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Author Topic: Both PoW and PoS algos are scams. Here's why.  (Read 453 times)
FreeStreamer (OP)
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July 20, 2020, 11:53:52 AM
 #61

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

Are you aware that the main objective of any algo, either POW or POS or any other is to prevent 51% attack? And only the one-single metric could be appropriate for convicting them in "scamming" i.e.  how effectively the given algo does so. Everything else is  a pure rubbish.

The algo does not prevent that attack. That algo is the only algo which is susceptible to the 51% attack. Only thing that prevents 51% attack on Bitcoin is the cots of performing that attack, because Bitcoin is so large, but because Bitcoin doesn't really scale, it's really slow and expensive.
Kemarit
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July 20, 2020, 12:11:08 PM
 #62

LOL, I saw the OP's post questioning Bitcoin and it's decentralization, miners etc. Now it's PoW and PoS algos are scam? Is fiat also a scam?

If that is your argument, then we might as well say that everything is really scam and everyone should move out because we are deemed to loss money here. I think there is more narrative from the OP spreading this FUD around this community.

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Inkdull
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July 21, 2020, 07:41:45 AM
 #63

Believe in what you want to belief in, POS and POW Algorithm is why many coins are still alive today either through profitable mining or staking, the reason why we even make transactions easily is through these Algorithms, I don't understand anything other than this.

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