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Proof-of-stake is basically an oligarchy though, those with funds call the shots, similar to the current mainstream system but without any of the checks and bal

Proof-of-stake is basically an oligarchy though, those with funds call the shots, similar to the current mainstream system but without any of the checks and balances (they will be developed for crypto, too, in time, but at a high price for the early small adopters). Another example of crypto not really being that special in the end, if it wants mass adoption - you can ignore the boring realities as long as it's just used by a relatively small club.

deleted 5y ago
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rglullis 5y ago
> those with funds call the shots Look at the distribution curve of people and their funds that can be put at stake and compare with the people with access to cheap energy and capital to operate a mining rig, then come back to tell me which one is the real oligarchy.
wraptile 5y ago
> Proof-of-stake is basically an oligarchy though, those with funds call the shots How is it different from proof of work? People with access to ASIC miners and cheap electricity call the shots, guess who those people are? Proof is stake actually more fair since you cannot move your investment in the network - you are locked-in and need the network to succeed to not lose your position. With proof of work you can switch all of your investments to a different network at the snap of your fingers. Proof of stake is naturally designed to produce benevolent leaders since their success is directly tied to the success of the network.