4 ms·

POS = "Proof of stake" here, not the more common use of POS. PoS if implemented with the correct incentives is as secure as PoW. I don't have much faith in cryp

POS = "Proof of stake" here, not the more common use of POS. PoS if implemented with the correct incentives is as secure as PoW. I don't have much faith in crypto helping unbanked populations, as there is a pretty high learning curve. You can easily wipe away all your money if you do a step wrong or loose a private key.

_jjkk 6y ago
It is yet to be proven if it is "as secure" because no PoS network has operated at scale. It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... Regardless if the network has "correct incentives" or not, things can happen to those stakeholders outside their control, or other incentives could easily develop to act in bad faith against the network.
- Shoue 6y ago
  > It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... As opposed to a few stakeholders that have total control of the network because they hold the most computational power? And before you bring up mining pools, you can replicate that in Proof of Stake by creating staking pools.
- DennisP 6y ago
  I'm not sure what you mean by "at scale" but ETH2 PoS has been operating for several months now, and currently has over 100,000 validators with over $6 billion staked.
- ddrdrck_ 6y ago
  Have a look at cosmos.network for successful decentralized dPoS network. Also Binance chain is built using Cosmos SDK, one could argue it is not decentralized enough, but it is certainly secure enough.
zapdrive 6y ago
> PoS if implemented with the correct incentives is as secure as PoW. Lol. And we're just supposed to believe you, right? Show me one POS which is as secure as POW.

4 ms·

POS = "Proof of stake" here, not the more common use of POS. PoS if implemented with the correct incentives is as secure as PoW. I don't have much faith in cryp

by fasteddie31003 6y ago

_jjkk 6y ago
It is yet to be proven if it is "as secure" because no PoS network has operated at scale. It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... Regardless if the network has "correct incentives" or not, things can happen to those stakeholders outside their control, or other incentives could easily develop to act in bad faith against the network.
- Shoue 6y ago
  > It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... As opposed to a few stakeholders that have total control of the network because they hold the most computational power? And before you bring up mining pools, you can replicate that in Proof of Stake by creating staking pools.
- DennisP 6y ago
  I'm not sure what you mean by "at scale" but ETH2 PoS has been operating for several months now, and currently has over 100,000 validators with over $6 billion staked.
- ddrdrck_ 6y ago
  Have a look at cosmos.network for successful decentralized dPoS network. Also Binance chain is built using Cosmos SDK, one could argue it is not decentralized enough, but it is certainly secure enough.
zapdrive 6y ago
> PoS if implemented with the correct incentives is as secure as PoW. Lol. And we're just supposed to believe you, right? Show me one POS which is as secure as POW.