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I don't think proof-of-stake will actually work. Not because of any technical reasons, but because 95% of the people involved in crypto just see it as a free mo
by babypuncher 5y ago
I don't think proof-of-stake will actually work. Not because of any technical reasons, but because 95% of the people involved in crypto just see it as a free money printing machine. Once their hardware is no longer useful for mining, they will just move to some other proof-of-work crypto.
- TillE 5y agoIt's incredibly unfortunate that Bitcoin and similar proof-of-work currencies blew up and remained hot commodities. Because I do think that cryptocurrency is abstractly a very exciting idea, but the popular implementations are fundamentally abysmal. If proof-of-stake works out, particularly as a currency people can actually use, then maybe nobody wants to buy Bitcoin anymore and the whole thing dries up as only speculators are left.
- kragen 5y agoJust to be clear, Bitcoin isn't creating any GPU demand now; mining ASICs are too good. Ethereum is also becoming ASIC-dominated, but being scrypt-based reduces the ASIC advantage.