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.
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 arou
"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 sum
Re: (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 arou
Re:"proof of stake" - What a load of crap (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.