My first thought when reading this was that it's wasted time to answer such a post.
I still think it's a waste of time.
But sometimes I like to waste some time
[...]PoS is not backed by anything other than the belief there are worth anything[...]
That's true for everything except for the things you really need to live (water, food, air).
[...]With a PoS the richer get richer.[...]
With PoS everyone who is participating in minting gets a share.
The percentage for each participant is the same. So in the end there might be more coins in cirulation, but if the total supply goes up by x%, each participant has increased the owned coins by x%
[...]This is because the wealthy spend a much lower % of their net worth than the masses do.[...]
Seriously - this is true for each scenario; with or without crypto, with PoW or with PoS. Welcome to the real world.
This is no problem associated with PoS but with the already unequal distribution of wealth.
[...]PoS can NEVER remain decentralized. Satoshi's Proof-of-Work is the only known solution to the Byzantine General's Problem (was a known unsolved problem since at least the 1970s).[...]
In fact PoW doesn't remain decentralized. Mining farms are built where energy costs are low and the infrastructure is sufficient (geographical centralization) and operated/rented by people with sufficient money (financial centralization - woops: the rich get richer...). Should I tell you that pooled mining is another form of centralization?
PoS can remain decentralized, because it doesn't require mining farms, specialized hardware, etc.
[...]PoS is forbidden under Sharia law as it is interest paying[...]
That might be a serious problem for muslim people, but not for others.
[...]To 51% PoS is dead easy:
You start buying aggressively or "willy" style until you have 51% of a PoS coin[...]
Which costs a lot of money! Money you are going to lose if you successfully attack the coin of which you now own 51%...
[...]As you once had a 51% stake, you can build a better blockchain than the other 49% can[...]
And then you might be successful with your attack, mint successfully and have the coins you used for minting locked until they can be transferred (welcome to the world of successful minting...). How much do you think they will be worth once you can transfer them? Oh, you can perform that kind of attack. But make a gain with it? I doubt it...
But hey, what about renting some datacentres full of SHA-256 miners? Rent them for one day, attack Bitcoin and if you "earn" more than you pay for the hash rate, you have been successful^^
[...]Unlike bitcoin where everyone can see if anyone comes dangerously close to 51, in PoS its all hidden an attack can happen incognito.[...]
Bitcoin is permanently close to a > 50% attack. Just imagine what happens if one or two of the major pools are attacked and the remaining pools are above 50%?
What if pool operators secretly decide upon using the combined hash rate (that much about incognito attacks...)?
PoW is a promise x amount of energy has been used is backed by energy. There is no better backing than energy because everyone needs it[...]
PoS is backed by itself. You need PoS coins to mint. You don't need to waste energy.