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
Not true. Wealth is created in surplus, as a sum that is bigger than its parts. Vastly more wealth exists today than 100 years ago.
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Replying to @ErikVoorhees
That’s because we found ways to capture the abundance of energy using machines, and a result, enjoy higher levels of production. Further progress was made by improving on the machines’ inefficiencies. The energy has always been there.
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Replying to @hugohanoi @ErikVoorhees
Hugo Nguyen Retweeted Hugo Nguyen
Hugo Nguyen added,
Hugo Nguyen @hugohanoiReplying to @TuurDemeesterThanks Tuur. To add since so many people seem to be missing the point... “What about tech innovations? Cars vs horses? LED vs. lightbulb? Aren’t those examples of using less energy to achieve the same goal?” No because in those cases there are exploitable inefficiencies.1 reply 0 retweets 0 likes -
Replying to @hugohanoi @ErikVoorhees
So society progress can be seen as a constant search for reducing waste & finding ways to capture the energy that’s already there. Wealth is created in the process. “Wealth capture” is the more correct term than “wealth creation.” Wealth is not born out of thin air.
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In contrast, hash operations (not the mining hardware) are already 100% efficient *for the purpose of protecting a ledger from being rewritten*. One hash in, one hash out. No inefficiencies to exploit there.
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Replying to @hugohanoi @ErikVoorhees
If there are N miners, isn’t it: N hashes in, one hash out?
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