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Proof of Stake just means those with the biggest money bags (stake sounds so much better than wealth) rule over you, explicitly. It is simply plutocracy, but w
by inter_netuser 6y ago
Proof of Stake just means those with the biggest money bags (stake sounds so much better than wealth) rule over you, explicitly.
It is simply plutocracy, but with cute emojis.
- meowkit 6y agoSo we don’t have plutocracy in the current fiat money system(s)? Relative inequality is super low and investment opportunities abound for all income levels? We don’t have a plutocracy in PoW coins like BTC either right? Super cheap and easy to spin up a mining operation I heard.
- inter_netuser 6y agoGiven that nearly every miner and large exchange/business tried and failed to force changes to BTC, I'd argue that influence of plutocrats on the fundamental properties of Bitcoin is significantly lower. Failure of the New York Agreement is certainly more reassuring than never-ending hard forks.
- suikadayo 6y agoYeah, and any discussion surrounding hard forks was allowed right in the open on /r/bitcoin and bitcointalk, leading to informed node operators.. oh wait, that didn't happen, people got banned.
- dmihal 6y agoAnd Proof of Work means those with access to cheap electricity rule over the network, which is why most mining happens in western China.
- CryptoPunk 6y ago>>Proof of Stake just means those with the biggest money bags (stake sounds so much better than wealth) rule over you, explicitly. No, in Ethereum, Proof of Stake does not set protocol parameters, so no one rules over you.