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46% of ETH POS post merge is just two addresses

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Re: 46% of ETH POS post merge is just two addresses

#12

Post by pphysch »

lawn wrote: post #8

I tend towards the theory that POS is more centralizing than POW, and the question is will it stay decentralized or end up with one address (or rather one entity) controlling 50%? With POW a miner needs to continually provide new investments to be competitive, with new and more effective hardware and electricity. But with POS you can just keep your coins in one place, and it will keep building up with no new investme…

More likely, a) a cartel will opaquely control >50% of the network and b) probably already does

Fraudsters have a strong incentive to maintain a patina of integrity (for their given industry)

Re: 46% of ETH POS post merge is just two addresses

#15

Post by mrits »

lawn wrote: post #8

I tend towards the theory that POS is more centralizing than POW, and the question is will it stay decentralized or end up with one address (or rather one entity) controlling 50%? With POW a miner needs to continually provide new investments to be competitive, with new and more effective hardware and electricity. But with POS you can just keep your coins in one place, and it will keep building up with no new investme…

From a centralization perspective there isn't much difference between POS and POW. Miners are becoming corporations that can be bought and sold.

Re: 46% of ETH POS post merge is just two addresses

#17

Post by porknaut »

polygamous_bat wrote: post #10

Reminds me of my favorite crypto joke: "cryptocurrency is an alternate banking system for people whose primary complaint about the 2008 financial crisis was that they weren't _in_ on it."

And those that exaggerate all its deficiencies are upset they weren’t in on the cryptocurrencies. Wonder what comes next…

Re: 46% of ETH POS post merge is just two addresses

#20

Post by njarboe »

polygamous_bat wrote: post #10

Reminds me of my favorite crypto joke: "cryptocurrency is an alternate banking system for people whose primary complaint about the 2008 financial crisis was that they weren't _in_ on it."

It is very hard to get approval to be a bank and they are highly regulated. Many in crypto liked the idea of being able to run a bank out of their bedroom similar to any other SaaS business. Like many jokes, a truth told sideways can be quite funny.
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