Stake does not equal exposure:
Consider for example a pirateat40 style "trust" on a POS coin. The "trust" has a very significant stake combined with a very significant short exposure, and consequently a vested interest in the collapse of the currency, and can vote the stake accordingly. https://en.bitcoin.it/wiki/Pirateat40. POS rewards the creators of ponzi schemes.
A variant of this is an exchange gone bad. Again the exchange operator controls a massive stake via customer deposits but no exposure, and if fraud occurs creating a fractional reserve. The exchange has a vested interest in the collapse of the currency in order to cover losses and can vote the stake accordingly.
Buying the currency while at the same time selling a greater amount on a derivatives market, creating a large stake with a short exposure and vested interest in the collapse of the currency. Again the stake can be voted accordingly.
Need I go on ...
Consider for example a pirateat40 style "trust" on a POS coin. The "trust" has a very significant stake combined with a very significant short exposure, and consequently a vested interest in the collapse of the currency, and can vote the stake accordingly. https://en.bitcoin.it/wiki/Pirateat40. POS rewards the creators of ponzi schemes.
A variant of this is an exchange gone bad. Again the exchange operator controls a massive stake via customer deposits but no exposure, and if fraud occurs creating a fractional reserve. The exchange has a vested interest in the collapse of the currency in order to cover losses and can vote the stake accordingly.
Buying the currency while at the same time selling a greater amount on a derivatives market, creating a large stake with a short exposure and vested interest in the collapse of the currency. Again the stake can be voted accordingly.
Need I go on ...
we'll see how POS evolves and what develops. despite the bolded text above, i think it's still worth exploring. overall, crypto is one big experiment at this point.
