Anyone who believes proof of Stake can work is either:
1- completely clueless at to how and why Bitcoin works at all.
2- a con artist using it as a buzzword to promote a worthless scam like Ethereum.
1- completely clueless at to how and why Bitcoin works at all.
2- a con artist using it as a buzzword to promote a worthless scam like Ethereum.
Proof of Stake is no different than the Federal Reserve system, which is owned by its constituent banks, who have a monopoly on increasing the money supply you are forced use. It's the problem Bitcoin solves with proof of work by making money creation hard for everyone.
In a free market, productive people would choose the hard money over the proof of stake easy money. That's why central banking needs government force to protect its monopoly & why no shitcoin with PoS can survive without an army.
In proof of stake, the owners of current coins have an incentive to reward themselves with new coins, devaluing the coins of others. It's easy money.
In proof of work, new coin creation costs the same for everyone, ~= coin price. That's hard money.
In proof of work, new coin creation costs the same for everyone, ~= coin price. That's hard money.
The only cryptocurrencies that run on proof of stake are practically worthless with ~0 liquidity. Impossible to generate any real demand for anyone to hold them next to hard money proof of work coins.
The only way central banks secure demand for their PoS system is gov't violence
The only way central banks secure demand for their PoS system is gov't violence
Whereas existing cryptocurrencies that talk of transitioning to PoS seem to be doing so purely to market themselves to mainstream media consumers as an environment-friendly alternative to Bitcoin. Actually shifting to PoS would be suicide.
