Bitconnect founder indicted in global $2.4B cryptocurrency scheme

Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by meowkit on Saturday February 26, 2022 @02:28PM (#30480929)

I'm just going to point out that you said nothing about proof of stake here, and I am getting the sense from your other comments that you do not understand the technicalities of the traditional finance system, or cryptocurrencies.

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Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by Yetioko on Sunday February 27, 2022 @04:52AM (#30486818)

I'm fully aware how PoS in context of crypto works.

But let me tell you what the PoS part is in our current fiat system:

I get my salary in fiat. I save my fiat in a bank account for being used later. I might not need to hold 1tb of ram available and proof that i have it running, but i already proof that i trust my fiat because i get my salary in it. I pay with it, i save it.

I have a high stake in it. I also have systems/tools available to me for my fiat like banks and laws.

This is no different to what etherium proposes: For PoS you need to buy and hold etherium and you get etherium for doing so.

[ Parent | on HN ]

Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by TrapLord_Rhodo on Tuesday March 01, 2022 @09:01AM (#30514207)

this comment shows a bit of misunderstanding on what the point of POS is.

It is not some saving mechanism, it is a concensus mechanism. It ensures fraud doesn't occur and that more crypto isn't being created out of thin air. It is a way to incentivice node operators to act fairly.

If the USD had a POS system, I would 100% have all my money in it. but i can't verify the whims of the FED

[ Parent | on HN ]