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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Replying to @hugohanoi
There is reason for this apparently nonsensical interest in PoS. It tries to solve an existential problem that these coins have. There is an implicit cost in holding these coins instead of bitcoin, so an interest paying mechanism must be developed to try to compensate the holders
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Replying to @Emperor_Bitcoin @hugohanoi
Although I agree that Vitalik doesn't understand PoW, that PoS sacrifices every property that makes a blockchain valuable, and I don't think it would ultimately work. I think there is another reason for the interest in it. Trying to save an economically doomed appcoin protocol.
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Yes, it’s possible that ETH is desperate to stay relevant, hence the PoS attempt. However that doesn’t explain the new PoS coins like Cardano.
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Replying to @hugohanoi
Agree. My main argument is regarding Ethereum, I think most of the others are outright scams.
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