Energy estimates very interesting. PoS criticisms completely off-base.

PoS does capital lockup, PoW does capital burn. You can still use locked capital by tokenisation / derivatives like rETH (@Rocket_Pool).

Differential access to cheap capital (and technical know-how) is a centralisation pressure in PoS, agreed.

PoW has far more - higher min investment, differential access to cheap energy (govts regulate energy), and variability in mining rewards which forces pool formation.

Rules are ultimately decided by token holders not miners / stakers in both PoW and PoS. Majority wealth controls BTC too, they can fork into BTC2 with different rules if they want. Your original BTC will be left on a minority fork.

BTC immutability is social not set in stone

Centralisation pressures mentioned in 2/ have led to, as you mention, 60%+ of mining hashpower to get concentrated in 4 provinces in China. China can take over. If US develops hashpower, China + US can together take over.

So BTC has two forms of takeover - own the majority of BTC or own majority of hashpower. ETH has only one - own majority of ETH. Also in PoS, minority forks are more protected as compared to PoW. PoW majority hashpower can play foul on minority forks with no consequence.

@nic__carter in case you're interested in being intellectually honest (and not just protecting your job), feel free to answer these points.

@Noahpinion you seem interested in proof of stake, check out this thread.

The only compromises made are fairness of initial distribution (imo eth distribution isn't that awful either), and weak subjectivity (which I see as acceptable, nobody wants months-deep reorgs anyway).

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More from @SamuelShadrach4

26 Feb
Here's a primer to rollups (hopefully simpler than vitalik's article). First, some definitions:

State: set of all addresses, balances, contracts at a given time.

State transition: Changes to be made to a state to get to the next state

Valid state transition: Changes do not violate rules

State root: Hash of state. A hash algorithm takes a large amount of data, s1, and returns a small amount of data, H(s). It is almost impossible to find an s2 such that H(s1) = H(s2).

Optimistic rollup: Operator publishes state roots (H(s)) and state transitions.

If the operator publishes either an incorrect state root or invalid state transition, a user needs to submit a "fraud proof". How does the user do this?

Read 11 tweets

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