thank you for asking. it sounds like it would be, right? less energy usage, yay! however, that's not the case. the simple answer is that anyone with money can then make the rules by staking their funds. it's recreating all of the problems that we currently have with the financial system. and remember, just because something uses energy doesn't mean it's bad. bitcoin mining in the USA uses less energy than electric washers and refrigerators. we aren't going back to washboards and ice blocks any time soon.
Discussion
Ah… I think you might have given the first solid answer!
So PoS requires fiat investment? So it favors rich people? Am I understanding you correctly?
Well, you need to obtain the capability to stake somehow, you need to token.
What does “need to token” mean? (You’re talking a foreign language to me).
If you want to participate in Proof of Stake, you have to stake the token that you own. So, this would be buying the token, ETH for example, and then staking it, which essentially means locking it up so you can't use it.
POW is the soul of ₿itcoin.
Here’s the thing, anyone can switch ₿itcoin to POS today. The code is open source. That would create a hard fork. It happens all the time. That’s where alt coins come from. You could even call it Fedcoin, if you want to.
But I won’t join it. And neither will any bitcoiner that understands what they hold.
So switching from POW to POS is a mute point. We’ve already won.
Dude fedcoin would be the ultimate meme coin 😂
Thanks. When eco-conscious people say BTC is horrible because of PoW - that’s the answer… “you don’t have to have wealthy to do PoW, but you need to be for PoS.” We “big city liberals” will understand that. It’s something we can tell our friends that sounds reasonable. And then follow up with “BTC uses less energy than video games”.
Actually… since mining rigs cost money, the financial cost may not be the best argument for PoW.
How long does PoS tie up funds?