Post
Topic
Board Bitcoin Discussion
Re: Annual 10% bitcoin dividends if mining were Proof-of-Stake
by
mgburks77
on 24/04/2014, 02:47:46 UTC
Proof of Stake is socialist.  It creates money out of thin air without working for it.  Like a bank.

Bill O'Reilly over here lol

It's not functionally different than how mining creates bitcoins. Both provide payment for securing the network. The main difference is that PoS doesn't waste a bunch of electricity in doing so.

If you want to get technical linking value to labor performed is the basis of the labor theory of value and is the antithesis of free market economics which are informed by the view that value is a completely subjective characteristic, determined only by the interaction between buyer an seller in the open market. Markets are all about price discovery, not a predetermined value based on performed labor.