Pos is just piece of shit. Only mining nodes with hashpower secures the network. If someone buy bunch of coins and just hold, there's no way to compete with him. It not a capitalism. It's like permanent governmntal control
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Replying to @JynGyu @BobMcElrath
There's no difference between setting capital aside as capital versus setting it aside as a bunch of mining hardware.
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Replying to @el33th4xor @JynGyu
Exchanges are politically controlled. Hashpower isn't.
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For me, the argument isn't that PoS raises (or reduces) capital cost, it's that PoS has _the same_ capital cost as PoW, but provides inferior security. As
@Truthcoin aptly put it, "NOTHING is cheaper than PoW."1 reply 0 retweets 3 likes -
Replying to @hugohanoi @BobMcElrath and
The nothing-at-stake problem is one of those things that sounds smart to the uninitiated, but the smart people know that it's totally trivial to fix.
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Replying to @el33th4xor @BobMcElrath and
If by "fix" you mean the introduction of trusted 3rd-party, then sure :-) Could you explain how your PoS chain would recover from a long network partition (could be accidental) that splits the chain into 3 parts - each part has vested interest in becoming the canonical chain?
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Replying to @hugohanoi @BobMcElrath and
Wait, you do not believe that PoW handles partitions well, do you?
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Replying to @el33th4xor @BobMcElrath and
Network partitions will be ugly regardless of whether one uses PoW or PoS. But I think people gloss over the consequences in worst-case scenarios. There's "ugly but still sorta works", and there's "ugly & totally broken".
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Replying to @hugohanoi @el33th4xor and
PoW can resolve partitions automatically, without a centralized party. PoS cannot. That's the difference.
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Replying to @hugohanoi @BobMcElrath and
Emin Gün Sirer Retweeted Emin Gün Sirer
You're confounding PoS with the kinds of consensus protocols people usually couple it with.https://twitter.com/el33th4xor/status/1006931658338177024 …
Emin Gün Sirer added,
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Seems to me like a trivial & artificial distinction. Of cos PoW *by itself* does not create consensus. But reducing PoW’s role to only Sybil-control is silly. PoW does a lot more than Sybil-control.
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Replying to @hugohanoi @BobMcElrath and
You are welcome to believe whatever you like. I did my part.
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