3 ms·

Is it me or Vitalik seems to be going a bit far... > The powerful social force that is creating this effect is worth understanding. As we are going to see, it'

by csomar 6y ago

Is it me or Vitalik seems to be going a bit far... > The powerful social force that is creating this effect is worth understanding. As we are going to see, it's also the same social force behind why the Ethereum ecosystem is capable of summoning up these resources in the first place (and the technologically near-identical Ethereum Classic is not) The dude is turning megalomaniac, and is not realizing that a portion of miners are not happy with the protocol changes. His answer to that seems to be that he is the "legitimate" source of truth? I guess it's time to short Ethereum or run from your long. *: Not trading advice.

noofen 6y ago
Honestly, who cares about the miners? As far as I can tell, Proof of Stake is better in every way, for ETH users and developers. I will enjoy the schadenfreude knowing you're shorting ETH.
- raedah 6y ago
  The largest downfall in PoS is how the new coins go to existing coin holders, causing the rich to get richer .. centralizing the ownership of the network. PoW miners have hard cost to pay in the competitive market and the profit margins tend towards zero. This real cost means that miners have to sell coins if they need to recover production costs. The selling creates downward pressure until the market settles at a natural price floor. Gold buyers have understood the market price floor in relation to production costs for a long time. This lack of production costs with pure PoS systems leads to centralized ownership and a manipulated market, and this is why we see pure PoS coins with manipulated sky high market caps. I will never buy a pure PoS coin because a manipulated price doesn't satisfy legitimacy by fairness.
samatman 6y ago
The term "Proof of Vitalik" was coined to explain the difference in market value between Ethereum and Ethereum Classic after the split. The value of having a Vitalik is clearly considerable, but it isn't infinite. He fundamentally must persuade, because he has no ability to command. That's his legitimacy: people mostly do what he wants, even though they don't have to. If he loses the legitimacy, that's what he loses.

by csomar 6y ago

noofen 6y ago

Honestly, who cares about the miners? As far as I can tell, Proof of Stake is better in every way, for ETH users and developers. I will enjoy the schadenfreude knowing you're shorting ETH.

raedah 6y ago
The largest downfall in PoS is how the new coins go to existing coin holders, causing the rich to get richer .. centralizing the ownership of the network. PoW miners have hard cost to pay in the competitive market and the profit margins tend towards zero. This real cost means that miners have to sell coins if they need to recover production costs. The selling creates downward pressure until the market settles at a natural price floor. Gold buyers have understood the market price floor in relation to production costs for a long time. This lack of production costs with pure PoS systems leads to centralized ownership and a manipulated market, and this is why we see pure PoS coins with manipulated sky high market caps. I will never buy a pure PoS coin because a manipulated price doesn't satisfy legitimacy by fairness.

samatman 6y ago

The term "Proof of Vitalik" was coined to explain the difference in market value between Ethereum and Ethereum Classic after the split. The value of having a Vitalik is clearly considerable, but it isn't infinite. He fundamentally must persuade, because he has no ability to command. That's his legitimacy: people mostly do what he wants, even though they don't have to. If he loses the legitimacy, that's what he loses.