Re:Solana Labs completes a $314M private token sale led by A...
by hanniabu on Sunday June 13, 2021 @07:47PM
(#27497723)
So in other words only the rich can mine
Re:Solana Labs completes a $314M private token sale led by A...
by rawtxapp on Sunday June 13, 2021 @07:53PM
(#27497774)
You can participate in mining pools, but realistically speaking unless you have very powerful hardware, you're better off just buying Bitcoin outright.
Same with PoS, you can stake with a pool if you have less than 32eth, but your returns on that are not going to be comparable to what large holders get (same percentage, but very tiny in absolute numbers).
Re:Solana Labs completes a $314M private token sale led by A...
by wmf on Sunday June 13, 2021 @09:16PM
(#27498287)
You're arguing that "small" (<$80K) amounts of money aren't worth investing even at a very high APR. This is pretty contrary to most investment advice.
Re:Solana Labs completes a $314M private token sale led by A...
by rawtxapp on Sunday June 13, 2021 @09:46PM
(#27498461)
I'm not, even small amounts should be invested of course, I'm just pointing out that rich benefit the most in either scenario.
Also worth pointing out, high APRs aren't guaranteed and the network fees are supposed to be significantly decreased post EIP-1559. Also, for those who don't meet 32 eth threshold, there's good chance they are not even remotely close to that threshold.
Re:Solana Labs completes a $314M private token sale led by A...
by CryptoPunk on Monday June 14, 2021 @09:03PM
(#27510242)
If the rich get the same APR, they are not benefiting more from PoS.
As for the 32 ETH threshold, if you don't meet it, you can stake through a pool instead, and even a decentralized pool.
Even if you manage to acquire a 51% hash rate for example (which is extremely difficult), it'll be very difficult to keep it over a long enough period of time.
PoS is fundamentally broken in my opinion, it literally says "rich gets richer" and wealthy stakers will get higher (absolute) rewards which they don't have any incentive to sell since they didn't spend any energy to get it. That's even ignoring all the custodians which have large quantities of the said crypto, so they can just keep the rewards to themselves or keep a sizeable % of it.
One of the motivations for the DAO hack hardfork btw was that the attacker would hold significant power under a PoS system.