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Ethereum has been planning to move to PoS since the beginning. PoS is already working and devs are making incredible progress toward The Merge. PoS chains such
by tornato7 5y ago
Ethereum has been planning to move to PoS since the beginning. PoS is already working and devs are making incredible progress toward The Merge.
PoS chains such as Solana and more efficient L2s are already starting to see wide adoption.
- mavhc 5y agoHow does Proof of Stake not cause the rich to grow richer?
- tylersmith 5y agoAll investments help the rich grow richer. People mine PoW currencies only because it makes them richer.
- chowells 5y agoThe exact same way proof of purchase of massive bespoke mining rigs doesn't cause the rich to grow richer. The people making significant money from mining cryptocurrencies are the ones with multiple warehouse-scale operations filled with custom hardware. These people aren't getting rich, they were already rich. Moving to PoS just removes some middlemen, not changes the fundamental economics.
- mavhc 5y agoBut there's not a massive economy of scale, and anyone can jump in and be at the same level as anyone else at that time. If I have a million bitcoins because I got in on day 3, I don't have an advantage of making them today. If I have a million PoS coins, because I got in on day 3, am I more likely to get more than someone who just started?