The New York Times recently touted an alternative to bitcoin mining: the "proof of stake" method, which "instead awards miners new blocks based on how much cryptocurrency they already own."
Oh well that seems fair...not.
In other words the bigger players will wipe the floor with any late-comers. Just another way to boost the "get in on the ground floor!" hype.
Why would I even get involved if I know the game is rigged in favor of the heavyweights?
This hearkens back to the "only landowners can vote" shit.
In summary, fuck this and fuck anyone promoting this unfair-from-the-start horseshit.
They get interest for keeping PoS secure, just like miners get interest and fees for keeping PoW secure. There are economies of scale which reward people who can make more investment either way. Both PoW and PoS are inherently regressive in a steady state, it's not unique to PoS.
Ignoring the merit of cryptocurrencies for a moment and supposing Bitcoin stabilizes and becomes digital gold, it will have made some people who got "in on the ground floor" rich and then become just another asset class to kick around for the big players as gold is now, with big mining companies shaving off a cut... and it will become just as irrelevant to little players as gold is now.
"proof of stake" - What a load of crap (Score:4, Insightful)
The New York Times recently touted an alternative to bitcoin mining: the "proof of stake" method, which "instead awards miners new blocks based on how much cryptocurrency they already own."
Oh well that seems fair...not.
In other words the bigger players will wipe the floor with any late-comers. Just another way to boost the "get in on the ground floor!" hype.
Why would I even get involved if I know the game is rigged in favor of the heavyweights?
This hearkens back to the "only landowners can vote" shit.
In summary, fuck this and fuck anyone promoting this unfair-from-the-start horseshit.
Re:"proof of stake" - What a load of crap (Score:5, Interesting)
They get interest for keeping PoS secure, just like miners get interest and fees for keeping PoW secure. There are economies of scale which reward people who can make more investment either way. Both PoW and PoS are inherently regressive in a steady state, it's not unique to PoS.
Ignoring the merit of cryptocurrencies for a moment and supposing Bitcoin stabilizes and becomes digital gold, it will have made some people who got "in on the ground floor" rich and then become just another asset class to kick around for the big players as gold is now, with big mining companies shaving off a cut ... and it will become just as irrelevant to little players as gold is now.
Re: (Score:2)
So in other words...pretty much what I said: the little guys get screwed while the heavy hitters laugh all the way to the bank.