Agreed. And no, I'm not suggesting that Proof of Work is the answer. I don't believe it is. I believe the true answer is Proof of Person where everyone links together forming a social network, people vouch for each other, as well as the current blockchain. And everyone starts equal, heavily incentivizing people to switch and everyone earns their sharing of the money made via mining. While I'm at it, Proof of Person should also stabilize in price long before it reaches the current number of users as Bitcoin. Let me know if you are interested in learning more.
You Do realize your Proof of Person InDirectly is really a Proof of Majority.
So in others words.. the Proof of Stake portion is indeed useless and what matters more is the Proof of Majority (or what we are calling Proof of Person) is the more important part of the algorithm? I agree!!
Oh and Zin-Zhang, I just tried to message you but apparently you don't accept messages from Newbies, perhaps you can message me an email address and we can further discuss Proof of Person? Clearly you know crypto and I'd love to further discuss it, maybe pay you some Frinks for your analysis?