[shiado]

Proof of stake is the funniest scam that exists in the crypto space. Vitalik is a fucking genius scammer pulling off what he has with Ethereum. Premine the coin, leverage mining when hash rate is low to make more, then transition to a 'rich get richer' printing scheme when the preminers and miners ponzi'd up their asset as it costs more to acquire for newcomers. Just incredible.

[DickingAround]

It is interesting that people think proof of stake works. If there is no work, there is not time-lock in. It's just the whimsy of the majority at this time. Today's majority can re-write all of history if they feel like it. With proof of work, the past is locked in by the work done to validate it. Under proof of work, if there is just one honest node out there, it's provably correct and you can tell the others are lying. Under proof of stake, it's just the will of the majority.

[shiado]

Some people just can't see the economic absurdity of it. Imagine if the FED announced that future USD would be printed into the accounts of USD holders by balance size, but that you have to have a high initial balance to be eligible and that the poors need to assemble little pools of other poors to split a reward. That's proof of stake as proposed. It's that simple and that stupid.

[Ottolay]

Sounds kind of like how one can grow one's money by investing it in an index fund and sitting on it and how rich people can get richer with no income and a passive investing strategy.

[Valakas]

How is it that PoW is better though? No single individual can mine profitably anyway. You also need to be part of a pool to get some share of the profits.

[broighbrobroigh]

Right now the central bank wills money into existence and then gives it to other banks who already have lots of money. Change your lens and see the similar topologies.