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Bitcoin and PoW is our only shot at decentralized monetary system. PoS has many problems, and it can't provide the same level of confidence in the system as PoW
by Geee 5y ago
Bitcoin and PoW is our only shot at decentralized monetary system. PoS has many problems, and it can't provide the same level of confidence in the system as PoW. There's no way to reach objective consensus in a PoS system.[0] From this angle, I see PoS as an adversarial attack against decentralization. Failing to understand this is dangerous. Bitcoin mining uses increasingly clean or otherwise wasted energy, which solves the actual problem, which is unclean energy production.
Ethereum has many problems, which prevent it ever competing with bitcoin as money. It can do NFTs and games, sure. However, there are many competitors who do these better, like BSC and Solana, and other more centralized blockchains. So, in the end there is really no place for Ethereum to be competitive in.
[0] https://download.wpsoftware.net/bitcoin/old-pos.pdf https://download.wpsoftware.net/bitcoin/old-pos.pdf
- Nursie 5y agoBitcoin adds a whole new country to an international power economy that already cannot provide enough green power. In some places (notably the US) fossil power is being brought back online to service it. These assertions that it is clean are not based on anything more than wishful thinking.
- pcthrowaway 5y agoGreenwashing and people defending their bags against what they see as attacks. I suspect a number of people are aware that it's bullshit but handwave anyway, and then a lot of people buy the bullshit because they're emotionally invested. I like(d) everything else about bitcoin even though it's dated technology now, but proof of work is unjustifiable, the incentives create an extremely negative externality that aren't offset by its potential as borderless, uncensorable money. Especially when other blockchains avoid this issue entirely.