Related to my earlier tweet regarding estimated chance of failure: I attribute PoS coins a 100% chance of failing to work at scale or becoming centralized within the next 10 years.https://twitter.com/hugohanoi/status/995513014420828160 …
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how do we circumvent mining centralization? are we waiting for samsung and other electronics companies to compete with bitmain?
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That would certainly help prevent mining centralization, yes. Another possibility is that nation states start adopting Bitcoin & subsidize domestic mining companies (even at loss) to protect their self interests.
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e.g. to guarantee that their txs have priority & can go thru even if there's an economic sanction.
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Do you have thoughts about
@Algorand ? -
I have not looked at it.
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It's worth looking. They solve BFT without PoW or PoS.
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I just took a look at it. The main criticism about it is that there are no incentives to keep validators honest. For it to work, they assume that 2/3rd of randomly selected validators will be honest...it's another IOTA.
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I don’t see PoW centralization as an “issue” at all. It is a result of two things: 1) Pre-existing centralization of capital and resources 2) Free market competition Faith in the incentives is a necessity of any system, hopefully no one is holding their breath for a “solution”
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