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Waste-maximizing mining farms only add to the cost (before you say "PoS": the model of a plutocratic oligarchy that can further concentrate their wealth by taxi
by pornel 5y ago
Waste-maximizing mining farms only add to the cost (before you say "PoS": the model of a plutocratic oligarchy that can further concentrate their wealth by taxing all transactions doesn't sound cheap either).
Cost of hosting and bandwidth is asymptotically approaching zero. For most things it can be easily subsidized with pocket change. For bigger things, the pre-tollbooth-on-everything Web has already figured out Bittorrent and p2p protocols where basically the receiver pays/subsidizes it through their ISP.
- nowherebeen 5y ago> the model of a plutocratic oligarchy that can further concentrate their wealth by taxing all transactions doesn't sound cheap either How is that different from what banks do right now for all your transactions? It's the exact same and owned by Wall Street oligarchy (Morgan Stanley, Goldman, BoA, Citibank, etc). The only difference is that you can't reverse the transaction. As for the rest of your argument, I agree; although, idealistic and unlikely. I simply found it ludicrous that author thought the internet is powered by fairy dust.
- pornel 5y agoIn EU countries many fees are regulated and have caps. For example, debit card interchange fee is max 0.2%. In the real world rich are getting richer and use their wealth to gain even more control too. But in a PoS system this is not a bug, but the core mechanic of the system. You can't even make a PoS system that is even slightly egalitarian, because then a "rich" wallet could be split into many "poor" sockpuppet ones and gain even more influence.