POS vs POW - Coming for Bitcoin What is the Greatest Fear of the Rich? Poverty

[btc-room101]

Vitalik & Friedman beat their chests over the new "Oligarch" Proof of Stake system coming to Bitcoin, where only the 'rich' (whales) have a voice in Crypto. Why not follow the Serf Peasant model, it worked for 1,000's of years.

Two biggest whales lecture you why its terrible to be a whale, all the while POS moves on which gives the whales more power over the sheep (POW ppl); Vitalik is a Oligrach, but he likes to play the Musk came of 'I'm one of u little ppl'

POS, or "Proof of Snake", is a scam so that only the rich whales control crypto, this is not what got crypto off the ground to begin with.

Little people, anybody could cpu mine, .... blah blah Satoshi NSA talking points 2009, but then now that crypto is the size of GDP of entire country's its natural for the rich to make sure that their children can inherit 100% ownership of crypto, and to insure that forever some scum 3rd world  loser child doesn't rise up and take control

Of course a rich mans greatest fear is losing his wealth, so POS is an expected outcome of the kleptocracy known as crypto

[mk4]

I guess it's a surprise that you're right on some things.

PoS is definitely a really really bad mechanism for a sound money or SoV asset like Bitcoin; to the point that I'd probably sell all my BTC holdings if Bitcoin ends up being PoS(though it's pretty much impossible lol).

I really wouldn't say PoS is a scam though; it's just really bad, but I don't think it's necessarily a "scam".

[btc-room101]

I guess it's a surprise that you're right on some things.

PoS is definitely a really really bad mechanism for a sound money or SoV asset like Bitcoin; to the point that I'd probably sell all my BTC holdings if Bitcoin ends up being PoS(though it's pretty much impossible lol).

I really wouldn't say PoS is a scam though; it's just really bad, but I don't think it's necessarily a "scam".

POS is a 'whale' or rich guys scam, its to make sure the minions, never ever get control, like I have said above, greatest fear of the rich is some hard-working poor kid beats his kids to the punch bowl, 2nd 3rd generation wealth inbred is always retarded, so that's why the elite dumb down the poor.

Yes, I know you all hate to use the scam word, just remember all the whales got rich by screwing people, you think MUSK got rich playing fair with PAYPAL? Hell no, he screwed everybody on his way to the top.

So yes, POS may not be a scam, but it is, because who in the hell needs the rich to control BTC consensus??

Yes, all the whales by definition are scammers & con-artists, because its the only way to reach the top of the pyramid scam.

[slaman29]

I don't think vitalik plays anything. He knows he's privileged and he knows he has influence but he as far as I can recall has never claimed to be either side of it. I mean, you can't really choose where you come from right?

I do agree POS seems only to make the rich richer but I guess PoS has all kinds of variations about delegating votes?

PoW isn't exactly something most of us can participate in either:(

[Branflakes92]

Devil's advocate here, but for me it is much easier to stake some ETH than to mine BTC. I don't have the 32 ETH required to stake but Rocketpool https://www.rocketpool.net/ will allow you to stake as little as 0.01 ETH on a decentralised pool (about £20 atm), whereas a Bitmain Antminer S9 seems to be going for £500+ all the way over £1000, as well as requiring electricity costs and space (as well as the added risk of having to find one that isn't broken or scammed etc).

If places like Rocketpool didn't exist, I would feel uneasy staking on Coinbase et al for decentralisation reasons, then I agree that it would have such a high barrier to entry. But it really does seem to be much more attainable for the average person to contribute to the ETH network than the BTC network.

[soy1003]

I don't really understand the proof of stake idea.  Can you give me a this is like something in home ownership?  Most homes in the US are mortgaged to banks so really the banks seem to own the homes.  But suppose something like Fortress bought all the mortgages from the banks?  Would Fortress own all the homes?

[TangentC]

because who in the hell needs the rich to control BTC consensus??

 

Who in the hell indeed.

The rich control BTC consensus right now, with Proof of Waste being used.

Poor people can't afford a warehouse full of ASICS,
most poor people can't even afford a single ASIC.

Proof of Stake is the only hope for the poor to get in on earning crypo,
as anyone can join a pool with the smallest amounts and earn something, when resources are pooled with others.

[TangentC]

I don't really understand the proof of stake idea.  Can you give me a this is like something in home ownership?  Most homes in the US are mortgaged to banks so really the banks seem to own the homes.  But suppose something like Fortress bought all the mortgages from the banks?  Would Fortress own all the homes?

Ie:
You buy two cows  , 1male & 1 female, they mate , and you have another cow.
You buy a PoS coin , and when it stake                 , it creates more coins.

As the person, that purchased the 1st two cows, you are now the owner of any new cows they create.
As the person, that purchased some PoS coins,   you are now the owner of any new coins created by those original coins.

Interestingly enough, a couple in Nashville is suing the IRS, to prevent them from taxing newly created PoS coins ,
as their argument is that property is never taxed until sold for cash.
Hope they win, they have a strong case.
https://www.coindesk.com/nashville-tezos-irs-tax-suit

[TheGreatPython]

Well it’s like a normal thing for the rich guys, they don’t want to lose their wealth. And I think it is the same thing with everybody, if you get to that level of being rich, you wouldn’t like to lose your wealth to anybody.

But anyways, it’s not like cryptocurrency is the only thing there is in this world, but it’s totally wrong if we are going to be making use of a system that is going to be giving more and more control to the whales who are already looking for ways to be twisting and manipulating everything in their own favor which is totally wrong. Bitcoin, as well as other cryptocurrencies, are made for everybody, so it shouldn’t be a thing where only the rich guys will be benefiting from it.

[slaman29]

Devil's advocate here, but for me it is much easier to stake some ETH than to mine BTC. I don't have the 32 ETH required to stake but Rocketpool https://www.rocketpool.net/ will allow you to stake as little as 0.01 ETH on a decentralised pool (about £20 atm), whereas a Bitmain Antminer S9 seems to be going for £500+ all the way over £1000, as well as requiring electricity costs and space (as well as the added risk of having to find one that isn't broken or scammed etc).

That's what I was saying above in my post, as much as I think BTC is good and ETH is not as good, but for you and me we could actually participate in staking tomorrow, but not for BTC. We all know even to join mining pools for BTC still need a lot of expensive hardware and we are helping the pool anyway. Same for ETH but at least we could all start staking and transparently see that put to work.