Quote from: BuWICK on June 01, 2016, 04:19:38 PM

The op suggests that making money = scamming, just like an idiot with only an 8th of a braincell would

Lying to people and releasing centralized coins while claiming they're a decentralized currency and trying to con people into giving you money for them isn't "making money", it's literally scamming. Their strategy operates on the assumption most people won't be able to figure out what constitutes a decentralized currency in the first place. Here's an example for why proof of stake is conceptually useless below. IOTA unprofitable PoW fails for somewhat similar reasons:

Quote from: r0ach on May 20, 2016, 01:32:04 PM

Why proof of stake has no value:

Since Satoshi did not solve the Byzantine generals problem, this means confirmations are completely arbitrary. So why are two confirmations more useful in Bitcoin (PoW) than one? Because it's an open entropy system where over a period of time, it's either unlikely or statistically impossible for someone to maintain a monopoly on block validation when there is no upper limit to confirmations.

Recursive systems like proof of stake tend to permanently monopolize block validation by design, with no real fault or state recovery to fix it once it goes off the rails. The act of introducing interest compounds this problem even more. This makes a proof of stake confirmation essentially worthless due to being a bounded entropy system.

On top of being worthless, proof of stake is also a permissioned ledger. The purpose of mining in Bitcoin is to create a permanent decentralized exchange peg, which thus results in a permissionless system.