4 ms·
Everything in this universe is analogous to Proof of Work, it's the most natural system out there. If there is a base monetary layer for the internet, it should
by fredfoobar 5y ago
Everything in this universe is analogous to Proof of Work, it's the most natural system out there. If there is a base monetary layer for the internet, it should be Proof of Work based (and Bitcoin, because it's got the most work done to improve the technology + network effects).
- manx 5y agoCould you elaborate a bit? Why do you think that?
- fredfoobar 5y agoThe crux of it is that you can't rewrite history trivially, you have to expend a lot energy to change history, and energy can't be created nor destroyed. For something specific to bitcoin/blockchain: https://www.youtube.com/watch?v=qrwgYDAoZV0 https://www.youtube.com/watch?v=qrwgYDAoZV0
- 0134340 5y agoAnd Stake is derived from Work. Some of you assume PoS exists within its own ecosystem. Even in PoW, the work is derived from previous works, ie, the work required to buy and build the hardware and pay for electricity, etc.
- fredfoobar 5y agoYeah, now you are proposing a system that is going to be secured purely on that stake everyone acquired, THAT's the issue.
- 0134340 5y agoIt doesn't exist within its own ecosystem, as I mentioned. Stake is derived from work and work itself is a security, ie, your work is secured by prior works. Everything that built it needed prior work and everything to secure it needs prior security, up the ladder you'd have yourself to secure and work for the currency, your community along with its own governance to state level and on and on up the ladder. PoW and PoS both exist within the same ecosystem.
- fredfoobar 5y agoExcept, most people chose to move their stake from one system (USD) to another (ETH) and now, you are a powerful person in this new system. If you owned more stake in the Bitcoin network, you are still a user.
- jtsiskin 5y agoCan you give an example? Struggling with analogy