Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - u\u1d09o\u0254\u0287\u1d09q price movement tracking & discussion
by
r0ach
on 02/04/2016, 04:17:08 UTC
because i need the coin to mine the coin the its a permissioned leger?

I explained earlier.  Forget trying to analyze what PoS is (a recursive, closed loop system).  Instead figure out why Bitcoin actually is a decentralized currency.  The answer is:

The purpose of mining is to create a permanent two way peg, decentralized exchange, which thus results in a permissionless system.

Once you remove the mechanism of a permanent 2 way peg with our world and the computer world, it turns into a closed entropy system, which is the equivalent of 1's and 0's being trapped on a floppy disk and not decentralized anymore.

It's the difference between a living and evolving organism vs a video game AI script.