When I first started yelling at people about this five years ago they told me Ethereum was halfway there to displacing proof-of-work with proof-of-stake ("halfway" because of the fork with Ethereum Classic) Since then, they've gone from halfway to zerohttps://twitter.com/beakfriends/status/1366193100226461698?s=20 …
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It's like the math/computing version of cartoonishly evil concepts like the billionaire dining club that only eats endangered animals The point is to eat the most expensive animal possible, and by definition the more endangered it is the more expensive it is
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If the animal weren't endangered, it wouldn't be expensive It has to be objectively hard to get one or there's no point Artificially raise the price -- just getting a regular chicken and charging $1 million for it -- and people will find a way to get around it
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(Charging $1 million for a regular chicken by making everyone pinky-promise not to bring any "outside food" into the club is the equivalent of proof-of-stake Not being able to make people keep this promise is the fundamental problem with PoS "consensus")
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("Is that one of OUR chickens or an outside chicken? How do we label our chickens" is the "block selection" problem Proof-of-work makes this moot by not killing chickens and instead killing white rhinos, which are objectively physically rare and verifiable by DNA testing)
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(Proof-of-work always works because there's always a most endangered species of animal in the world that you can work through until it's gone and then go after the next one It is very elegant in its evil and evil in its elegance)
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(If you're an actual crypto enthusiast who's gonna come at me for why this metaphor is bad/inaccurate, I do not care, and neither will anyone else after you've finally killed the planet and they're looking for someone to blame)
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There is one project that wants to commit that power toward research called BOINC, but it never caught on and doesn't have the absurd volatility bitcoin has always had, which is what coin fanatics really want.
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I actually tried mining Gridcoin for a while and I never made more money than I could've by using the same computing resources to, I dunno, play FPSes continuously until after six months of gaming I suddenly notice a nickel on the floor I didn't see before
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