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 …
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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.
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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.
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11/ *Note: Unforgeable costliness is *not* the same thing as the labor theory of value:https://twitter.com/hugohanoi/status/1046105642870681600?s=21 …
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12/ Note #2: don’t confuse the *creation* of value with the *transfer* of valuehttps://twitter.com/hugohanoi/status/1046125820161323008?s=21 …
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Absolutely spot on analysis
@el33th4xor clearly doesn’t understand PoW. I kinda disagree with this one tweet though it’s certainly possible for value to be driven through some collective consensus (eventually at least) NFTs and curation markets will be based on this. -
What you’re describing is very similar to a fiat system (“value” propped up purely based on collective consensus). I’m saying that scheme does not work/is not sustainable.https://twitter.com/hugohanoi/status/1047559904632791041?s=21 …
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Forgive my ignorance, but I just don’t get this. Based on that logic, anything that uses a lot of energy to consume should be valuable, which is definitely not the case. That BTC derives some value for being difficult or expensive to create ok, but that’s also the case in PoS?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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