| 2. | No (Satoshi) Proof-of-work: Proof-of-work concentrates the money supply, economic profits, and control to the mining farms (esp. those with electricity subsidies). Meet your new central bank masters, the mining cartel. Permissionless, trustless attributes are lost, e.g. forks are possible. Since all the debasement ends up with the rich via mining, the system has no countervailing mechanism to recirculate the money supply to prevent it from losing its attribute as a unit-of-exchange for the broad public. Proof-of-work launches provide no funding for the core developers, unless they are accomplished with premine, instamine, stealthmine, or non-optimized proof-of-work function deceptions. https://bitcointalk.org/index.php?topic=1524286.msg15342314#msg15342314 |