jimbocoin on Nostr: The fundamental concept you’re describing is “earn coin for holding coin”. ...

The fundamental concept you’re describing is “earn coin for holding coin”. That’s how staking works, in principle. By having some coin and staking it, you receive more.

Philosophically, this is a rich-get-richer scheme. Whoever has the most coin earns the most. This is not a new idea. It’s the status quo.

In contrast, a Proof of Work system imbues no advantage to holders of coin over the earning of future coin, nor over the rules of that system. In PoW, you have to do the work to get paid, and you still can’t change the rules.

It’s true that in PoW, having more coin to start with gives you an advantage in that you can buy more mining hardware etc. But if you buy hardware, you don’t still have the coin. You’re an entrepreneur. Risk and reward.

Staking is a regressive system that entrenches existing holders to the detriment of future participants. Proof of Work is an entrepreneurial system that rewards stewards of capital, equally for all.