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If PoS actually works maybe not, but I'll believe it when I see it. Most alternatives to PoW I have seen replace it with some form of phantom centralization or

by api 6y ago

If PoS actually works maybe not, but I'll believe it when I see it. Most alternatives to PoW I have seen replace it with some form of phantom centralization or are not secure. My understanding is that PoS makes the hyperdeflationary problem worse by locking up a lot of currency, and also makes the wealth centralization problem worse. Eventually you'll end up with a few large stakers instead of a few large miners. The thing that would really change my mind is if I saw cryptocurrencies being used a lot for useful commerce, not just gambling and money laundering. The closest I know is Monero which is used for black market commerce, but at least it's commerce. Trouble is that the bubbles actually chase away useful commerce by making the currency incredibly unstable vs. other currencies and stores of value.

rglullis 6y ago
Glad to hear that you are at least open for the possibility. Regarding PoS: Ethereum is not gold. Ethereum is oil. Yes, it has value, but only when it is used to get you something else. Regarding "commerce" with crypto, I mostly agree, but the reality is that for payments to become a common use case we still need to build A LOT of critical pieces - chiefly: have a reliable/cheap system to get stable currencies [0][1], lower the transaction costs[2], make it easy for people to request[3] and accept payments online [4] and build some permissionless system to settle payment disputes [5] as well as to get insurance and the ability to do chargebacks. These things will take time to get right, but this should not mean that they should be facing eternal and constant unfounded criticism or accusations of fraud/malice. There are lots of people working on crypto who don't care about the price fluctuations and are not doing it just for the quick buck - they should be supported, not discouraged. [0] https://synthetix.io https://synthetix.io [1] https://makerdao.com https://makerdao.com [2] https://raiden.network https://raiden.network [3] https://request.network https://request.network [4] https://hub20.io https://hub20.io [5] https://kleros.io https://kleros.io

by api 6y ago

rglullis 6y ago

Glad to hear that you are at least open for the possibility. Regarding PoS: Ethereum is not gold. Ethereum is oil. Yes, it has value, but only when it is used to get you something else. Regarding "commerce" with crypto, I mostly agree, but the reality is that for payments to become a common use case we still need to build A LOT of critical pieces - chiefly: have a reliable/cheap system to get stable currencies [0][1], lower the transaction costs[2], make it easy for people to request[3] and accept payments online [4] and build some permissionless system to settle payment disputes [5] as well as to get insurance and the ability to do chargebacks. These things will take time to get right, but this should not mean that they should be facing eternal and constant unfounded criticism or accusations of fraud/malice. There are lots of people working on crypto who don't care about the price fluctuations and are not doing it just for the quick buck - they should be supported, not discouraged. [0] https://synthetix.io https://synthetix.io [1] https://makerdao.com https://makerdao.com [2] https://raiden.network https://raiden.network [3] https://request.network https://request.network [4] https://hub20.io https://hub20.io [5] https://kleros.io https://kleros.io