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> Also, if it's as simple as that, why haven't we simply moved to PoS for everything? More modern blockchains do use PoS for the most part -- Solana, Cardano,
by dlubarov 4y ago
> Also, if it's as simple as that, why haven't we simply moved to PoS for everything?
More modern blockchains do use PoS for the most part -- Solana, Cardano, Polkadot, Cosmos, Avalanche, NEAR, etc. Just Bitcoin in particular is unlikely to make such a major change.
> PoS ultimately is a rich-gets-richer scenario is why.
In well-designed PoS systems, anyone can stake (perhaps with delegation) and access the same rate of return. If everyone stakes, noone is actually getting richer after we adjust for dilution.
- AlexandrB 4y ago> In well-designed PoS systems, anyone can stake (perhaps with delegation) and access the same rate of return. If everyone stakes, noone is actually getting richer after we adjust for dilution. This is fine in a vacuum where no one needs the money they make staking, but someone who is not rich is presumably staking to make money that they will spend on food/clothing/shelter. The wealthy can stake indefinitely.
- dlubarov 4y agoLockup periods aren't really inherent to PoS though. In Eth2 exits are rate limited, but they should be quick under normal conditions, and only delayed (for security reasons) if many stakers try to exit at once. For even greater liquidity, one can use a paltform like Lido, and just sell stETH at any time.
- influxmoment 4y agoBitcoin will not change to PoS because it doesn't work and is only promoted by charlatans trying to sell tokens
- dlubarov 4y agoDespite theoretical concerns, it seems to be working fine for the aforementioned projects! It's been used in production for about a decade now.
- influxmoment 4y agoI assume by works you mean successfully tricks people into believing a centralised network is decentralized so that people will but tokens