I feel strongly about this. Waiting for someone to argue I'm wrong.
Discussion
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Disagree. Has work been done? Yes. Energy was expended. Can you prove it? Yes, it's on chain.
You're talking about the machine itself here. I'm not denying the machine is participating in proof-of-work.
What I'm talking about is the businesses behind it. The amount of personal benefit a person operating a Bitcoin mine is 95% proportional to the amount of money he initially puts in.
Tje machines does 95% of the work itself.
Who's paying for the power to run the machine...
And no, the amount of money you put into mining does not exponentially increase your reward. That's the argument you're making. I mine just as many coins per watt as Riot does.
If you are paying for power, you are exchanging time/labor/energy for coins. That "money" IS your proof of work. You have 0$, you make a wallet and sell it for $50, you use that $50 to buy power and mine Bitcoin. There is no mining without you making the wallet. There is no power to be made without proof of work. The machine can't do any work at all if you don't provide it power. You can skip the economy and go straight to generating your own power, which just replaced the work making the wallet with the work to generate power directly instead of exchanging your time/labor/energy for it.
I am misunderstood and this note will probably help clarify
I mine the same amount per watt as any other person can. Rich or poor.
Every month a pleb miner mines a block with 800 gh/s
That is something.
A pleb eth holder is a just a window licking drooling clown
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.
It is so misunderstood....
The only way to grow your chances of winning a block is by allocating capital. This is not saying that no work is taking place.
Please acknowledge the first sentence stating that *in a way* mining is Proof-Of-Stake. I am not saying that mining does not require any work to take place.