1/ Emin again with the BS that PoW’s role is merely a “Sybil-controlled mechanism”. (And therefore PoS is a reasonable drop-in replacement.) It’s the classic mistake domain experts make when analyzing systems purely from their Point-of-View.https://twitter.com/el33th4xor/status/1046042561067003904 …
-
-
6/ PoW is what gives Bitcoin “unforgeable costliness”, something few CS people would even try to analyze.
@NickSzabo4 spent years researching & elaborately explained in his study on the Origin of Money: (Good) money *must* have unforgeable costliness. https://nakamotoinstitute.org/shelling-out/Show this thread -
7/ PoW is a lot more than Sybil-control, it gives digital blocks real-world weight, the same way Gold has real weight. What are blocks but simply a bunch of 1s & 0s? PoW is the _bridge_ between the digital & the physical.https://bitcointechtalk.com/the-anatomy-of-proof-of-work-98c85b6f6667 …
Show this thread -
8/ Value doesn’t come from nothing, it doesn’t arise just because a bunch of people collectively decide that some digital strings have value via their computer nodes - which is what Proof-of-Stake does.
Show this thread -
9/ Like many astutely observed, if it was possible to create money this way (by hooking up a bunch of computers together), we wouldn’t have to wait until now. Make no mistake, PoW mining & Nakamoto consensus are crucial in the creation of digital hard money.
Show this thread -
10/ P.S. This type of tunnel vision & pretense of knowledge is what spawns a bunch of ludicrous ideas in the crypto space. From PoS to Ethereum to utility tokens.
Show this thread -
11/ *Note: Unforgeable costliness is *not* the same thing as the labor theory of value:https://twitter.com/hugohanoi/status/1046105642870681600?s=21 …
Show this thread -
12/ Note #2: don’t confuse the *creation* of value with the *transfer* of valuehttps://twitter.com/hugohanoi/status/1046125820161323008?s=21 …
Show this thread
End of conversation
New conversation -
-
-
Not quite true because of the initial block reward subsidy. The block subsidy does cause waste as it subsidizes miners which create more security than required by free market.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.

