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I say Bill Gates is bad for the Planet. The reality is PoW is the only consensus mechanism that is secure today. PoS is not secure. It will never be secure. It
by rfd4sgmk8u 6y ago
I say Bill Gates is bad for the Planet.
The reality is PoW is the only consensus mechanism that is secure today. PoS is not secure. It will never be secure. It takes energy to secure money, it is that simple.
We will spend as much energy as is needed to secure the bitcoin monetary supply - the economic prosperity of the planet is at risk!
For all those folks out there begging for PoS bitcoin, it will never happen. Your misinformed opinions of environment/energy and your demand that I choose to spend energy in a way you approve of is oppression by the ignorant.
PoS coins are worthless rubbish. There is only bitcoin.
- whitepaint 6y ago> PoS is not secure. That is quite a huge claim. You need to give some arguments for this.
- rfd4sgmk8u 6y agoArgument: PoW is a security model that depends on energy usage and mathematics. PoS is a security model that depends on human behavior. I trust physics over human behavior any day. Human psychology is the weak link in any system. In the next year, we will see a further consolidation of funds towards traditional finance (they have the capital to acquire the floating btc). We do not want tradfi in charge of coin emission. Proof of Stake is reinventing existing power structures. Bitcoin as PoW prevents this hostile takeover by legacy forces. If tradfi and governments want a say in how coins are transacted/emitted, they better get mining!
- DennisP 6y agoActually it doesn't depend on behavior. It depends on destroying an attacker's ability to keep attacking.
- whitepaint 6y agoI will myself be a validator as well. Anyone can be one (even if you don't have 32 ethers, you can join a pool). You are either purposefully or ignorantly telling lies.
- rfd4sgmk8u 6y agoHow so? I have no doubt that anyone can stake their ether. What I doubt is the security model of having large ether stakers in control of emission/tx inclusion. If large stakeholders, like the largest banks in the world, have a say in how this works, the value of a decentralized, antifragile peer to peer money fails.
- Geee 6y agoThere's nothing 'huge' with this claim. It's basic knowledge.
- Osiris 6y agoWhat about proof of stake is not secure? I think it's clear that the electrical use of proof of work will become a serious issue if Bitcoin (or similar blockchain) becomes widely adopted. Do you have a suggestion on how to address that issue, or do you believe it's a non-issue entirely?
- rfd4sgmk8u 6y agoIt is entirely an non-issue. Nobody has the right to say how others use energy. One can make an argument about transmission efficiency, and generation materials (and how renewable sources are more efficient), thus profitable for both the planet and the miner. But the actual use of energy? Get out of here. Tired arguments that I thought died years ago.
- whitepaint 6y ago> Nobody has the right to say how others use energy. Bitcoin will get destroyed eventually by the free markets because of how inferior it is to many alternatives. One being its usage of energy.
- rfd4sgmk8u 6y agoYou can believe that. I believe that existing, inferior stores of value like the USD and EURO will be destroyed by the alternative (Bitcoin). Energy usage is its biggest strength. Lets see who is correct in 10 years?
- whitepaint 6y agoI don't think US or EU will collapse within 10 years that's for sure.