[Cryptography] I am not against good cryptocurrencies. I just don't think you can build one with a block chain protocol.

[jrzx]

On Thursday, January 7, 2021 4:49 AM, Ben Laurie <ben at links.org> wrote:

> it wastes vast amounts of energy in order to fail to achieve any of its goals. It does not democratise: the power is in the hands of the richest (i.e. those with most access to electricity and hardware).

Proof of stake is also in the hands of richest, but with the big and important difference that it is those who hold secrets controlling large amounts of crypto currency, so their interests are aligned with those who also hold crypto currency, as the interests of a big shareholder in a corporation is aligned with the interests of small shareholders in that corporation.

We have seen, with the dramas of creating a lightning network on top of bitcoin, that the interests of those with large amounts of computing power and cheap electricity, are not aligned with the interests of those who hold bitcoin.
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