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>Imagine if cryptocurrency started doing that? Isn't this essentially what proof of steak is? A tax on all transactions proportional to how much you already ow

>Imagine if cryptocurrency started doing that? Isn't this essentially what proof of steak is? A tax on all transactions proportional to how much you already own, but disproportionately applied to smaller users. That last bit is key. Speaking of Ethereum for a second - the largest asset owners will be institutions which can transact off-chain, which means that fees are being payed more often by folks that don't have that kind of scale.

wearywanderer 5y ago
I've always felt that the best way to prove steaks is with forks.
- ASalazarMX 5y ago
  It's a shame that ecoins with proof-of-steak can't be ecofriendly. Maybe that's for the best, since you could accidentally eat your steaks and lose your money.
  - baryphonic 5y ago
    You referring to proof-of-steak directly releasing greenhouse gases in the form of bovine farts?
- bitcurious 5y ago
  Quick, invest in Beyond Meat! It’s the future of blockchain.
smrq 5y ago
First we had proof of work, and it consumed all the world's processing power. Then we had proof of space, and it consumed all the world's data storage. Then we had proof of steak, and it consumed all the world's food. Thus ended humanity.
- visualradio 5y ago
  First we had gold, and the Spanish looted the New World to acquire it and found themselves no richer. Then we had real estate mortgages and used deeds to estates instead of gold, and the speculators wrote up intangible asset prices as high as possible to get more money from central banks. Then we had digital gold, and no one used it because money is credit and no one wanted to pay excessive interest to internet goldbugs. Ideally we would recognize that issuing money is a collective problem and attempt to fix our public money system, which is based on real estate mortgages. We can fix it by recognizing that when a home has a fixed capital replacement cost of $150,000 and broker has written the comparable sales price up to $400,000 that it is not necessary to publicly guarantee the mortgages at the comparable sales price of $400,000 only the $150,000. Or to at least cap the public mortgage guarantees at double the replacement cost ($300,000) whenever the comparable sales price ($400,000) is greater. It perhaps goes against libertarian sensibilities to claim that if the labor and material cost of the replacing all of the structures, fixtures, equipment, appliances conveyed with an estate is $150,000 and the comparable sales prices of $400,000 that the estate has 'intrinsic value' of $150,000 rather than just subjective value of $400,000. But with federally backed mortgages the $400,000 is not a long run competitive market value, it is a number which a specific set of brokers and banks have fixed upon which the central bank then commits to backing regardless of how they pick it. Requiring loans which expand legal tender to be issued on at least half security of the replacement cost of non-obsolete fixed capital would be a reasonable short term reform to stabilize the public money system in case private crypto money doesn't work out.
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wearywanderer 5y ago

I've always felt that the best way to prove steaks is with forks.

ASalazarMX 5y ago
It's a shame that ecoins with proof-of-steak can't be ecofriendly. Maybe that's for the best, since you could accidentally eat your steaks and lose your money.
- baryphonic 5y ago
  You referring to proof-of-steak directly releasing greenhouse gases in the form of bovine farts?
bitcurious 5y ago
Quick, invest in Beyond Meat! It’s the future of blockchain.

smrq 5y ago

First we had proof of work, and it consumed all the world's processing power. Then we had proof of space, and it consumed all the world's data storage. Then we had proof of steak, and it consumed all the world's food. Thus ended humanity.

visualradio 5y ago
First we had gold, and the Spanish looted the New World to acquire it and found themselves no richer. Then we had real estate mortgages and used deeds to estates instead of gold, and the speculators wrote up intangible asset prices as high as possible to get more money from central banks. Then we had digital gold, and no one used it because money is credit and no one wanted to pay excessive interest to internet goldbugs. Ideally we would recognize that issuing money is a collective problem and attempt to fix our public money system, which is based on real estate mortgages. We can fix it by recognizing that when a home has a fixed capital replacement cost of $150,000 and broker has written the comparable sales price up to $400,000 that it is not necessary to publicly guarantee the mortgages at the comparable sales price of $400,000 only the $150,000. Or to at least cap the public mortgage guarantees at double the replacement cost ($300,000) whenever the comparable sales price ($400,000) is greater. It perhaps goes against libertarian sensibilities to claim that if the labor and material cost of the replacing all of the structures, fixtures, equipment, appliances conveyed with an estate is $150,000 and the comparable sales prices of $400,000 that the estate has 'intrinsic value' of $150,000 rather than just subjective value of $400,000. But with federally backed mortgages the $400,000 is not a long run competitive market value, it is a number which a specific set of brokers and banks have fixed upon which the central bank then commits to backing regardless of how they pick it. Requiring loans which expand legal tender to be issued on at least half security of the replacement cost of non-obsolete fixed capital would be a reasonable short term reform to stabilize the public money system in case private crypto money doesn't work out.
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