Disclosure: I have a bias and vested interest against PoS since I want to see a CPU-only PoW. I don't want any reader to take my comments as meaning PoS is not viable, because different people think differently and value different things. So PoS can have a value to those who value it. And it is not entirely impossible that I might someday be convinced to support PoS. I don't have a strong desire to bash PoS, I am just sharing my logic.
My guess is because people fundamentally understand that getting something for doing nothing (i.e. redistributing the new coins based on share of the collective) is communism. But let me hear the logic of others, because I want to understand this better.
Communism isn't the right way to describe it. It could be seen very capitalistic, you get paid for helping the blockchain. Bitcoin isn't different since there the miners get paid to secure the chain. The only difference is that miners have to waste resources while POS is wasteless. I rather see someone getting rewards for free than to just to waste stuff.
How does PoS help secure the blockchain? See I don't think PoS is secure. How do we decide who gets to choose what goes in the next block? One way is we all vote with our share. The other way is each share gets a turn with frequency proportional to share. The former suffers the Tragedy of the Commons effect as well as the Logic of Collective Action power vacuum and the latter suffers from the fact the ordering is not fed from an external random entropy (as in PoW) thus can be manipulated.
How does PoW waste resources? I actually believe it will increase resources! You see energy is abundant (probably practically limitless), yet finding it requires innovation. How do you spur innovation? You increase demand!
The malthusian peak oil tree hugging environmentalism that
has been programmed into western brains by Rockefeller/Rothschilds manipulation of media is just amazing. Most westerners believe this nonsense now, even though it has failed to be true over and over in history.
I once did a calculation on how much oil the world uses and it is approximately the same as the flow of a medium size river, e.g. nothing like the Mississippi. And now we see we are finding abundant new oil and natural gas in Australia, USA, etc.. Btw, Honda sells a car that runs on LPG.
The AGW (Anthropogenic Global Warming) folks forget that Time Magazine had on its cover in the 1970s the dire threat of Man-made Global Ice Age.
Some where in this bitcointalk.org I ran a poll on PoW when I was arguing a point with bytemaster, and my position got 82% of the votes. I explained that microhydropower (small stream) is nearly free energy and readily available to any one who applies some effort.
I would rather people actually innovate than think laziness actually helps anything. Having digits sit in a wallet adds very insignificant new knowledge. Very minimal risk was applied, simply the decision to hold for the appreciation of the coin.
Whereas, finding and bringing online new sources of energy adds knowledge, because this will leads to more outcomes.
There is no redistribution of wealth, so the rich stay rich and the poor stay poor. Everyone has all chances so it's the way capitalism should be. It's the redistribution that kills any eco system. We now have redistribution to the rich and it will destroy capitalism in the same way than communism got killed by redistribution in the other direction.
Actually the rich always get richer if we only sit on our money with a constant rate of return, because they spend a smaller portion of their income and gains.We don't have capitalism now in the mainstream economy (we do in the tech economy), we have socialism because the money is all fiat debt thus controlled by fascism.
My guess is because people fundamentally understand that getting something for doing nothing (i.e. redistributing the new coins based on share of the collective) is communism.
People actually do something to get new coins. As Sunny King has said if my understanding is correct, keeping coins to get coins is actually "saving". You lose the ability to spend your coins in exchange for having more coins in the future.
Yes but that is very lazy and adds very little individualized innovation. Refer upthread to my point about individual inertia versus centralized inertia and the fact that the former has exponentially higher potential energy.
Fitness and degrees-of-freedom are economics. I urge readers to study what I explained upthread.
Well, if that is communism, then I'd rather have that than see unproductive capitalism. Imagine a third world country entrenched with capitalism spending resources on mining hardware and energy rather than agriculture, infrastructure, or whatever just because it is more profitable. It just doesn't make the world any better.
Malthusian myopia.
Microhydropower would contribute to making that third world country the most innovative on new energy sources. And lift it past the G20 in wealth, freedom, and capitalism.
I am re-educating you. Try to forget everything that has been put into your brain by the mass media. It is all shit.
Also PoS does nothing to help you get your initial coins without a fiat exchange. And you can't increase your share by being more proactive, innovative, and risking your capital on mining.
Without risk, no new knowledge is created. Ponder that.
You could always trade physical goods get your initial coins. It brings REAL world innovation.
Agreed becoming a merchant is one way and it applies to PoW coins also. And agreed it is individualized innovation! Yeah!
But this puts the cart before the horse somewhat, since my point is how do new coins get distributed and get millions of people into the coin. We need more customers than merchants.