Digital currency is digital. It doesn't need ENERGY to survive to justify itself. POS can be duplicated. Just like Bitcoin can be duplicated and XMR can be duplicated.
Not exactly. He's right in a way. Energy is scarce. You can't duplicate Bitcoin or Monero a million times
with their high hash rates because the energy usage would be prohibitive. You can create a little million shitcoins with virtualy no hash rate, or which are constantly stealing hash rate from each other as miner jump to the latest scam, but those are not duplicates of the BTC or XMR network.
POS coins can be duplicated quite literally without physical limit. That is a
major difference.
I don't totally agree this means they can never have value though.
If that logic is applied, would you say that Fantomcoin should be more valuable than Monero, because it can be merge-mined with it and a few others, meaning it can easily have more energy spent on mining it (larger total hashrate) than any other single CN coin? So why does it not happen? Is it because of energy spent or because there are not enough users/marketing/development efforts of Fantomcoin after all? What comes first - users see value in a coin or miners come to mine it? I would say miners follow the price, not vice versa, which proves my point that it's useful properties of a coin that matter, not how much energy is spent on it.
@kbm, see my post on why energy spent doesn't back a coin, because there is no guarantee that you can exchange a PoW coin for kWhs of spent energy. Backing a currency with some tangible things in the past centuries meant you can redeem bank notes for gold or silver. You can't do that with a crypto, so it's pointless to talk about some sort of backing with energy.