PoS is rich get richer.
i keep reading this nonsense.
but 1% yearly interest (for processing transaction fees) with 1% yearly inflation....and you call that rich getting richer? an interest that barely beats inflation to me is not profit. it's failure. the getting richer part would only come from me doing real retributed work in the real world....not from just holding PoS coins lol.
and moreover it is not really "interest"...but the stakes "mining" out the fees for transactions.( stakes are the equivalent of asics minus the hardware cost and needless energy waste.)
moreover big hoarders in ia bitcoin deflatuary system are surely getting richer are they not? just like in PoS everyone see a return depending on how much they own...and the intesrest is not the biggest factor....but the rise in price/demand is.
and regarding the gneration of new coins or coins received for processing transactions the rich get even more richer in bitcoin....as only those who can invest in big mining enterprises see any of the new generated coins or transaction fees.
at least in PoS no matter how little my stake is I get 1 % return . in mining a little investment would actually mean a loss. either you have big money to throw in it or you are cut out of the system. stakes are a more fair and democratic and less polluting mining chip.
to me all PoW coins are absolute madness. the hashing was needed to secure the network and carry out transcation...it was a necessary evil 5 years ago. but since PoS came into play....it is just plain evil (without the the necessary bit)
Would you please point me to arguments supporting the need of ASIC resistance?
What is PoS good for as extending any number of forks simultaneously with it costs just as much as extending the trunk?
PoS and ASIC resistance is desirable to people who feel that Bitcoin's biggest flaw is not enough communism.
If you believe in the concept of market failure, and don't see the contradiction between a desire for a decentralized currency and the desire for a cartel of large stakeholders to be able to maintain control, then PoS is a perfect fit.
lol i laughed when reading this considering that both the bitcoins and the mining power are increasingly in the hands of a few. 50 people in bitcoin own 30% of all bitcoins....and we have mining increasingly more centralized with some sort of triopolio of the mining world with the biggest player Ghash.io pretty much in the driving seat.
the few big stakeholders in PoS are actually becoming less few and less big by the day ......and not having mining corporations that could hold us at ransom or start asking for increasingly higher fees whenever coins might start running out is a blessing. PoS is actually guarantee that currency will stay decentralized. there is nothing a big stakeholder in PoS can do to prevent that....all he can do is buy or sell coins and affect the price....same a big stakeholder in bitcoin can do. instead big mining corporations can have much higher influence on the bitcoin system.
btw not saying all PoS coin out there are perfect.....but they are on the right direction.
