Imo "Proof of Stake" is very close to a multi level marketing scheme: new entrants are charged an inflation tax that subsidizes participants higher up the chain, and the people higher up decide on the fate of the enterprise.
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Someone recently pointed out to me that fiat money is essentially a proof of stake based system. Banks with large balances can "stake" it to underwrite loans with newly created money = seigniorage. Users downstream pay the inflation tax.
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Replying to @TuurDemeester
Been saying this for a while. Also, lightning network is proof of stake.
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Replying to @AlexPickard @TuurDemeester
Difference is Lightning Network is pegged to Bitcoin, therefore it inherits some of Bitcoin's strong properties, as long as the pegging is done correctly. Whereas pure PoS does not have anything to stand on.
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“As long as pegging is done correctly...” In all interpretations, these are words to beware of.
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Hugo Nguyen Retweeted Peter Todd
Yes I'm aware there are unique risks to LN that is not inherent to Bitcoin.
@peterktodd elaborated on this recentlyhttps://twitter.com/peterktodd/status/953981556372094976 …Hugo Nguyen added,
Peter Todd @peterktodd"A Lightning node cannot lose or run away with a user’s money." That's just not true. Lightning is based on reactive security, where an attempt at taking a user's money is thwarted by a response. That response _can_ fail, and thus@coincenter's argument is invalid. https://twitter.com/coincenter/status/953324223233216512 …Show this thread1 reply 1 retweet 2 likes
Still, IMO Lightning Network is still miles more secure than pure PoS systems.
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Replying to @hugohanoi @NashEFoster and
I just don’t like this reality. “Days” can easily be weeks, months, or years by changing one parameter in the code.pic.twitter.com/u6RvRv8dz3
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Replying to @AlexPickard @hugohanoi and
It's not the code, it's a user adjustable value.
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