| >>not nearly enough to purchase a meaningful stake that could protect you from premine scammers that launched the project. not to mention - you'd be giving up your money for their benefit. double rekt. There is no need for any protection. Proof of stake doesn't enable stakers to attack non-stakers. Nor would stakers have any incentive to. Moreover, there was absolutely no scam in the premine. It was publicly announced, and the majority of it was distributed via a programmatic crowdsale. This characterization of yours is simply an emotional attack. >>you'd be giving up your money for their benefit. double rekt. Same with any currency. You provide something of value to acquire some currency. This applies to dealing with early adopters of other currencies, early investors in companies, etc. This is simply a bad-faith criticism of proof-of-stake that is equally applicable to anything else, unless you make the tortured argument that a publicly announced crowdsale and dev grant is somehow a "scam", and therefore there is some distinct quality about buying currency from those who acquired their stake through a premine over acquiring it through some other method. >>ah, nice, a system that simply relies on altruistic motives of premine scammers How can any one can take ETH's critics seriously when you make blatantly libelous accusations that participating in an open premine crowd makes someone a scammer. |
yes it does. it allows stakers to prevent non-stakers from becoming stakers. all rewards go to stakers. rich get richer even faster.
> there was absolutely no scam in the premine. It was publicly announced, and the majority of it was distributed via a programmatic crowdsale.
public announcement means nothing if participation is permissioned. there was 12% blatant premine and 60% so called "pre-sale", of which undisclosed amount went to scammers that organized it and didn't have to pay anything.
> applies to dealing with early adopters of other currencies
this doesn't apply to BTC which literally anybody could mine without asking approval and permission. ETH is just another scam.
> dev grant is somehow a "scam"
of course it is.
> open premine crowd
well, at least you used the right word to describe it - premine. any crypto premine is a scam by definition. some of those scams just manage to bamboozle enough people to stay afloat longer and get a chance to scam even more.
good job shifting conversation away from discussing PoS flaws into complaining about randoms on internet being rude to scammers.