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Author Topic: ETH proof of stake - open door for banks to take over the currency?  (Read 83 times)
anizotropic (OP)
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December 20, 2017, 06:30:51 AM
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Hello,

While this may be total b...t what I'm saying I've been analyzing this possibility to be very much real.
- In PoS the validator nodes will be the only ones who will create and validate new blocks.
- To be a validator node you will need to deposit an amount of ETH
- The more ETH you deposit - the more votes your "voter" will have
- Also the more probable your voter will be "randomly" picked to create a block and mine new ETH as such

Out of the 91+ bln ETH, some 70 of them are pre-owned by Buterin apparently. Creating a validator that stakes this amount would total more votes the the whole rest of the network and would also be the only one making substantial amount of new ETH. Like a bank.
Add up to this the intention from Buterin to introduce burning of ETH through some Dapps. Releasing and retaining of liquidity makes for the clasic currency control by a central bank.
Buterin also tells us that the network will run ok with only some few hundred nodes - there are more banks in this world than this.

So Buterin or whomever he'll sell his huge share (a bank most likely) will eventually controll ETH through PoS. Making cash illegal will finally be reality through ETH.
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