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by SwagtimusPrime 1865 days ago
>but comes at the great cost that people who aren't already in the game won't be able to acquire Ether without basically paying cash for it. That's a weird dependence on fiat currencies for a 'decentralized ledger'.

PoW is just as much depending on fiat currencies. You can't get electricity without paying for it, you can't get a mining rig without paying for it, etc. This is one of the more common critiques against PoS and it just doesn't hold true at all. With the decentralized finance ecosystem, you can put any supported asset to work and earn ETH or stablecoins or anything else you want and accumulate that way.
1 comments
sva_ 1865 days ago
>This is one of the more common critiques against PoS and it just doesn't hold true at all.

Maybe I'm an edge-case (I don't think so), but I was able to use the hardware I already owned, and the electricity already included in my utilities bill to acquire enough Ether that would allow me to deploy a smart contract. That won't be possible anymore in the future. So you're factually wrong, at least in my case.

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wmf 1865 days ago
Globally, very few people have gaming GPUs. You're super-privileged and you're effectively arguing for locking in your privilege and making the other 90% of the world worse off. PoS puts everyone on an equal footing. You want to stake? Buy in.
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sva_ 1865 days ago
PoS does not put everyone on an equal footing. PoS privileges those who got in early and had the money or hardware to acquire a large chunk of the coin.

It's ridiculous you talk about financial privilege. Who the hell do you think owns most crypto? You think it is people living on the streets in India? Children in Africa?

You sound super delusional. I can't believe it.

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kd0amg 1865 days ago
You definitely are an edge case if you were already paying your utility bills in cryptocurrency. Otherwise, you spent fiat currency to bootstrap your use of Etherium.
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sva_ 1865 days ago
I didn't mean that I pay my electricity bill in crypto. I meant that my small apartment has a fixed electricity rate so that I don't have to pay any extra for running 2 GPUs, and that I already owned the hardware to mine, independent of crypto. So I didn't invest anything. Sorry for being unclear.
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