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+++ I def see the conflict here. I think exchanges should promise to pass PoS voting on to their users, but either way it's an issue with PoS that isn't easy to solve.

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punished nic

@nic__carter

Jul 27, 2021

Replying to @nic__carter @hasufl and 3 others

To be clear, I'm not accusing FTX of anything. Just saying that there's a principal agent problem with exchanges voting with user balances. A point made in my recent paper papers.ssrn.com/sol3/papers.cf

3:15 PM · Jul 27, 2021Twitter Web App

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Y no Decred acknowledgement ever

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#Decred fixed this. If that was acknowledged, they wouldn't have anything to Tweet about or users funds to vote with.

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Sovereign Skateboards

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Promise? Sounds desilusional. Not only for exchanges but for big institutions.

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Seems to be a serious flaw. What am I missing?

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Why isn’t this easy to solve?

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Most holders don’t care to vote. Same in any network, people are happy letting whales pave their roads….people are lazy when they don’t have much to lose. How many other ways can I say this haha

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Oh yes, make exchanges pinky promise to not co-opt the entire network PoS is so much better than PoW! 🤪

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We all know PoS is a scam and just the same ponzi as the current financial system.

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Proof of Work is the only way to guard against regulatory capture and the very concentration of power that gave rise to this whole industry. Its fine to experiment with other stuff but don't pretend that PoS can usurp Bitcoin and PoW and still deliver on the promise of "crypto"