Can I know why so many people disliked this? Did I said something that is not factually correct?
Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin
TypicalHog@lemm.ee 4 months agoInstead of using a RNG to select the next block producer based on stake, Bitcoin is selecting the next block producer based on how much hardware and energy they have. Ok. Now, the insane part: PoS is like a universe rolling a dice to select the next block producer. PoW is like every single participant throwing trillions of dices and one who rolls a 1 like 30 times IN A ROW! Like THATS ACTUALLY BONKERS. It’s not like it’s 2012 and we don’t have a provably secure PoS algos smh.
TypicalHog@lemm.ee 4 months ago
makeasnek@lemmy.ml 4 months ago
PoS inevitably leads to centralization and requires an inflationary currency supply. That is the problem. Coins in transit can’t stake. Which means the only coins that can stake are coins that already exist. You are paying those stakers with an inflationary supply. Which means you are minting new coins and handing them to users who already have the most coins. This leads to centralization of the supply over time, and therefore, control of network consensus. A few rich, powerful people end up controlling the whole system, just like our existing banking system. No thanks.
Most of those PoS chains also have massive chain sizes/system requirements compared to Bitcoin, which means they can’t be or remain nearly as decentralized, neutral, and secure.
TypicalHog@lemm.ee 4 months ago
TypicalHog@lemm.ee 4 months ago
To whoever disliked this:
Did I say something that’s not true?