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Just take a look at any of the account tables. Most of it is in exchange cold wallets. These exchanges will be staking against your interests. It has happened b
by rfd4sgmk8u 5y ago
Just take a look at any of the account tables. Most of it is in exchange cold wallets. These exchanges will be staking against your interests. It has happened before, it will happen again. Just say no to PoS.
- fastball 5y agoBut that's only because Ethereum is currently on PoW, so (naive) people don't care. But as soon the switch happens, people will want to be staking their ETH in pools that will earn them money.
- rfd4sgmk8u 5y agoYeah, in exchanges. Which will ignore the wishes of the actual currency owners, just like happens today. A vast, vast majority of staking users will not have the required 32 ETH for self-staking, and will be delegating this to third parties. PoS gives power to the exchanges, which should not have this power.
- fastball 5y agoIt only gives exchanges power if users choose to give them power, which is exactly how a decentralized democratized currency is supposed to work.
- pinkybanana 5y agoThe difference to PoW is that the exchanges can do the staking with very minimal effort. I would guess majority of exchanges give the staking results to customers while taking some % fee. I don't have any problem with this in general, I don't think it is wrong to do business like that. But I personally prefer PoW because it looks like it naturally separates the mining work from exchanges, creating more decentralized economy.