Nostr Web Client

That's a nice argument. The fact that PoW creates a system of meritocracy makes Bitcoin valuable and I have no doubt about that.

However, my concern is that, even though those early stakes of PoS and large custodians mainly work as "elites" who contribute to the network with little or no work, I'm still wondering if there is a possible way the system can be corrupted. If there are fraudulent activities going on, the stakes will be slashed (obviously there is a copy of the entire blockchain encoded by other validators), and if they ever try to make a malicious upgrade then the people who delegated their tokens can move their stakes just like how miners can move around different pools.

So what are some possible ways that the system can be corrupted and ultimately fail by elitism?

Sovereign Matt 2y ago

In the short and medium term probably nobody would notice much. But in the long run, cracks will start to form. Generational wealth will be passed down and you get spoiled kids who want to take short cuts.

Thats my theory at least.

Reply to this note

Please Login to reply.

Discussion

Bite Dat Crypto 2y ago

So it all comes down to the "hard money" that #bitcoin presents. You have to put in an effort to keep the system running.

I see your point where PoS is relatively easy to be spoiled because there are fewer "prerequisites" to ruin the system if I get it right.

And most of all, IRS is after your stakes rewards lol

Sovereign Matt 2y ago

Yep, and theres nothing that big miners can do to change the supply of bitcoin.