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I don't see how proof-of-waste makes bitcoin more resistant to devaluation and duplication. How would switching to proof-of-stake make bitcoin more prone to de
by lottin 5y ago
I don't see how proof-of-waste makes bitcoin more resistant to devaluation and duplication. How would switching to proof-of-stake make bitcoin more prone to devaluation, for instance? As far as duplication is concerned, bitcoin is open-source software which means anyone can duplicate it and make derivative works from it. There are dozens of bitcoin clones. It doesn't seem that bitcoin is resistant to duplication at all, or that there is any reason the lack of difficulty with which it can be duplicated should be influenced by whether it uses proof-of-waste or proof-of-stake.
- webXL 5y agoAny software engineer can clone Twitter. The value of it is in the network and the high cost of users switching because they can't convince the people they follow and those who follow them to switch at once. The same applies to Bitcoin, but miners have an even higher cost of switching because they have specialized hardware that can only generate revenue on the Bitcoin network. Ethereum validators have a much lower cost to switch. > proof-of-waste It's Proof of Work. Productive work has value and in this case, it's widely distributed censorship-resistant validation of transactions.
- lottin 5y agoNetwork effects have to do with the amount of users, not with the choice between proof-of-waste and proof-of-stake.