Etc proof of work course: 19. pow is digital gold, pos is community fiat money

DonaldMcIntyre commented 7 months ago

This is the ETC POW course class 19 that explains why POW coins are digital gold but POS coins are fiat community money.

"ETC Proof of Work Course: 19. POW Is Digital Gold, POS Is Community Fiat Money"

EN.

CN coming soon.

This post and video will be published on 2024-03-21, so we have a 14 day lead.

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brolal commented 6 months ago

Can you provide an example for this statement?

DonaldMcIntyre commented 6 months ago

Can you provide an example for this statement?

Ethereum POS has been up to 70% censored.
Ethereum has changed the monetary policy 5 times or more.
Solana is restarted frequently by the central control foundation.
Steemit uses delegated-POS and they split from the founder of TRON, Justin Sun, but he was stuck in the split after they did it, so then they did a hard fork to delete his staking account and his coins. Vitalik Buterin celebrated this on social media as an example of how "social consensus" is a triumph of POS blockchains.

Even if there were no real world examples yet, just by knowing that POS is centralized you would know that the controlling elites could do what they wanted. Imagine if Ethereum, they reversed The DAO hack when ETH was a POW chain, how easy that would be for a POS chain!

brolal commented 6 months ago

Can you provide an example for this statement?
1. Ethereum POS has been up to 70% censored.

2. Ethereum has changed the monetary policy 5 times or more.

3. Solana is restarted frequently by the central control foundation.

4. Steemit uses delegated-POS and they split from the founder of TRON, Justin Sun, but he was stuck in the split after they did it, so then they did a hard fork to delete his staking account and his coins. Vitalik Buterin celebrated this on social media as an example of how "social consensus" is a triumph of POS blockchains.
Even if there were no real world examples yet, just by knowing that POS is centralized you would know that the controlling elites could do what they wanted. Imagine if Ethereum, they reversed The DAO hack when ETH was a POW chain, how easy that would be for a POS chain!

PoW also has centralization pressures, like mining pool dominance. Both systems have mechanisms to resist centralization. Most PoS blockchains ensure broad participation and prevent oligarchic control, potentially leading to a more democratic and decentralized governance model than seen in some PoW systems, where decision-making may be concentrated among the few with significant computational power. PoS networks operate with high levels of transparency and any attempt at censorship or manipulation is likely to be quickly noticed. Also, the ability to fork a blockchain in response to contentious decisions by certain "elites" is an inherent feature of blockchain technology and it servers check against centralization.

And yes, ETH went OFAC compliant... And guess what, 99% of the things around us are compliant with something.

DonaldMcIntyre commented 6 months ago

Can you provide an example for this statement?
1. Ethereum POS has been up to 70% censored.

2. Ethereum has changed the monetary policy 5 times or more.

3. Solana is restarted frequently by the central control foundation.

4. Steemit uses delegated-POS and they split from the founder of TRON, Justin Sun, but he was stuck in the split after they did it, so then they did a hard fork to delete his staking account and his coins. Vitalik Buterin celebrated this on social media as an example of how "social consensus" is a triumph of POS blockchains.
Even if there were no real world examples yet, just by knowing that POS is centralized you would know that the controlling elites could do what they wanted. Imagine if Ethereum, they reversed The DAO hack when ETH was a POW chain, how easy that would be for a POS chain!
PoW also has centralization pressures, like mining pool dominance. Both systems have mechanisms to resist centralization. Most PoS blockchains ensure broad participation and prevent oligarchic control, potentially leading to a more democratic and decentralized governance model than seen in some PoW systems, where decision-making may be concentrated among the few with significant computational power. PoS networks operate with high levels of transparency and any attempt at censorship or manipulation is likely to be quickly noticed. Also, the ability to fork a blockchain in response to contentious decisions by certain "elites" is an inherent feature of blockchain technology and it servers check against centralization.

And yes, ETH went OFAC compliant... And guess what, 99% of the things around us are compliant with something.

This response seems like a dictated answer from someone else, it is all false information, typical of POS designers who constantly lie to the public about the supposed decentralization of POS and imaginary centralization of POW. I ama stounded of their brainwash. @brolal, where did you get this from?

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