Cryptocurrency Blockchains Don’t Need to Be Energy Intensive

Re:Cryptocurrency Blockchains Don’t Need to Be Energy Intensive by sktrdie on Monday July 05, 2021 @10:46AM (#27738513)

But with 1,000 BTC you can get more coins from within the system by buying lots of rigs with those 1,000 coins & hence mine more coins. So PoS and PoW are quite similar in that regard.

I think the problem with PoS is not "rich get richer" but the lack of fair redestribution. In PoW miners are economically forced to sell their mined coins to pay for energy bills. This redistribution is fair as it happens on the free market (exchanges). This doesn't really happen in PoS.

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Re:Cryptocurrency Blockchains Don’t Need to Be Energy Intensive by fleddr on Monday July 05, 2021 @03:27PM (#27741118)

I wouldn't call that similar. Mining new Bitcoin is a very competitive, risky and intense business practice. Price swings greatly affect operations and there's always regulation around the corner.

Whereas staking is more like bringing fiat to the bank and collecting interest for doing nothing at all.

Still, you do have a point in the sense that if you're as wealthy as having 1,000 BTC, you have ample ways to further grow wealth. You could sell all BTC, go into real estate, take profit and buy back BTC cheaper. There's a million ways to grow your portfolio.

It's just that Bitcoin doesn't give you more Bitcoin based on wealth. Most Bitcoin held is not held by miners.

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