ItsAConspiracy t1_iz9z4wr wrote
Reply to comment by nameless_pattern in Ethereum’s energy switch saves as much electricity as entire Ireland uses | The success of The Merge concept may now serve as a roadmap to enable a switch from Proof of Work to Proof of Stake in Bitcoin. by chrisdh79
There are tradeoffs. On the one hand, PoS is more complicated. On the other, PoS gives you the option of applying penalties instead of just rewards. It's like you can respond to a large attacking miner by burning down their mining rig. This happens in Ethereum's PoS automatically in response to certain specific attacks.
ResoluteClover t1_iza5l2j wrote
Doesn't POS enable those with more to control the whole thing?
ItsAConspiracy t1_iza8ju5 wrote
No more than big miners control Bitcoin.
lxer t1_izd1gka wrote
False, miners do not control bitcoin. That is the whole point. Ofc you are playing a semantic trick by saying Big miners, but what you really mean is a 51% attack, which requires in practise an even larger percentage to maintain the longest chain (about 70% hashpower), so that is not going to happen.
ResoluteClover t1_iza8r2c wrote
Just very directly.
ItsAConspiracy t1_iza99c7 wrote
Ethereum's stakers play exactly the role that Bitcoin's miners play. They have no special governance rights or abilities. Some other blockchains do give stakers special governance rights but Ethereum does not.
BassmanBiff t1_izaz2hn wrote
Most of cryptocurrency is this way: responding to the problems of modern financial systems by streamlining them and labeling it a feature.
ResoluteClover t1_izaz9fo wrote
Stream lining the problems? Completely agree. Also: Lie about it and then claim you just don't understand when you're called out.
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