Ripple is a bet that one company should own 33% of the money supply and become the richest entity in human history.
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Lol Ripple. I can't believe anything using PBFT is taken seriously.
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Well the protocol is cool. But on a social level that kind of wealth consolidation would never be permitted.
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I thought Ripples consensus mechanism failed in Stellar this past summer? Stellar had to created a new version of PBFT. Stellar's validators being chosen buy the community is a novel feature as well. Either one being treated as money by the market blows my mind though.
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Stellar didn't understand most of the Ripple tech they took. Their ledger forked when they violated the constraints of the consensus protocol. The same thing would happen if you used PoW and had only two mining pools of equal power that disconnected from each other. 1/2
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The only time they ever mentioned all the tech they copied from Ripple was when they broke it and blamed it on the tech. Their conduct in their early days (and not just this one thing), IMO, should never be forgotten. 2/2
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David, now that is interesting. I wasn't aware of the backstory. I'll keep it in mind going forward, thank you.
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You're welcome. For the record, I'm not at all bitter. ;)
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2. POS is much more resistant against state actors compared to POW
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Imagine a state actor quietly infects a majority of honest miners with a virus. These miners are then turned hostile. What happens next?
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This scenario is dangerous for pretty much all protocols
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Yes, for PoW miners its problematic likely they have to reformat their nodes and resync. But for PoS where coins are tied up, and the protocol punishes bad behavior, it seems fatal.
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I wonder what’s the actual difficulty of inflicting a majority of nodes. Doesn’t seem like an easy task to me
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Actually....You don't bet that these conditions will be met, you bet that people believe that they will be. Huge difference.
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I like the Ethereum Devs. This isn't a knock against a team who accomplished great things. Only that at the current valuation and a lack of emphasis on sharding its a bad bet IMO.
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1. Unknown 2. POS will be economically less efficient than POW
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My main concern with PoS are state actors. Viruses that turn miners hostile would be trivial for them and these honest miners would then be punished leading to instability. Satoshi used Adam Back's proof of work mechanism over PoS for a reason.
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Agree. I haven’t found flaws in
@Truthcoin ‘s arguments of POS vs POW http://www.truthcoin.info/blog/pow-cheapest/ …
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Spectacular provided if it can out compete upcoming chains like Dfinity. However, I view this as a long shot.
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