Petroit on Nostr: Correct me if I'm wrong... But among other things, Vitalik also says that: 1. Many ...
Correct me if I'm wrong... But among other things, Vitalik also says that:
1. Many projects use blockchain just so that they can secure (easy) funding.
2. Points out how projects are starting to get centralized and how it is impossible to ensure decentralization in PoS.
He says as projects get bigger, they abandon their ideals => This confirms just how people are corruptible and how you can't have anyone in charge.
At the same time, he says it may not be possible to ensure decentralization on the PoS protocol level. And that is why we do PoW.
Vitalik is wicked smart, no arguing about that. But it feels like he is maybe coming to some realizations. I don't want all the altcoins to fail. I honestly don't care. But I wouldn't bet on any of them. For many reasons, including usage of PoS, network effects, etc.
Link to the whole article for context and to make an independent opinion:
https://vitalik.eth.limo/general/2023/12/28/cypherpunk.html#bitcoin
Published at
2023-12-29 17:18:49Event JSON
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"content": "Correct me if I'm wrong... But among other things, Vitalik also says that:\n1. Many projects use blockchain just so that they can secure (easy) funding.\n2. Points out how projects are starting to get centralized and how it is impossible to ensure decentralization in PoS.\n\nhttps://image.nostr.build/b8c99e31c0797b6133855d37c0edae69ca062115abec73068a4b45f037d66cd8.jpg#m=image%2Fjpeg\u0026dim=962x598\u0026blurhash=rkRfXbV%3Fogaxogaxogaxogf6axjsa%23j%5Bf7fQayfRgSbJf5j%5BjYa%23jrfkaxV%3Dj%5Ej%5Daxj%5Bf6j%5Da%7Dj%5BocaybIj%40azjtazj%5Daykujsjsa%23f5j%5Df5flf5\u0026x=5982b223c476e3f83a2f5b718bd1e1765507e5d5a69868259ed2c3cc0bd5a0d4\n\nHe says as projects get bigger, they abandon their ideals =\u003e This confirms just how people are corruptible and how you can't have anyone in charge.\n\nAt the same time, he says it may not be possible to ensure decentralization on the PoS protocol level. And that is why we do PoW.\n\nVitalik is wicked smart, no arguing about that. But it feels like he is maybe coming to some realizations. I don't want all the altcoins to fail. I honestly don't care. But I wouldn't bet on any of them. For many reasons, including usage of PoS, network effects, etc.\n\nLink to the whole article for context and to make an independent opinion:\nhttps://vitalik.eth.limo/general/2023/12/28/cypherpunk.html\n\n#bitcoin",
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