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Because PoW miners have very little authority tied to their computing resources. Users have prevailed in Bitcoin forkwars over miners and many large exchanges
by inter_netuser 5y ago
Because PoW miners have very little authority tied to their computing resources.
Users have prevailed in Bitcoin forkwars over miners and many large exchanges and businesses.
Miners are really more similar to employees of the network, that order transaction in exchange for fees. They are not masters of the protocol, and cannot dictate its rules.
Proof of Work has a nuclear option (change of hashing algo) that would bankrupt the miners and render their farms useless. No such option exists in PoS, just political battles, as we've seen in practice.
In PoS users lost in political battles of EOS (collapsed and rewrote the network rules) and Steem (taken over by bad faith staker). Literally all PoS projects failed in some way until today, due to some centralization pressures it produces.
- woah 5y agoThis is nonsensical. PoS users can change any parameters of the chain just as easily as PoW users can change the hashing algorithm. If all the PoS users switch to a version of the full node and or light client software that has the biggest holder’s balance reduced to zero, there is nothing anyone can do to stop them. It is the exact same thing as if PoW users switch to a full node software with a different hashing algo.
- inter_netuser 5y agoI think the most fundamental difference that "balanced reduced to zero, is not even up for discussion in Bitcoin. Some Orwellian newspeak right there. "Reduced to zero". Just call it what it is: blacklists. Blacklists = permissioned access. Behave or we blacklist your coins. Welcome to Fiat 2.0
- woah 5y agoWhatever. All Bitcoin users could also switch to a client that reduces someone's balance to zero.
- ddrdrck_ 5y agoThis is not true. Cosmos network (PoS network based on Tendermint consensus) is running successfully since 2019 for example.
- inter_netuser 5y agoNever said they cannot operate. It'll be just wildly more political than PoW chains where you can verify the heaviest chain objectively.