Re:Proof of Stake or Proof of Work, What's the Difference?
by topmonk on Sunday November 04, 2018 @06:09PM
(#18378551)
Ripple and Stellar are completely centralized. It's simply a web of trust. If one of your peers that have given you “trust”, such as a bank in which you have an account, decides they want to freeze your funds and prevent you from spending your money on the Ripple network, they can do so. With Bitcoin, this can't be done.
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Re:Proof of Stake or Proof of Work, What's the Difference?
by EGreg on Sunday November 04, 2018 @08:49PM
(#18379229)
That’s totally false though. Only if the majority of your peers colludes, then you don’t make progress, but then you just change your peers and make progress.
Re:Proof of Stake or Proof of Work, What's the Difference?
by topmonk on Monday November 05, 2018 @04:51AM
(#18381068)
I haven't looked at ripple in awhile, but I thought the idea was that if Alice agrees that she can float Bob $5 and Bob agrees that he can float Charles $5 then as long as you trust Alice with a $5 debt, you can trust Charles with a $5 debt, even though you don't know Charles.
And in practice it's usually that Alice and Bob are banks, and Charles is just a customer of Bob's bank. So, Bob can freeze Charles' money.
What you're talking about sounds more like EOS, Cardano, Ethereum Proof of Stake, etc.