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A comment on Transaction Costs and Tethers: Why I’m a Crypto Skeptic. Parent comment

Re:Transaction Costs and Tethers: Why I’m a Crypto Skeptic by keymone on Tuesday July 31, 2018 @09:49PM (#17658995)
There is no “energy problem”. Energy spent mining bitcoin is the price paid for security of the ledger in in-cheatable currency of the universe. Proof of stake systems are all castles in the air in that regard.
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Re:Transaction Costs and Tethers: Why I’m a Crypto Skeptic by darawk on Wednesday August 01, 2018 @03:31PM (#17666127)
If they are castles in the air, then why do they work?
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Re:Transaction Costs and Tethers: Why I’m a Crypto Skeptic by keymone on Wednesday August 01, 2018 @03:57PM (#17666367)
markets are often irrational.
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Re:Transaction Costs and Tethers: Why I’m a Crypto Skeptic by darawk on Thursday August 02, 2018 @12:32PM (#17672812)
Ok, but proof of stake is a security model. So what you're claiming is not just that markets are irrational, but that thieves can steal all this money, and are just choosing not to. Since people are constantly stealing money in the crypto world, I find that pretty hard to believe.
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Re:Transaction Costs and Tethers: Why I’m a Crypto Skeptic by keymone on Friday August 03, 2018 @04:28AM (#17678150)
in proof of work security is paid for in energy. in proof of stake security is paid for in currency of the system. if this circular property doesn't bother you - fine, but it bothers me.
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