Found a great article that explains why proof of stake isn't a consensus mechanism, but a cunning way for an electronic cash system to operate: Proof of stake is a scam and the people promoting it are scammers.
I hadn't thought of this “Nothing at Stake problem” he speaks of. In proof of work, there's a punishment to those who misbehave, but not in proof of stake. @TangentC, wanna give this a read and tell us where he's wrong?
I hadn't thought of this “Nothing at Stake problem” he speaks of. In proof of work, there's a punishment to those who misbehave, but not in proof of stake. @TangentC, wanna give this a read and tell us where he's wrong?
Nothing at Stake was a falsehood imagined by Greg Maxwell years ago.
Often repeated by those that have little understanding of how things really work.
Everyone that has researched proof of stake, knows N@S is nothing more than propaganda bullshit.
Which is why you see all the new coins ignore Proof of waste and use Proof of Stake.
Falsehoods in N@S are many and most of the time, different people even represent it in different ways,
the only consistent fact is all N@S believers are wrong.
In the years , since the N@S myth was created , has Proof of Stake been decimated by it, Nope, because it is an lie.
In the years, since people have been warning that Proof of Work would be banned due to it waste,
China (formerly bitcoin's largest hash rate miner) has banned it and multiple other countries are talking about following suit.
So from the above you can see the reality is the banning of PoW is happening , and the N@S myth is nothing more than a lie for the unintelligent btc cult followers.
