6/ This led to erroneous thinking like PoW is “wasteful”. How can one look at the inner workings of PoW, how it secures the chain, and proclaim that PoW is “wasteful” is beyond me. *Eg: Vitalik or Cardano researchers.
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7/ PoW is the invention that allows us, for the first time in history, to emulate physical properties like Immutability & Scarcity (*keyword: emulate). These properties previously only exist in rare & unforgeable metals.
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8/ These metals were created from the nucleosynthesis process billions of years ago (ht
@realLudvigArt). PoW is our feeble attempt at emulating this amazing phenomenon in nature. If anything, energy spent in PoW is *not enough*, in terms of securing the chain against changes.2 replies 1 retweet 11 likesShow this thread -
9/ Once we understand Proof-of-Work, it’s easy to see that what Proof-of-Stake proponents call “finality” or “immutability” is simply an illusion. A PoS ledger is immutable to the degree that some people in the group say that it is immutable.
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10/ In order to maintain the illusion of immutability, a member has to maintain contact with this group at all time. This is apparent in assumption #3 in the original Ouroboros paper, and the "weak subjectivity" concept Vitalik talked about in Casper- which is a BS terminology.
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11/ When a member of such a group gets detached from the group (maybe for reasons beyond his control), he risks breaking this illusion, each & every time.
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12/ When a temporarily detached member joins back in, he has no way to determine which PoS chain is the canonical chain, unless he has a trusted 3rd party. A PoS system cannot be truly permission-less.
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13/ No matter how many layers of obscurity & bullshit you sprinkle on top, PoS can never overcome this fatal weakness.
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14/ IMO the mistake PoS researchers often make, is to look at Bitcoin as a purely distributed system problem. But Bitcoin is more than that.
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15/ Bitcoin is a distributed system *with physical properties*. You can emulate the distributed components (leader election, randomness, hashing, etc.), but you can’t cheaply emulate physical properties.
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16/ Looking at Bitcoin purely through the lens of distributed system research is like a caveman seeing a stethoscope for the first time & conclude it’s useless for fixing people. Or a medieval man seeing a radio & think it’s a worthless piece of brick.
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17/ The old mental models are usually insufficient to fully understand the significance of new technology.
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18/ It’s kinda sad to see so much time & effort being spent on these PoS systems, that are to me an obvious dead-end. So much ado about nothing.
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