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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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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We have fiat money, and tradeable rewards points and airline miles. There are thousands of examples (even excluding fiat money). Bitcoin is very different from these, with many advantages, but it's incorrect to say that evidence suggests you need unforgeable costliness.
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I fell it was obvious so didn’t add a qualifier but unforgeable costliness is a mandatory requirement only for hard-to-manipulate sound money. You can of cos do whatever you want with make-believe unsound money: fiat, reward points, travel miles, etc.

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Isn’t it the opposite? If funny money can so easily gain real value, doesn’t that suggest unforgeable costliness isn’t necessary for something less funny?
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Having a price tag doesn’t construe “real” value. Anything can have a price tag above its true value due to people being irrational or threat of violence. But in the long run things always return to their true value.
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The “sound” part of sound money gives the monetary asset an anchor of value to return to. Funny money has no anchor.
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But also individual people don't exist for the long run.
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Yes, but PoW "mining" can be done in much more systemically efficient ways than merely crunching crypto algos. Beware of falling into the same "tunnel vision" that you warn others about. Example:https://medium.com/coinmonks/https-medium-com-cleanapp-the-value-of-trashhash-69e331d86374 …
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