Topic: Vitalik scamming live on camera - page 4. (Read 4482 times)
R0ach scrapping the bottom of the barrel now folks. Nothing to see here.
It looks like he's just making shit up to try and save this $1 billion dollar fugazi now. Why he's wrong:
Why proof of stake has no value:
Since Satoshi did not solve the Byzantine generals problem, this means confirmations are completely arbitrary. So why are two confirmations more useful in Bitcoin (PoW) than one? Because it's an open entropy system where over a period of time, it's either unlikely or statistically impossible for someone to maintain a monopoly on block validation when there's no upper limit to confirmations.
Recursive systems like proof of stake tend to permanently monopolize block validation by design, with no real fault or state recovery to fix it once it goes off the rails. The act of introducing interest compounds this problem even more. This makes a proof of stake confirmation essentially worthless due to being a bounded entropy system.
On top of being worthless, proof of stake is also a permissioned ledger. The purpose of mining in Bitcoin is to create a permanent decentralized exchange peg, which thus results in a permissionless system.
Since Satoshi did not solve the Byzantine generals problem, this means confirmations are completely arbitrary. So why are two confirmations more useful in Bitcoin (PoW) than one? Because it's an open entropy system where over a period of time, it's either unlikely or statistically impossible for someone to maintain a monopoly on block validation when there's no upper limit to confirmations.
Recursive systems like proof of stake tend to permanently monopolize block validation by design, with no real fault or state recovery to fix it once it goes off the rails. The act of introducing interest compounds this problem even more. This makes a proof of stake confirmation essentially worthless due to being a bounded entropy system.
On top of being worthless, proof of stake is also a permissioned ledger. The purpose of mining in Bitcoin is to create a permanent decentralized exchange peg, which thus results in a permissionless system.
Jump to: