An apt summary of most if not all of non-PoW protocols: "we solve distributed consensus on X by assuming we have solved distributed consensus on Y." In the process you'd get fancy terms like "randomness beacon" that sounds sophisticated, but in reality just obfuscates the issue.https://twitter.com/random_walker/status/1043613473974964224 …
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The crypto scene of today must have been very similar to the early days of science, when people still believed in Perpetual Motion and the idea of getting something out of nothing. One day we will look back and laugh at all this insanity.
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So you suggest to ignore-dismiss all these efforts and embrace the current status quo? Isn't this handwaving?
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Of course efforts for implementing new ideas add great value. Current problem in the crypo scene is that we see tons of fancy white, yellow, blue papers that aim to raise hundreds of millions of dollars with no interesting development progress.
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Exactly. Nothing wrong with experimentation, and it might truly take time to weed out the bad ideas, but the amount of bad/scammy ideas in crypto is insane & the fact that they raise billions is a problem. Something about crypto gets the worst out of people. It's sickening, tbh.
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