagine a financial system where all the wealthy have to do simply own money... to get more money. You mean the current system?
- nosuchthing 9y agoPoS is literally get paid for doing nothing but owning lottery tickets. Normal capital flow with bonds, stocks, etc allow a legally binding agreement for mutually beneficial transfer of capital between parties.
- Anderkent 9y agoWell, they get paid for putting that capital at risk and for keeping it locked into the system to provide consensus. It's a kind of a service.
- nosuchthing 9y agoExcept only the top few largest "stakers" are paid, others are either disqualified entirely for being too poor to stake, or will not recieve block rewards for being statistically irrelevant. PoS is a lottery with reusable tickets. Winners get more tickets.
- redka 9y agoPoS is an idea. There are implementation that reward everyone equally for the amount they put it (like semux)
- nosuchthing 9y agointeresting, thanks for sharing
- wyldfire 9y agoNano uses dPOS and does not mint any new coins with PoS nor does not charge any tx fees. Instead of "Give the rich more money" it's more like "preserve the value of my money by fulfilling the promise of this coin".
- nosuchthing 9y agoNano (aka Raiblocks) is basically a scam. How was the supply produced and distrubited? https://raiblocks.net/page/frontiers.php?limit=100 https://raiblocks.net/page/frontiers.php?limit=100 Nano/Raiblocks were created from software, a reproducable distributed database protocol. Except in the case of Nano, the vast majority of the tokens are in control of the owners with a few being given away to the public for clicking captchas. https://www.youtube.com/results?search_query=raiblock+captcha https://www.youtube.com/results?search_query=raiblock+captch... Consider, anytime you buy a cryptocurrency it means someone else is trying to cash out...
- wyldfire 9y agoI don't agree, but I do think it's very wise to be suspicious of coins and their distribution mechanism.
- seanwilson 9y ago> Except in the case of Nano, the vast majority of the tokens are in control of the owners Do you have evidence of this?
- doots 9y agoWhat evidence is there 90% of Nano distribution isn't owned by a single person? This is a major aspect of transparency in decenteralized p2p protocols, and the issue with Nano is there's no paper trail or proof that the devs didn't take all the supply. We do know 13% of all Nano in circulation was stolen in the Bitgrail hack.
- deleted 9y ago[deleted]
- GhostVII 9y agoProof of work is the same, except instead of rich people buying more Etherium to get rich faster, they buy more mining hardware.
- nosuchthing 9y agoNot entirely, PoS disqualifies poor accounts from receiving newly minted block rewards.