1/ Here’s why I think Ethereum & Proof-of-Stake are bad ideas.
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2/ Bitcoin ledger (relative) immutability isn’t magic, it has that special property only because it pays an extremely high price for it. That price is PoW mining.
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3/ PoS proponents claim they can achieve the same immutability property, while doing away with this “wasteful” mining and as a result, operate at a fraction of the cost.
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4/ There’s something very similar to PoS in the history of technology, it’s called the idea of a Perpetual Motion Machine.
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5/ In the 19th & 20th centuries, people spent tons of money & effort trying to create a Perpetual Motion Machine. A Perpetual Motion Machine produces perpetual motion without requiring any energy, essentially creating energy out of thin air.
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6/ Similarly, PoS promises ledger immutability without requiring any upfront cost, basically creating ledger security out of thin air.
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7/ (“Ledger security” is used here interchangeably with immutability, or the ledger’s ability to resist changes or tampering.)
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8/ We know now why Perpetual Motion Machine doesn’t work. It violates the laws of physics. Specifically, the Conservation of Energy law: "Energy cannot be created or destroyed, it can only be changed from one form to another”.
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9/ You cannot gain something without giving up something equivalent. This is the absolute law that governs our universe.
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Replying to @hugohanoi
This is pseudoscience, like the new age healers that try to combine quantum mechanics with crystal healing. Technological innovation often provides more/better at lower cost.
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That’s different because in those cases there are exploitable inefficiencies, whereas every hash in PoW goes to secure the ledger. One hash mined == one hash harder to revert.
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