iownzerobtc

5 ms·

1.
by iownzerobtc 4y ago
Have you seen Art Basel lately? It is a IRL crypto party.
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by iownzerobtc 4y ago
I haven’t looked through the entire thread but the challenge of recovering from a PoW 51% attack is that the attacker still holds ASIC mining power and can re-attack each new fork. The same is not true in PoS where the attacker’s funds can
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by iownzerobtc 4y ago
All blockchains require social coordination. How do you think Bitcoin operates? A protocol is developed and some facet of society decides to build a client to support that. Somebody adds a new BIP and the network of users may decide to coor
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by iownzerobtc 4y ago
Depending on the type of attack, this defence is either part of the protocol, or can be coordinated by users in the network. Further reading here: https://vitalik.ca/general/2020/11/06/pos2020.html
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by iownzerobtc 4y ago
Details: https://vitalik.ca/general/2020/11/06/pos2020.html
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by iownzerobtc 4y ago
USDC and DAI are both collateralized and doing fine at the moment and can operate as a decentralized currency and payment rail. It is never 100% risk free, though. The best way to maintain peg to dollar is just to hold the dollar. Many stab
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by iownzerobtc 4y ago
It is a scam, you send tokens and they send you nothing back in return.
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by iownzerobtc 4y ago
Similar to how PoW distributes rewards: those with the capital to purchase mining power will reap benefits. This model unfortunately also exists in stock markets and most aspects of a capitalist society. Arguably PoS returns in crypto netwo
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by iownzerobtc 4y ago
Thanks for the link. The paper mostly only addresses one issue I that mentioned: attempting to distinguish intermediaries from individuals. It does not make any conclusions about how adoption of crypto as a whole will result in 100x more un
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by iownzerobtc 4y ago
Those arguments can also be made for PoS.
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by iownzerobtc 4y ago
Gini coefficient is often used in traditional markets: https://vitalik.ca/general/2021/07/29/gini.html
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by iownzerobtc 4y ago
If you have significant fiat capital you can easily purchase mining power in PoW. Similar with purchasing validator power in PoS. The two are equal in that regard. Where they differ is that PoS is more resilient to 51% attacks of this natur
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by iownzerobtc 4y ago
There is no doubt crypto includes wealth inequality as the network exists within our capitalist society. If 10% of the world population were to purchase crypto today, it would mirror the same wealth inequality we see in our fiat economy. Bu
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by iownzerobtc 4y ago
In PoW you can purchase miners. In PoS you can purchase validators. But PoS is easier than PoW to defend against a 51% attack as the offending validator set can be targeted.
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by iownzerobtc 4y ago
Several issues with using this metric to measure wealth inequality for crypto currencies, especially those with smart contracts like Ethereum. - A single address might be a contract like WETH, which can hold tens of billions of dollars wort