You're painting a picture of why you think communism is proof of work...
Proof of work rewards capital expenditures & incentivizes it.
The incentives do not relegate the work of the small holders to a different tier, and has no favoritism.
This is why even the largest miners mine in pools - bc otherwise they'd have no guarantee of payment.
Also, solo mining blocks are proof of this.
The first paragraph is certainly wrong. I think you're just misunderstanding what I'm saying.
There is a reason people call mining actually lottery. The only way you can grow your chances of winning is by allocating more capital. Just like lottery.
That dosen't mean the machines themselves aren't doing work.
It's not a lottery in the sense you're describing if you can predict your earnings.
Capital holders who allocate more to machines who do work should be rewarded, it's actually the basics of free market capitalism.
Proof of Stake requires no investment in machines who do work.
But you are exhibiting communistic vibes in your OP.
You place preference or look at positively an experience with which capital expenditures are increased - yet no benefit is given.
> It's not a lottery in the sense you're describing if you can predict your earnings.
It would also be possible to predict your earnings from participating religiously in any lottery
Capital holders who allocate more to machines who do work should be rewarded, it's actually the basics of free market capitalism.
> I absolutely never said otherwise. I don't know why you would assume so. You're having a visceral reaction towards the words Proof-Of-Stake rather than the content of what I said.
Proof of Stake requires no investment in machines who do work.
> Sure, the consensus mechanism of a shitcoin dosen't. But the point here is that Bitcoin mining requires only (mostly) investment. The amount of personal benefits you get from it is 95% proportional to the amount of capital you put in.
But you are exhibiting communistic vibes in your OP.
You place preference or look at positively an experience with which capital expenditures are increased - yet no benefit is given.
> I don't understand what you're saying here but I never said mining was bad.
You are misunderstanding who I use the terms. Please read this note.
How*
There is now how to use terms. Things mean what they mean. There no convolution to the terms proof of work and proof of stake. What we've been discussing are all real world things with mapped to actual physics.
I see the mistake I made. I should have written "the business venture of Bitcoin mining is Proof-Of-Stake". I thought the following context was enough to clarify that I am not saying that the process of hashing is Proof-Of-Stake.
I only mean that the capitalist venture of mining more and more requires capital and only capital as the only way to hash .ore is BUY the work.
Mining more proves you've put in more stake into your mining operation.
That dosen't mean it's bad or unfair.
I'm painting a picture of how some capitalist ventures are more Proof-Of-Stake than others.
Big difference.
