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Proof of stake only allows rich people to verify transactions, which seems to… contradict the goals of cryptocurrency.
by xigoi 5y ago
Proof of stake only allows rich people to verify transactions, which seems to… contradict the goals of cryptocurrency.
- jovial_cavalier 5y agoHowso? Those people cannot pervert the actual transaction, they will be slashed, and the money I believe goes to the node who proves them wrong, as incentive (don't quote me). It remains completely decentralized and effectively ungovernable, which I believe is the primary goal of cryptocurrency. I don't think it was ever meant to address the "rich get richer" effect. Also, the practical upshot of the previous dynamic was that only people who could afford thousands of GPUs/ASICs/FPGAs could verify transactions, so it was basically the same effect with more steps.