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On one scale you puts the Trust to the large stakeholders (why we avoid ple=
nty of small stakeholders, btw),
and on the other side I put game theory and well defined Prisoner's Dilemma.
Again: large stakeholders WILL NOT incentivised to mine, they will have the=
hundreds excuses why not to switch-on Antminers back.
That's how it simply works. Bitcoin would fail miserably if Satoshi was ba=
sed his concept mainly on existence of idealists.
If we will observe lack of hashrate recovery four years after some halving =
and still unprepared like today
- means the trust in large stakeholders was a very costly mistake.
Superiority of Proof of Work against Proof of Stake has been discussed enou=
gh either
The overall conclusion with what I fully agree is: swapping PoW to PoS - w=
ould be a degradation.
You can stop talking about degradation to proof of stake, but just: degrada=
tion.
Degradation of Bitcoin, due to human greed.
Now you mine and you have an INSTANT gratification.
Then you will mine and it will cost you real money, but simple switch - and=
you have a DELAYED, maybe some day in the future, maybe only a tiny - puni=
shment.
And The Punishment Won't Be Tiny.
"If the pain after hitting the hand with a hammer would appear after a mont=
h - people would notoriously walk with swollen fingers"
100% (^2)
Regards
Jaroslaw
W dniu 2022-08-17 13:10:38 u=C5=BCytkownik Erik Aronesty <erik@q32.com> nap=
isa=C5=82:
> you can stop talking about=C2=A0 the "security of the system" as meaningf=
ul
> this has been discussed enough
> if fees are not sufficient, clearance times increase and large stakeholde=
rs are incentivised to mine=C2=A0
> in the best case, fees are sufficient
> in the worst case, it degrades to proof of stake
> i'm sure you can see how that's fine either=C2=A0way
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