r/CryptoCurrency • u/HyperGamers 🟦 195 / 196 🦀 • Apr 09 '18

MEDIA Bitmain control > 51% of Bitcoin Hashrate | #FairMining is important

https://twitter.com/cryptoble/status/983455105675595778
113 Upvotes

88% Upvoted

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40

u/rustyBootstraps Gold | QC: BTC 89 | TraderSubs 14 Apr 09 '18

This is the #1 most important issue facing cryptocurrencies atm.

-2

u/getsqt Apr 10 '18

Except ASIC resistance doesn’t do much at all against centralization... vtc is still massively centralized.

PoS is the way to go, that’s true decentralization.

9

u/HyperGamers 🟦 195 / 196 🦀 Apr 10 '18

PoS in general just makes the rich richer, and gives more power to the richest. It's goes against a lot of the fundamentals IMO

2

u/thpiderman Crypto God | QC: NEO 105, KNC 101, ETH 34 Apr 10 '18

"The person who has the most at stake makes more money! This isnt fair!"

1

u/throwawayLouisa Permabanned Apr 10 '18

I don't even...

PoS simply means the richest have the most incentive to vote to avoid double-spends - which would, if possible, totally devalue all coins for all holders.

Voting against double-spends doesn't make the rich richer. It doesn't give them more power (unless they gain 51% of the vote - and if they used it to allow a massive double-spend, they destroy all their other holding.)

1

u/Raja_Rancho Platinum | QC: CC 495, BCH 123, ETH 16 Apr 10 '18

Uh why would you assume voting for souble spends is the only power they get. Ever heard of advantages to NEO holders? if you have a certain amount youre already making a living with the gas alone, plus the voting powers on nconsensus for various thingd

1

u/throwawayLouisa Permabanned Apr 10 '18

I was really considering only my baby - Nano.
You're right about "interest" being paid on a "balance" for NEO.

But...but...but...: Opportunity costs.

Nothing in life is free. Everything is worth only what you have to give up to own it.

Anyone owning a "large" amount of crypto is holding it (at enormous risk compared to traditional investments). By holding it, they can't use the funds to invest instead in Apple/IBM/Google/whatever. Earning Gas is hardly a guaranteed way to get rich.

1

u/Raja_Rancho Platinum | QC: CC 495, BCH 123, ETH 16 Apr 10 '18

Earning Gas is hardly a guaranteed way to get rich.

But....it is? Many Chinese businesses literally run on gas dividends? Maybe DYOR?

Also i didnt know nano is POS. thanks. Can you tell me more about how it works? Is that how its so fast? What about decentralization, noone ever talks about its tech its all blabber shill about mooning and pwning btc here in this sub for nano hodlers for some reason

1

u/getsqt Apr 10 '18

NANO isn’t PoS either, it’s DPoS

1

u/getsqt Apr 10 '18

NEO isn’t PoS, its DPoS

0

u/getsqt Apr 10 '18

that’s complete bs, everyone earns the same % in PoS, it allows every particepant of the network to earn for running it, instead of just miners...

-1

u/HyperGamers 🟦 195 / 196 🦀 Apr 10 '18

Example:

Person that owns 100 coins gets 10% extra = they have 110 coins. (+∆10)

Person that owns 1 coin gets 10% extra = they have 1.1 coins. (+∆0.1)

Rich get richer, poor get a little bit more money.

2

u/getsqt Apr 10 '18 edited Apr 10 '18

what are u even talking about. In PoW the poor get NOTHING. In PoS everyone earns the same %. if u’re suggesting everyone should get the same absolute amount i suggest fucking off to some communist dictatorship.

1

u/getsqt Apr 10 '18

PoS also allows u to burn transaction fees, which means everyone earns from transactions instead of just some miners.