Lyn Alden on PoW vs PoS:
Proof-of-Stake is legacy tech. It's what corporations and banks have run on for centuries.
It's outdated and oligopolistic. And yet, still useful for centralized systems.
Proof-of-Work is the new innovation, especially when combined with difficulty adjustments.
Consensus mechanisms that don't involve work... instead involve governance.
Work is the only thing that can reduce or eliminate governance.
Proof-of-Work systems can be a commodity. Proof-of-Stake is inherently an equity.
I like equities. But equities aren't commodities...
If you think that means I'm "pro-bitcoin and anti-ethereum" as some do, remember that ethereum is still proof-of-work for good reason. Thus, I kind of respect it.
I'd be more interested in ethereum if it dropped the proof-of-stake conversion and difficulty bomb. But alas...
Either way, bitcoin is the commodity. It's the digital asset that achieved a distribution pattern, decentralization, and immutability to be considered a commodity rather than an equity. Some hard forks are commodities too.
Most digital assets are equities, and analyzed as such.
Submitted February 17, 2022 at 12:34AM by ShotBot https://ift.tt/Tk8fwRG
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