Re:Taproot, Bitcoin’s long-anticipated upgrade, has activated
by atweiden on Monday November 15, 2021 @06:25PM
(#29234345)
The difference being you don’t need to ask existing Bitcoin miners for permission to begin mining Bitcoin yourself. Conversely, staking is inherently impossible without first obtaining “stake” — and how can you obtain stake without the approval of existing stakers?
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Re:Taproot, Bitcoin’s long-anticipated upgrade, has activated
by Tepix on Tuesday November 16, 2021 @01:32AM
(#29237546)
You don't need permission, but you do need money to buy mining hardware. Might as well buy a stake for that money instead. Same thing, isn't it?
Re:Taproot, Bitcoin’s long-anticipated upgrade, has activated
by atweiden on Tuesday November 16, 2021 @03:10PM
(#29245792)
> Same thing, isn't it?
US dollar payments aren’t subject to the approval of stakers, and existing PoW miners have no on-chain mechanism to prevent new market entrants from competing against them for hashrate.
So, “no”.
To begin staking, you first need stake. But merely transfering a PoS coin from an exchange to your own wallet for subsequent staking is inherently impossible without the approval of existing stakers. Even this isn’t enough: existing stakers must also approve of your initial staking transactions.
Which is not how PoW mining works.