Proof of Stake is no better then our central banking system with the top selling of their inflated interest.
The Answer to the above issue is easy, you design a Proof of Stake System with an Ultra Low Inflation/Interest rate.
By making the rate ultra low ,
you assure that the system stays fair for all , and that anyone selling any amount of real value is selling from their principle and not interest alone.This ends the so called Rich only get richer myth in Proof of Stake.
The Energy Efficiency of Proof of Stake verses Proof of Work can not be denied.
*Interesting enough the Miners that are rich that get richer , no one worries about in Proof of Work.*
Due to the financial costs of running warehouses full of ASICS, has Centralized Bitcoin mining to the Already Rich.For the first bolded point, this is the flaw, there is no 'assuring' that. Look at the disaster our 'trusted third party' banks have done.
As for the second point in bold, the miners also SUPPORT the network and therefore deserve the fees, this is why it is called 'Proof of Work.'
As for the energy efficiency argument, I've said this many times. Alternative energy is possible and if we were to take Bitcoin Cash as seriously as far a making it a globally adopted currency, billions would be invested into these alternative energy sources if the desire was there. China runs on coal and thats the problem, not Bitcoin Cash. Lets also remember how many bank related services would not be running 24/hours a day. The energy efficiency articles are often overstatements without any real factual backing. Those statistics are often kept quiet. Its important to care about the environment for future generations, but there are alternatives here.
Their is no flaw, Bankers use a Loan System to Create Unlimited Sums out of thin air, of which they have completely Centralized Control.
A Well Designed Proof of Stake System using ULI is Decentralized , as no one can confiscate or deny transactions like in the banking system.
As far as your alternative energy , that is beyond nonsense. The alternative energy is growing at 2.6% per year max and that is projected until 2040.
It is a joke, at the insane rate bitcoin is pulling power, you need a
New Nuclear Power Plant running at full capacity almost on a bi-weekly basis starting in late 2019 .
Due to regulatory restrictions , that is never going to happen.
The more likely scenario is that World Governments begin blocking Bitcoin Mining and only allow their chosen few to receive the electricity for bitcoin mining.
This gives the world governments the power to choose only those that will comply with their requests on which transactions to include in the blockchain and which address to blacklist. They may not be able to steal the funds, but they will force the miners to freeze in place anyone's bitcoin they so deem enemies of the state.
The Insane Energy waste is a security vulnerability because it further increases Centralization of bitcoin , not a security benefit as some in here so foolishly believe.
In the end result , a Centralized bitcoin will be no better than a Centralized Banking System. Decentralization is the key to avoiding Government Control and Censorship from Totalitarian Regimes.
