Quote from: kelsey on August 21, 2014, 06:14:24 AM

Quote from: Johnny Mnemonic on August 21, 2014, 01:56:36 AM

PoW is an expression of value transfer (the expense of one resource to create another). I realize this is a major simplification, but if PoS can't represent some measure of GDP than it's security is irrelevant. It fails the most basic test.

With POW though is a true resource even being create to which the value is being transferred?
Funny thing about so many people in the western world is they perceive their work has to be worth something even when they create nothing of value.

If it wasn't valuable then the work wouldn't be done in the first place.

Quote from: SlipperySlope on August 21, 2014, 04:41:40 AM

Quote from: Johnny Mnemonic on August 21, 2014, 01:56:36 AM

PoW is an expression of value transfer (the expense of one resource to create another). I realize this is a major simplification, but if PoS can't represent some measure of GDP than it's security is irrelevant. It fails the most basic test.

My CPoS scheme will directly test this hypothesis and will certainly fail if you are right. In contrast, perhaps cryptocurrencies are valuable solely because some people think they are valuable.

That would be nice, but fiat only works because it's centralized and policed. In a decentralized free market you cannot establish value out of thin air. I could be wrong.