Comment on Crypto mogul Do Kwon, known as ‘the cryptocurrency king,’ pleads guilty to fraud charges
MushroomsEverywhere@lemmy.world 1 month agoAs I understand it, cryptocurrency funnily enough works awfully as a means of transaction, because the amount of processing power required to make transactions is ridiculously high.
Knock_Knock_Lemmy_In@lemmy.world 1 month ago
Only for PoW crypto.
hark@lemmy.world 1 month ago
If a cryptocurrency concentrates into the hands of a few, as assets tend to do in capitalism, then wouldn’t proof of stake mean those few control the cryptocurrency anyway?
Knock_Knock_Lemmy_In@lemmy.world 1 month ago
If the protocol is badly designed, yes.
In theory, the stakers should only be rewarded for correctly confirming transaction and that capital (staked tokens) should carry no votes in any protocol changes.