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PoW tries to minimizes wealth concentration by imposing a competitive cost on obtaining coins. Of course it cannot reduce the wealth concentration already prese
by tromp 5y ago
PoW tries to minimizes wealth concentration by imposing a competitive cost on obtaining coins. Of course it cannot reduce the wealth concentration already present in fiat. It can at best not make it much worse (as PoS does).
PoW still suffers from wealth concentration due to varying block subsidies over time, which is why I'm a strong supporter of uncapped emissions like 1 coin per second forever, which gives no advantage to early miners.
- lottin 5y agoHow does PoW minimise wealth concentration? Minimising wealth concentration would imply distributing the coins evenly among the network participants. That's not what PoW does.
- garren 5y agoDoesn’t “minimiz[ing] wealth concentration by imposing a competitive cost on obtaining coins”, basically translate to “only the wealthy can afford the compute resources needed to mine”? So, not really minimizing wealth concentration as practically gauranteeing that only those with a tremendous amount of resources to waste on PoW will see any return? In fact, the first link in the post [0] touches on this point very well in the first 30 min or so. [0] https://www.youtube.com/watch?v=YQ_xWvX1n9g https://www.youtube.com/watch?v=YQ_xWvX1n9g