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The problem with that is that you only know that 'so much money' is being bet because you know who owns the money. But you only know who owns the money because
by tfha 8y ago
The problem with that is that you only know that 'so much money' is being bet because you know who owns the money. But you only know who owns the money because that same money was bet earlier by people that you know owned the money because the same money was bet earlier by...
It's completely circular. It's like the Bible trying to proof itself. With no anchor to the physical world, you can't actually ever know
- zodiac 8y agoIt's not completely circular. For example in casper-ffg if you as a full node log in every 4 months starting from ethereum's genesis block (about 3 years ago), the chain of logic you outlined terminates at the genesis allocation and PoW rewards. I'm not saying that requiring clients to log in every 4 months is a reasonable security assumption, just showing that hand-waving it as "completely circular" is incorrect. It's more nuanced than that.
- tfha 8y agoHow did the node get started in the first place though? Unless you were part of the genesis block yourself, you only believe the history at all because someone told you it was the right place to start.
- zodiac 8y agoIn full PoS in the model I described you'd need social consensus to determine the allocations in the genesis block. In PoW you need social consensus on the genesis block as well - the PoW algorithm, the initial difficulty and block reward, the difficulty adjustment algorithm, the block reward schedule