Ethereum transitioned from PoW to Pos.
What's not to like about that?
That those with more have more control. It's a reinvention of fiat currency. PoW also had that problem since people with more money could afford better mining hardware, but PoS is even more direct. That's not even getting into tether printing and other bullshit. The claim is that cryptocurrency is a move away from our existing financial system, but the reality is that it's just another arm of it.
How would you construct a consensus in which contributors don't have a stake in the game?
How would it work and based on what incentive?
Why would they stay honest?
Because as soon as there's any stake in play, those with money will be able to get more of it.
I'm honestly curious and interested in viable alternatives.
it is now provably not secure. Because pos is provably not objective. Making the whole thing moot. Also, it is literally a system explicitly designed around "the rich get richer".
Security is relative - always!
Can you name one consensus scheme that isn't?
proof of work is objective. It sucks for other reasons, but I do not need to trust anyone to start participating.
Isn’t ethereum a centralised shit coin with a money printer attached, controlled by the owners of the “foundation?”
In what way is Ethereum centralized?
The owers of ETH contribute to the consensus.
How would the foundation control any of that?
Mybe you confuse Ethereum with IOTA?
Ethereum transitioned from PoW to Pos.
What's not to like about that?
That those with more have more control. It's a reinvention of fiat currency. PoW also had that problem since people with more money could afford better mining hardware, but PoS is even more direct. That's not even getting into tether printing and other bullshit. The claim is that cryptocurrency is a move away from our existing financial system, but the reality is that it's just another arm of it.
How would you construct a consensus in which contributors don't have a stake in the game?
How would it work and based on what incentive?
Why would they stay honest? Because as soon as there's any stake in play, those with money will be able to get more of it.
I'm honestly curious and interested in viable alternatives.
it is now provably not secure. Because pos is provably not objective. Making the whole thing moot. Also, it is literally a system explicitly designed around "the rich get richer".
Security is relative - always!
Can you name one consensus scheme that isn't?
proof of work is objective. It sucks for other reasons, but I do not need to trust anyone to start participating.
Isn’t ethereum a centralised shit coin with a money printer attached, controlled by the owners of the “foundation?”
In what way is Ethereum centralized?
The owers of ETH contribute to the consensus.
How would the foundation control any of that?
Mybe you confuse Ethereum with IOTA?