Post
Topic
Board Announcements (Altcoins)
Re: [2014 FLAGSHIP ALT] *EarthCoin* EAC +1 Community, +1 Exec Team, +1 Best Talent
by
testbitcoiner
on 20/03/2014, 15:32:00 UTC
@ testbitcoiner, and then I'm done with you.



Proof Of Stake is NOT INTEREST!

Interest is money paid on principle from repayment of loans. Proof of Stake is a secondary creation of currency.

you can scream your ignorance as loud as you want, it changes nothing.

you can redefine economic terms to suit your needs at a moments notice, but you can not redefine it for all of humanity, which disagrees with you.

interest can be defined as [a stake in an involvement or undertaking, especially a financial one] (oxford English dictionary)
or [money regularly paid at a particular rate for the use of money lent] (oxford English dictionary)

since proof of STAKE uses the stake as a way to keep the network running, to proof that a transaction is valid, both definitions are true.

this is why it is called proof of stake.

you lend the network the money for 5 days, then you get interest for your lending to the network.
the network itself is the debtor. it hands out interest for stake it is allowed to use to keep itself running.

it is paid regularly.

the size if the stake defines the interest in both ways: your % of the total POS coin amount, and the money you regularly get as interest payment from the network, depending again on the % you own.


I have already explained this much simpler, but alas...

since you're so keen on splitting hairs, hoping I can't make an even bigger fool out of you as you have already done, here's another example why your redefining of commonly accepted terms is nonsense:

if you give your money to the bank and get 3%, it matters not if the bank actually uses the money for anything. you just get 3%
there is no word for the case in which the bank gives you 3% without touching your money. it is still called interest.

whatever. since you cannot read or are not intellectually capable enough to understand my post in green letters explaining savings and interest in relation to inflation, here it is again in "easy mode" speak:

savings, holding, hording, interest all keeps the money in one place.
inflation does the opposite to people. it takes money out of their pocket.

happy now? I don't understand why you keep challenging me on this stuff... can't you see how deep my understanding of this is?
the way I broke down Keynes, inflation, interest and savings, that's something most experts in the field could not do in so few lines...

you are so way out of your league here... seriously. just accept it. I know how you feel.. I tend to make people feel stupid in a lot of areas. but I mean well, even if I am highly confrontational.