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If we assume that you're trading one hierarchical power structure for another, then can we agree that proof-of-work blockchain is worse, just for the electricit

If we assume that you're trading one hierarchical power structure for another, then can we agree that proof-of-work blockchain is worse, just for the electricity waste? What's the point of an electricity-guzzling PoW blockchain if it's just a new hierarchical power structure, the same as the old boss? "Proof of stake" (POS) is really the same as the old boss. There's no way to build a decentralized POS network, because in POS, the more stake you have, the more you earn. Centralization follows immediately. POS is literally no better than using the banking network.

hahaitsfunny 5y ago
The point is, there is promise in the utility of blockchain. If your only gripe with blockchain is that it is energy-inefficient and that it is centralized (but still less so than the current web we have) - as blockchain technology improves and becomes more energy efficient, doesn't your gripe go out the window? Just because AH and other VC's have dumped money into the space, and because of the nature of blockchain and the fact that it is not regulated in any manner and is ripe for exploration currently, doesn't make the technology worthless. Your stance would have one believe so. I'm not going to sit here and dive into the details of blockchain technology because I don't know them as well as others, but afaik, levers exist where if a token becomes too centralized, action can be taken by the stakers. Blockchain is basically just digital fiat without nation state backing - so I don't understand how you can sit here and shill for one and condemn the other. It's pretty hypocritical in my mind, even if one is the status quo.