Proof of Stake (PoS) is mostly nonsense

P2PoW · January 22, 2021

I suspect many let their renewable/green conscience cloud their view of PoW, lowering their security standards and commitment towards hard computer science (and hard money). Too often is Proof of Stake (PoS) given as the solution to the apparent problem of “energy wastage”. While the pursuit of clean large-scale renewables is absolutely valid for the world, PoW does not (nor should it) care where energy is sourced. Energy is in abundance worldwide, much of it clean and stranded. Geography is not an issue for Bitcoin. Bitcoin (PoW) is in a unique position to explore and exploit alternative forms of energy. There is a natural incentive to race towards $0.00/kWh, where non-renewables cannot compete.

PoS is mostly nonsense, especially when it comes to issuance. PoS favours existing money and does not incentivise new innovations. It also opens up a whole new world of complex human incentivisation structures that have yet to be fully explored. PoS certainly has no place in the world of hard monies. Hard money however, demands personal responsibility and due diligence. As a result, there will probably always be some demand for softer/social monies.

Bitcoin miners are not merely “block producers”. They are doing real work, either issuing new coins or chasing fees. PoW favours the entrepreneur, innovation and change. Keep up or be left behind.

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