{"type":"rich","version":"1.0","author_name":"npub1vnx8mse24j0rgxg8wwgtjhwz0x98m5uftee5jv8z7wkeum2zdetsyw7tdn","author_url":"https://nostr.ae/npub1vnx8mse24j0rgxg8wwgtjhwz0x98m5uftee5jv8z7wkeum2zdetsyw7tdn","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2021-06-17\n📝 Original message:Barrier to entry in PoW is matter for hardware and energy is permissionless\nand exist all over the universe, permissionless cost which exists for\neveryone no matter who because it's unforgeable.\n\nBarrier to entry in PoS is being given permission by the previous owner of\na token for you to have it via transfer or sale, both choices they never\nhave to make since there are no continuous costs with producing blocks\nforcing it. A permission is an infinitely high barrier to entry if the\nprevious owner, like the premining party, refuses to give up the token they\ncontrol.\n\nYou're skipping the part where you depend on a permission of a central\nparty in control of the authority token before you can produce blocks on\nyour rasberry Pi.\n\nProof of stake is not in any possible way relevant to permissionless\nprotocols, and thus not possibly relevant to decentralized protocols where\ncontrol must be distributed to independent (i.e. permissionless) parties.\n\nThere's nothing of relevance to discuss and this has been figured out long\nlong ago.\n\nhttps://github.com/libbitcoin/libbitcoin-system/wiki/Proof-of-Stake-Fallacy\n\nhttps://medium.com/@factchecker9000/nothing-is-worse-than-proof-of-stake-e70b12b988ca\n\n\n\n\nOn Tue, Jun 15, 2021 at 7:13 AM James MacWhyte via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e\n\u003e @Lloyd wrote:\n\u003e\n\u003e Of course in reality no one wants to keep their coin holding keys online\n\u003e\u003e so in Alogorand you can authorize a set of \"participation keys\"[1] that\n\u003e\u003e will be used to create blocks on your coin holding key's behalf.\n\u003e\u003e Hopefully you've spotted the problem.\n\u003e\u003e You can send your participation keys to any malicious party with a nice\n\u003e\u003e website (see random example [2]) offering you a good return.\n\u003e\u003e Damn it's still Proof-of-SquareSpace!\n\u003e\u003e\n\u003e\n\u003e I believe we are talking about a comparison to PoW, correct? If you want\n\u003e to mine PoW, you need to buy expensive hardware and configure it to work,\n\u003e and wait a long time to get any return by solo mining. Or you can join a\n\u003e mining pool, which might use your hashing power for nefarious purposes. Or\n\u003e you might skip the hardware all together and fall for some \"cloud mining\"\n\u003e scheme with a pretty website and a high rate of advertised return. So as\n\u003e you can see, Proof-of-SquareSpace exists in PoW as well!\n\u003e\n\u003e The PoS equivalent of buying mining hardware is setting up your own\n\u003e validator and not outsourcing that to anyone else. So both PoW and PoS have\n\u003e the professional/expert way of participating, and the fraud-prone, amateur\n\u003e way of participating. The only difference is, with PoS the\n\u003e professional/expert way is accessible to anyone with a raspberry Pi and a\n\u003e web connection, which is a much lower barrier to entry than PoW.\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20210616/6692b76b/attachment.html\u003e"}