Re: Proof-of-stake can never scale without blowing up, because PoS isn't trustless
Proof-of-Stake Isn't Trustless Because It Has No Time Objectivity
Out of all the analysis that has been done on proof-of-stake aka PoS (and all variants such as Bitshares' and Lisk's DPoS, NEM's PoI, and Vericoin's PoST), the most salient flaw is that a PoS history has no verifiable longest chain.
Out of all the analysis that has been done on proof-of-stake aka PoS (and all variants such as Bitshares' and Lisk's DPoS, NEM's PoI, and Vericoin's PoST), the most salient flaw is that a PoS history has no verifiable longest chain.
OK,
Forgive me if I disagree with you , but when it comes to Proof of Stake, we will have to disagree.
Your statement is a PoS history has no verifiable longest chain , actually it is the same as PoW , in that the Longest Chain with the most difficulty wins and normally will be the true chain.
Some coins use checkpoint servers or issue checkpoints in the wallet updates.
This actually gives those coins a protection from history attacks.
And it can be done by PoS or PoW coins, example : monero >https://github.com/monero-project/bitmonero/blob/master/src/cryptonote_core/checkpoints.cpp
In other words PoS is just as trustworthy as PoW, since they can both use or not use checkpoints.
Proof-of-Stake "Wastes" More Resources than Proof-of-Work
Hopefully I have justified to why I refer to PoS as P(iece)o(f)S(hit).
Hopefully I have justified to why I refer to PoS as P(iece)o(f)S(hit).
Ok,
Drink some coconut water , you seem delirious from the heat on this one.
I can run a PoS network on an already running web server or PC, meaning my drain on resources will be nothing compared to a ASIC PoW Miner.
I think you just out doing a hit piece on Proof of Stake.
It is easily as secure as PoW if not more so, if done correctly.
FYI:
Quote
Proof of Stake is the only way to make money in the long run , buying Sterile BTC or Tokens that can not make more of themselves is Pure Speculation.
Example: It is like a farmer buying a herd of cattle that are sterile. He only makes money if the market is higher when he has to sell, if the market is down when he has to sell , he just wasted his Time & Money, where if he buys a herd of cattle that can produce Offspring, he is able to keep his original amount of cattle and sell off any excess , therefore giving him a
Lifetime of Revenue verses a One-time Completely Speculative Time Sensitive Investment
Example: It is like a farmer buying a herd of cattle that are sterile. He only makes money if the market is higher when he has to sell, if the market is down when he has to sell , he just wasted his Time & Money, where if he buys a herd of cattle that can produce Offspring, he is able to keep his original amount of cattle and sell off any excess , therefore giving him a
Lifetime of Revenue verses a One-time Completely Speculative Time Sensitive Investment