PoW means even the biggest miners still have to put in huge amounts of work to acquire the bitcoin fairly with the addition there is free market competition for the next block reward against other miners.
Yes, barrier of entry to be a huge commercial bitcoin miner gets harder and harder for everyday plebs but thats where the “you get the bitcoin at the price you deserve” meme comes in.
Inequality is inherit in every system but proof of work rewards those who work and our the most efficient. PoW systems creates a system of meritocracy where people have status and wealth based on the value they provide to the economy.
Proof of Stake on the other hand rewards those individuals who provide zero value to the economy. There are a lot of hard working Proof of Stakers dont get me wrong, but the incentive structure means many will be rewarded for simply just being early without having to work for it. Now does that seem fair?
Sovereign Matt
npub1fl…zeknp
2023-07-19 06:16:42
in reply to nevent1q…mmpd
Author Public Key
npub1fl7pr0azlpgk469u034lsgn46dvwguz9g339p03dpetp9cs5pq5qxzeknpSeen on
wss://relay.noswhere.comPublished at
2023-07-19 06:16:42Event JSON
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"content": "PoW means even the biggest miners still have to put in huge amounts of work to acquire the bitcoin fairly with the addition there is free market competition for the next block reward against other miners. \n\nYes, barrier of entry to be a huge commercial bitcoin miner gets harder and harder for everyday plebs but thats where the “you get the bitcoin at the price you deserve” meme comes in. \n\nInequality is inherit in every system but proof of work rewards those who work and our the most efficient. PoW systems creates a system of meritocracy where people have status and wealth based on the value they provide to the economy. \n\n\nProof of Stake on the other hand rewards those individuals who provide zero value to the economy. There are a lot of hard working Proof of Stakers dont get me wrong, but the incentive structure means many will be rewarded for simply just being early without having to work for it. Now does that seem fair?",
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