Author: jk_14 at op.pl 2022-08-17 13:43:16
Published on: 2022-08-17T13:43:16+00:00
In a recent post to the bitcoin-dev mailing list, Jaroslaw expressed concerns about the trust placed in large stakeholders and the potential degradation of Bitcoin due to human greed. He argued that swapping Proof of Work (PoW) to Proof of Stake (PoS) would be a costly mistake and a degradation of the system. Despite discussions around the superiority of PoW against PoS, Jaroslaw maintained that the overall conclusion is that PoS would result in degradation. He pointed out that large stakeholders are not incentivized to mine, and Bitcoin would have failed miserably if Satoshi had relied on the existence of idealists. Additionally, he observed that four years after some halving, there has been no hashrate recovery, which he attributed to a lack of preparedness and trust in large stakeholders. Jaroslaw also noted that instant gratification from mining could lead to a delayed punishment that may appear only someday in the future. He used an analogy to illustrate that people would notoriously walk with swollen fingers if the pain from hitting their hand with a hammer appeared after a month. Overall, Jaroslaw's post raised important concerns about the trust placed in large stakeholders and the potential degradation of the Bitcoin system. He emphasized the importance of maintaining PoW and avoiding the swap to PoS, which he viewed as a costly mistake.
Updated on: 2023-06-15T22:36:27.840923+00:00