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"How do we know that the Bible is true? Well we know that the Bible is true...because the Bible tells us so" The circular logic of PoS: 1. The list of valid
by nthacker 4y ago
"How do we know that the Bible is true?
Well we know that the Bible is true...because the Bible tells us so"
The circular logic of PoS:
1. The list of valid transactions determines who has coin.
2. People with coin decide which transactions are valid.
3. GOTO 1
https://github.com/stickfigure/blog/wiki/Proof-Of-Stake-Wears-No-Clothes https://github.com/stickfigure/blog/wiki/Proof-Of-Stake-Wear...
- TrainedMonkey 4y agoModern society is built upon shared beliefs. Dollar has value because people believe it to be so. People go to work because they believe dollar will have value in part because other people believe the same things. Comparison to circular logic is quite apt, but it applies to most of the modern wold.
- nthacker 4y agobitcoin doesnt suffer this because proof of work provides an independent method for verification. the energy utilization argument that comes up should be evaluated in the context of the comparison of this independent humanless verification vs proof-of-stake or other shared or trusted mechanisms
- abdullahkhalids 4y agoVitalik just replied to this a few days ago https://twitter.com/VitalikButerin/status/1566073164093726720 https://twitter.com/VitalikButerin/status/156607316409372672... > Because it's not a circular argument, it's a spiral argument. People with coins at time T secure the transactions at time T+1. > Spiral arguments and circular arguments sometimes look similar to untrained observers, but they are fundamentally different.
- nthacker 4y agoThis is obviously worse because future transactions depend on people with coins in the past
- imtringued 4y agoProof of stake still follows longest chain rules.