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Why wouldn't a similar "takeover" be possible in a PoS system? You really haven't addressed the parent's point.

fredfoobar 5y ago
[responding to the pre-edit question about PoW] I just did, you don't need any capital to run a node. The book documents an incident where there was majority hash-rate (miners) wanting to change the rules against the wishes of the users. more info: https://www.youtube.com/watch?v=4IT4s-6T__k https://www.youtube.com/watch?v=4IT4s-6T__k
- crispyporkbites 5y ago
  But at scale you need lots of nodes/computational power and therefore lots of money. It doesn’t really make a difference whether you buy graphics cards in a pow world or ethereum in a pos world, you need lots of capital to be influential. Now if we could make it Proof of Human, one vote, one person, non-transferable, that would be true distributed consensus. Even then you would get people buying votes with advertising as we see today in “normal” elections.
  - fredfoobar 5y ago
    > But at scale you need lots of nodes/computational power and therefore lots of money. It doesn’t really make a difference whether you buy graphics cards in a pow world or ethereum in a pos world, you need lots of capital to be influential. You're missing the energy part of the equation (opex), that is continuously required.
- hanniabu 5y ago
  > you don't need any capital to run a node Please point me in the direction where I can find some of these free ASIC miners.....
  - fredfoobar 5y ago
    full node != miner Run your own full node, easiest option: getumbrel.com
SilasX 5y ago
Did you mean PoS? Parent was talking about a PoW system.
- dahfizz 5y ago
  Yes, editted.
grubles 5y ago
You can do much worse things in a PoS system since power in the system is tied to the asset (ETH). Ethereum DeFi toys are hacked on a daily basis and millions upon millions of dollars worth of ETH is stolen. It's exactly why the DAO hacker was censored -- they controlled more ETH than any single account in the system.

[responding to the pre-edit question about PoW] I just did, you don't need any capital to run a node. The book documents an incident where there was majority hash-rate (miners) wanting to change the rules against the wishes of the users. more info: https://www.youtube.com/watch?v=4IT4s-6T__k https://www.youtube.com/watch?v=4IT4s-6T__k

crispyporkbites 5y ago
But at scale you need lots of nodes/computational power and therefore lots of money. It doesn’t really make a difference whether you buy graphics cards in a pow world or ethereum in a pos world, you need lots of capital to be influential. Now if we could make it Proof of Human, one vote, one person, non-transferable, that would be true distributed consensus. Even then you would get people buying votes with advertising as we see today in “normal” elections.
- fredfoobar 5y ago
  > But at scale you need lots of nodes/computational power and therefore lots of money. It doesn’t really make a difference whether you buy graphics cards in a pow world or ethereum in a pos world, you need lots of capital to be influential. You're missing the energy part of the equation (opex), that is continuously required.
hanniabu 5y ago
> you don't need any capital to run a node Please point me in the direction where I can find some of these free ASIC miners.....
- fredfoobar 5y ago
  full node != miner Run your own full node, easiest option: getumbrel.com

SilasX 5y ago

Did you mean PoS? Parent was talking about a PoW system.

dahfizz 5y ago
Yes, editted.

grubles 5y ago

You can do much worse things in a PoS system since power in the system is tied to the asset (ETH). Ethereum DeFi toys are hacked on a daily basis and millions upon millions of dollars worth of ETH is stolen. It's exactly why the DAO hacker was censored -- they controlled more ETH than any single account in the system.