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Proof of work consumes a real world resource. Proof of stake does not, therefore proof of work exchanges REAL value for virtual value. It literally takes actual
by suifbwish 5y ago
Proof of work consumes a real world resource. Proof of stake does not, therefore proof of work exchanges REAL value for virtual value. It literally takes actual value in the world and deletes it. What’s the difference with the US financial institutions buying up all the big mining rigs and then buying up all the stakable tokens ?
- politician 5y agoEnergy is not being exchanged for "virtual value", but rather "shared belief". Wars have been fought to force shared beliefs. It's fairly common in history for "real world resources" to be permanently burned in order to create a shared belief system in order to facilitate trade. For example, the Roman Empire or any other empire. I'd rather use electrons to create shared belief than bullets and bombs.
- suifbwish 5y agoVirtual value/shared belief are the same thing. The fact remains we are destroying something of utilitarian value to create something that has no utility past being tradable and valuable because people follow trends
- politician 5y agoShared beliefs absolutely have intrinsic value. Our ability to have this discussion in English over devices connected to a common communication platform is sufficient proof of that.
- suifbwish 5y agoUnfortunately that is not a belief shared by everyone ironically