MarkHarvey on Nostr: Proof of stake explained simply by Lyn Alden: “[staking ETH] would be like a ...
Proof of stake explained simply by Lyn Alden:
“[staking ETH] would be like a political system where you get a vote for every hundred dollars you have, and then also get paid a dollar by the government for casting each vote. Mary the high school science teacher with $20,000 in net worth gets 200 votes, and earns $200 from the government for voting. Jeff Bezos, with $200 billion in net worth, gets 2 billion votes, and earns $2 billion from the government for voting. He’s a more valuable citizen than Mary, by a factor of a million, and also gets paid more by the government for already being wealthy.”
Proof of stake is just a recreation of abstract power that already exists today. The rich get richer.
LynAlden (npub1a2c…w83a)
“[staking ETH] would be like a political system where you get a vote for every hundred dollars you have, and then also get paid a dollar by the government for casting each vote. Mary the high school science teacher with $20,000 in net worth gets 200 votes, and earns $200 from the government for voting. Jeff Bezos, with $200 billion in net worth, gets 2 billion votes, and earns $2 billion from the government for voting. He’s a more valuable citizen than Mary, by a factor of a million, and also gets paid more by the government for already being wealthy.”
Proof of stake is just a recreation of abstract power that already exists today. The rich get richer.
LynAlden (npub1a2c…w83a)